Lenders Ask Texas Court To Dismiss Clear Channel Suit
April 9, 2008 at 6:43 PM (PT)
The lenders being sued in a TEXAS state court by CLEAR CHANNEL and its buyout backers filed WEDNESDAY to have the suit dismissed.
The filing argues once again that the case should be heard in NEW YORK, where the parties are simultaneously pursuing court action. CITIGROUP, WACHOVIA, ROYAL BANK OF SCOTLAND, DEUTSCHE BANK, MORGAN STANLEY, and CREDIT SUISSE told the TEXAS court that the temporary restraining order issued against them in TEXAS unfairly compels them to perform according to CLEAR CHANNEL's will rather than preserving the status quo, which they argue was in the midst of negotiations and not a completed deal. The court is scheduled to hear arguments about the TRO on FRIDAY.