Nov 30 A federal judge in California issued a limited preliminary injunction on Friday that allows the sale of Los Angeles-based asset manager TCW Group Inc to private equity firm Carlyle Group to proceed.
The ruling by U.S. District Court Judge Christina Snyder will place a fund that is jointly operated by EIG Global Energy Partners LLC, a former TCW unit, and TCW into a trust, pending the outcome of an arbitration case over whether EIG has the right to approve the sale.
EIG had sought a broader injunction blocking the sale of TCW by Societe Generale to Carlyle altogether. EIG, which has energy funds that compete with Carlyle funds, claims it has the contractual right to approve the transaction as part of its 2011 separation from TCW.
Snyder, a judge in U.S. District Court for the Central District of California, said the trust will ensure EIG's interests are protected while arbitration goes forward.