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Friday, November 16, 2007

Genesco: It Gets Really Ugly

UBS filed a counterclaim today (access it here).  In short, they are counter-claiming that "Genesco and its senior officers intentionally made misrepresentations of material fact" to UBS.  I'll have full commentary on Monday, but in the meantime here is Genesco's response in full:

PRESS RELEASE: Genesco Chairman and CEO Hal Pennington Responds to UBS Counterclaim NASHVILLE, Tenn., Nov. 16 /PRNewswire-FirstCall/ --

Hal N. Pennington, Chairman and Chief Executive Officer of Genesco Inc. (NYSE: GCO), responded today to the filing of a counterclaim by UBS against Genesco. "For 46 years, I have been privileged to work with a wonderful group of people, in a business that I love, for the benefit of our shareholders. Today, my management team and I have been accused of defrauding UBS. On behalf of our company, our management team and our employees, I categorically deny those claims."

Mr. Pennington continued, "It is sad when a major international financial institution resorts to this sort of mudslinging in an attempt to get out of its contractual obligations and survive the meltdown in the credit markets. To our customers, our suppliers, our shareholders and, most importantly, our employees, I assure you of my commitment to continue to operate Genesco with the same high standards of integrity that have made me proud to be a part of this company throughout my career. We will also continue to act in the best interest of our shareholders, including enforcing our rights under our Merger Agreement with The Finish Line."

http://lawprofessors.typepad.com/mergers/2007/11/genesco-it-gets.html

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