Qumma wins US$20mn lawsuit.

MEXICO CITY, Jul 17, 2003 (El Universal/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Grupo Qumma, known until a few years ago as Fern?ndez Editores, won a US$20 million lawsuit filed by Bankers Trust, Qumma's business partner in the United States. A judge determined that the repurchase of stocks that Bankers Trust asked of the Qumma was inadmissible. Qumma's financial planning manager said that the partnership would continue as before."Our partner will have to assume the same result, only for them they are affected because they are unable to obtain what they wanted," said Francisco Hern?ndez. Bankers Trust had demanded that Qumma buyback all of its series C stocks, alleging that the Mexican company did not meet the agreement made in February 1997. They were asking Qumma to refund their entire US$20 million investment in 16.4% of the Mexican firm's capital."They complained of a breach of the agreement, but none had occurred. They wanted to retrieve their entire investment," Hern?ndez said. He said he did not expect Bankers Trust to appeal the decision.

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