Arguing that Adidas’ legal theory is based on a liability from Rockport affiliates that didn’t exist, Rockport asked the court for a declaratory judgment that would invalidate its claim and allow the $150 million sale of its assets to Charlesbank be completed. The sale is now being held up because of the Adidas objections by Charlesbank, which understandably wants the issue resolved before going through with the deal.

The dispute revolves around a two stage transfer of Rockport from Adidas to Berkshire Partners and New Balance in 2015. The U.S. and some foreign subsidiaries ... Log in to view full article.