Japanese co. settles damages for unlawful Fuji bid
The corporate remains of Japan’s once-mighty Internet startup Livedoor, felled by irregularities in its 2005 hostile bid for Fuji TV network, have settled damages claims for the financial shenanigans.
The damages center on the deal Livedoor made with Fuji to end the bid, in which the net spent $48 million on Livedoor shares.
In January 2006 Livedoor prexy Takafumi Horie and other execs were arrested on charges of securities law violations, which included hiding the company’s real value, and its share price plummeted.
Fuji ended up unloading its Livedoor shares at a $38 million loss.
In Tokyo District Court, six former Livedoor execs, including chief financial officer Ryoji Miyauchi and director Fumito Kumagai, agreed to fork over $8.35 million to Livedoor corporate successor LDH Corp., which had been asking for $39.8 million.
Horie reached a settlement in December to the tune of $228.5 million in assets. He is still fighting criminal charges.