Closing arguments heard in AriZona iced tea trail
A New York court heard final arguments in a case that will decide the fate of AriZona iced tea, the country's biggest iced tea brand. The dispute centers on the price of a 50 percent stake in the company, which is valued very differently by its feuding co-owners. Domenick Vultaggio's lead lawyer warned that assigning a high valuation could tip AriZona into insolvency and imperil its thousand workers. Ferolito's attorney claimed that a sale was inevitable and that the company had many strategic suitors, including Tata Global Beverages, Nestlé and Coca-Cola, willing to pay much more than what the company is worth on paper.