Private Equity Group to Buy Davis Petroleum
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A group led by private equity firm Evercore Capital Partners is buying Davis Petroleum Corp., the oil firm of the late Los Angeles billionaire Marvin Davis, for $150 million. The group will join management in the purchase.
Davis Petroleum also filed a prepackaged bankruptcy, which means the deal needs only a two-thirds shareholder vote instead of 100%.
People familiar with the matter said that move was taken because of a bitter family split with Patricia Davis Raynes, who has alleged in a lawsuit her late father looted her trust fund.
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