Hallwood Group Announces Proposed Ruling in Adversary Proceeding
July 26 2011 - 6:07PM
PR Newswire (US)
DALLAS, July 26, 2011 /PRNewswire/ -- The Hallwood Group
Incorporated (NYSE AMEX US: HWG) (the "Company") announced today
that the court in Ray Balestri,
Trustee of the Hallwood Energy I Creditors' Trust, as successor in
interest to Hallwood Energy, L.P., Plaintiffs and FEI Shale L.P.
and Hall Phoenix/Inwood Ltd., Plaintiffs in Intervention vs. The
Hallwood Group Incorporated, Defendant; Adversary No.
09-03082-SGJ has issued Proposed Findings of Fact and
Conclusions of Law in the matter. The court proposed that the
United States District Court award damages of $3,200,000 to be allocated among the three
plaintiffs and damages of $15,485,714
to FEI Shale L.P., plus in each case prejudgment and postjudgment
interest and attorneys' fees. The proposed awards are not
final. Any of the parties may object to the Proposed Findings
of Fact and Conclusions of Law to the United States District Court,
which will then review the portions to which objections have been
raised on a de novo basis. Hallwood Group intends to
object to the Proposed Findings of Fact and Conclusions of Law
vigorously. Until this matter is concluded, Hallwood Group
does not intend to pursue its previously announced intention to
transfer cash to an account with UBS AG to invest in various
equities and debt.
SOURCE The Hallwood Group Incorporated
Copyright 2011 PR Newswire
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