Al Gore hits Al Jazeera with ‘Current TV’ writ

Bloomberg TV is reporting that former US vice-president Al Gore, along with business partner Joel Hyatt is suing Qatar-based news channel Al Jazeera for fraud, breach of contract, failure to meet obligations to pay Gore and Hyatt some $65 million, and damages.

The action was filed in a Delaware chancery court (Gore vs. Al Jazeera) on August 15th against Al Jazeera America Holdings Inc., and concerns Al Jazeera’s purchase of Current TV, founded by Gore and Hyatt.

The action alleges that Al Jazeera “illegally” tried to seize$65 million that was tied to the $500 million core purchase contract.

“Al Jazeera America wants to give itself a discount on the purchase price that was agreed to nearly two years ago,” David Boies, a lawyer for Gore, said in a statement. “We are asking the court to order Al Jazeera America to stop wrongfully withholding the escrow funds that belong to Current’s former shareholders,” quoted Bloomberg.

Posted by on Aug 18 2014. Filed under Articles, Business, M&A.

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