A Georgia Superior Court judge has ruled in a lawsuit that Turner Broadcasting System Inc. must pay David McDavid, a Texas businessman, $281 million. A jury awarded that amount in a verdict last year. Judge Tom Campbell denied Turner’s request to overturn the verdict in favor of the Plaintiff, who accused the company of cheating him out of buying the Atlanta Hawks, Atlanta Thrashers and Philips Arena operating rights. In 2003, McDavid signed a letter of intent with Turner, a unit of Time Warner Inc., to purchase the teams. But in September 2003, Turner Broadcasting announced that it was selling the teams and the arena rights to an unrelated ownership group, the Atlanta Spirit. The lawsuit was subsequently filed that resulted in a verdict for the Plaintiff and against TBS.
Source: National Law Journal
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