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Time Warner Denied Appeal By Supreme Court
Nando Times reported that Thursday, January 18 saw Time Warner's appeal against a court decision forcing the payout of $454 million in damages rejected after investors of Six Flags Over Georgia amusement park filed a suit against them for mismanagement.
Six Flags Over Georgia filed the suit claiming that Time Warner had deliberately attempted to suppress the value of the park with the aim of acquiring it at a reduced price. The court heard how Time Warner had purchased land surrounding the amusement park, eliminating the possibility of expansion while also rejecting suggestions made to introduce new attractions to Six Flags Over Georgia.
The trial lasted for 6 weeks resulting in the plaintiffs being awarded $197 million in compensatory damages and $257 million in punitive damages.
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