Telecom Business Solution LLC v Terra Towers Corp - United States District Court Southern District of New York Case No 1-22-cv-01761 - Memorandum Opinion - 18 January 2023
Country
Year
2023
Summary
This action is before the Court on the petition of Telecom Business Solution, LLC and LATAM Towers, LLC (collectively, "Peppertree") and AMLQ Holdings (Cay) Ltd. ("AMLQ" and, together with Peppertree, "Petitioners") to confirm an arbitration award and the cross-petition of Terra Towers Corp. and TBS Management, S.A. (collectively, "Terra") and DT Holdings, Inc. ("DTH" and, together with Terra, "Respondents") to vacate that award. Respondents seek also to amend their cross-petition to vacate the arbitration award and to vacate two interim orders issued by the arbitrators.
On February 24, 2022, a three-arbitrator panel (the "Panel") unanimously issued the First Partial Final Award ("FPFA"), which determined that Respondents had breached a forced sale provision in the shareholders agreement (the "SHA") between and among Terra and Petitioners and ordered its specific performance.' During the pendency of the arbitration, the Panel issued two interim orders granting emergency injunctive relief to Petitioners due to a troubling pattern of misconduct by Respondents. I assume familiarity with the many filings in this action and set forth only the facts pertinent to the parties' motions below.
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For the foregoing reasons, Petitioners' petition to confirm the FPFA is GRANTED and Respondents' cross-petition to vacate the FPFA, as well as the November 12 Order and March 15 Order, is DENIED.
Respondents' motion to amend its cross-petition to vacate is DENIED as futile. The Clerk shall enter judgment accordingly.
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