Class action lawyers fighting Cox Enterprises in Fulton County, Ga., have avoided the fate of their counterparts in Delaware, where a judge ridiculed and cut a $4.95 million fee request by about 75 percent.
Late last month, Fulton Superior Court Judge Constance C. Russell awarded all of the requested $1.25 million in fees to Atlanta lawyers Corey D. Holzer and Michael I. Fistel Jr. of Holzer & Holzer; Steven J. Estep of Cohen, Cooper, Estep & Mudder; and other lawyers. They represented a class of Cox Communications shareholders upset by what they perceived to be a low-ball offer by Cox Enterprises to purchase the portion of the cable TV giant it didn’t already own and take the company private.
In suits filed in August, the plaintiffs sought to enjoin the transaction.
But after negotiations between Cox Enterprises and a special committee of independent Cox Communications board members — and to a lesser extent the plaintiffs lawyers in the Georgia and Delaware cases — a deal was struck last year for Cox Enterprises to acquire other shareholders’ stock for $8.5 billion, $675 million more than the company originally offered.