Judge Refuses to Order UAL Sale: Cook...

Judge Refuses to Order UAL Sale: Cook County, Ill., Circuit Judge Kenneth Gillis refused to order UAL Corp., parent of United Airlines, to sell the firm promptly to the highest bidder. But the judge warned that failure to get the best deal for the airline would leave UAL’s board open to criminal prosecution. The ruling involved a class-action suit filed on behalf of all UAL shareholders. The lawsuit accused UAL of stalling on a $275-a-share bid from Los Angeles billionaire Marvin Davis in order to arrange a deal that would allow UAL’s management to keep control of the Chicago-based company.