The 2007 stock purchase agreement attached this 2005 deal as an exhibit and defined it as a “reinsurance agreement.” Sparta says Pennsylvania General also made broad indemnification promises in Section 8.1 of the 2007 SPA, agreeing to indemnify and hold Sparta’s predecessor harmless from any “loss, cost, expense, claim, interest, penalty, fine, deficiency, obligation, liability or damage, including, without limitation, reasonable attorney’s fees, accountant’s fees and other investigation fees and out-of-pocket expenses” arising out of, among other things. The addition arose from the failure of Pennsylvania General. To fulfill any of its obligations under the 2005 T&A Agreement and to suffer any losses arising from or as a result of AEIC’s pre-termination existence and business.
Sparta sues Pennsylvania General for $12.7 million AEIC claims & more related News Here
