2ND LD: Fuji TV to sue Livedoor for damages+
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[March 09, 2006]

2ND LD: Fuji TV to sue Livedoor for damages+

(Japan Economic Newswire Via Thomson Dialog NewsEdge)TOKYO, March 9_(Kyodo) _ (EDS: ADDING BACKGROUND INFO)

The chairman of Fuji Television Network Inc. said Thursday the TV network will sue Livedoor Co. for compensatory damages in connection with huge latent losses caused by a plunge in the stock price of the Internet and financial services company.



"We'll make the claim. No doubt about it," Hisashi Hieda said at a press conference.

Fuji TV spent 44 billion yen in buying 133.74 million Livedoor shares at 329 yen per share in May last year to end a takeover battle with Livedoor for control of radio broadcaster Nippon Broadcasting System Inc. The investment gave Fuji TV a 12.75 percent stake in Livedoor.



Livedoor stock, traded on the Mothers market for emerging companies on the Tokyo Stock Exchange, has fallen sharply since the company became mired in an accounting fraud scandal in mid-January. The stock closed at 78 yen Thursday.

The TV network is considering selling the Livedoor shares to investors who are willing to help revive the Internet firm, Hieda also said.

By selling the shares, Fuji TV can determine its loss from the investment in Livedoor. The TV network will then move on to filing a damages suit, Hieda indicated.

As former Livedoor President Takafumi Horie and other former executives were served with fresh arrest warrants over fraud allegations in late February, the TSE is widely expected to make a decision later this month to delist Livedoor stock.

The Tokyo District Public Prosecutors Office, meanwhile, is likely to file an additional indictment next week against Horie and those who have been arrested.

Fuji TV will decide on a concrete policy on the Livedoor shares in light of such developments, Hieda also suggested.

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