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COLD SPRING, Ky. -- Gilligan Oil Co., operator of more than 40 convenience stores based in Cincinnati, is no longer held to the contract for a proposed acquisition of a stake in the Ameristop convenience store chain, company officials told the Business Courier of Cincinnati.
Pat Gilligan, the founder and chief executive of Hyde Park, Ohio-based Gilligan Oil, declined to discuss the issue further, but did not rule out a future deal, the report stated.
This move shortly follows last week's departure of Ameristop's CEO, Don Bloom, and the appointment of Leonard Eppel as a receiver to manage and control the parent company, Petro Acquisitions Inc., earlier this week.
As CSNews Online reported yesterday, a lawsuit filed against Petro by Cincinnati-based venture capital firm Walnut Investment Partners LP alleges that Gilligan Oil had agreed to buy 450 preferred shares of the parent company from it for $8.75 million, but that Bloom told Gilligan Oil that Walnut did not have that authority.