Public Finance

Daily Report
June 2008

Stuart C. Johnson
Gregory H. Worthy

Lawyers from four Atlanta law firms were involved in the recent sale of a DeKalb County trucking company to two Atlanta private equity funds.

Last month Navigation Capital Partners and VVS Capital LLC, both of Atlanta, partnered to acquire James Brown Contracting Inc. of Lithonia for undisclosed terms. Wells Fargo & Co. and John Hancock Life Insurance Co. provided debt financing for the deal.

Powell Goldstein partner Stuart C. Johnson advised VVS.  

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Georgia Gulf Corp. has sued a New York hedge fund in the Delaware Court of Chancery, asking the court to rule that Georgia Gulf isn't in default on $100 million in corporate debt.

Georgia Gulf said in court filings it could be forced to file for bankruptcy protection unless the judge rules in its favor. Georgia Gulf filed the suit on June 8 against Sandelman Partners LP of New York, which claimed Georgia Gulf is in default on the payments. Vice Chancellor Stephen P. Lamb set a trial date of July 21.

Powell Goldstein partner Gregory H. Worthy in Atlanta is advising U.S. Bank, the trustee for Georgia Gulf's corporate debt.



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