Masucci v. Fibernet Telecom Group


11/25/09 – 11/25/09


Settlement hearing.

"iberNet Telecom Group Inc. agreed to settle a shareholder lawsuit challenging the company's buyout by Zayo Group LLC by providing more information about the deal. FiberNet shareholder Louis Masucci accused the company in a June 19 lawsuit in Delaware Chancery Court of unfairly favoring Zayo's $11.45 a share offer over an offer of $12.50 a share from RCN Corp. RCN withdrew its proposal on July 9. "The parties believe the settlement is in the best interest of the parties and FiberNet stockholders," attorneys for both sides said in court papers. The accord, which requires a judge's approval, calls for attorneys' fees of as much as $227,500. New York-based FiberNet, with $58.2 million in sales last year, services the Los Angeles, Chicago, Miami and New York metropolitan areas. The company agreed to Zayo's cash offer on May 28. The agreement includes a breakup fees of as much as $3.72 million if the transaction fails, a provision that unfairly "locked-up" the deal, Masucci had said in his complaint. The deal is expected to close in the third quarter, FiberNet said."


PM Session
Not in Session
0 Chapters

Recording Disclaimer: This proceeding was recorded in full.

Suggest a Trial

Want to see a trial that you don't see in our list of upcoming trials?

Suggest a Case

CVN Essentials

The most important and informative moments of each trial

CVN Essentials

Video Library

Unlimited access to thousands of hours of past coverage of high stakes civil litigation

Video Library

  • Follow Us
  • Contact Us
  • 4901 Olde Towne Parkway
  • Suite 100
  • Marietta, GA 30068
  • 877-834-8627
  • 404-935-0321

Copyright 2024 Courtroom Connect.