TBS VS. David McDavid

[HMFFL]

TBS drops appeal of judge's order

Turner Broadcasting System has dropped its appeal of a judge's order that required the company to pay a Texas businessman $281 million over the sale of the Atlanta Hawks and Thrashers.

David McDavid accused the company of cheating him out of buying the pro basketball and hockey teams and Philips Arena's operating rights in 2003. A jury granted him the award in December 2008 and Georgia courts have twice upheld it.

Turner spokeswoman Misty Skedgell said "in the interest of bringing this seven-year-long matter to a conclusion, we have chosen to resolve it through a settlement."

She would not say whether the Atlanta-based company agreed to pay the full amount.

The decision does not affect the teams' ownership. The eight-man Atlanta Spirit group bought the teams and the arena's rights in 2003.

[ranger001]

http://www.ajc.com/business/turner-broa ... 02714.html

McDavid signed a letter of intent to buy the teams and arena rights from Turner in 2003. The letter, which gave him exclusive negotiating rights, expired. But both sides continued to negotiate.

Later that same year, Turner announced that the Atlanta Spirit ownership group had cemented a deal to buy the teams and the arena rights. The Spirit, an eight-man group of investors, included the son and son-in-law of Turner Broadcasting founder Ted Turner.

What goes around comes around as they say.