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.