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Wednesday, February 2, 2011

Cohl vs. Rapino

MICHAEL VS. MICHAEL: When Cohl was ousted from Live Nation after losing a battle with Michael Rapino over the direction of the company, he agreed to pay $9.85 million in installments to LN in return for various assets, including a non-compete exemption to continue working with and promoting tours by the Stones, Pink Floyd and Barbra Streisand. LN subsequently sued Cohl for failing to pay $5.35 million in the 2008 agreement. But in his countersuit, Cohl points out that the value of this asset would have more than accounted for the $5 million he owes Live Nation had the company not breached the agreement by proposing that the two parties compete separately for the tour. (2/2a)

 
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