Hastings Entertainment reported that the United States District Court for the Northern District of Texas, Amarillo Division, has issued an Order Extending Temporary Restraining Order After Hearing On Request For A Preliminary Injunction restricting the potential merger transaction involving Hastings and an affiliate of Joel Weinshanker. As Hastings first disclosed on March 17, Hastings entered into an Agreement and Plan of Merger with Draw Another Circle and Hendrix Acquisition Corp., which are each wholly-owned, directly or indirectly, by Weinshanker. Hastings believes that the lawsuit was improperly and prematurely filed under Texas law and that the claims alleged therein are factually incorrect and deficient as a matter of law. Hastings also believes that the grounds upon which the plaintiffs sought the Initial Order are insufficient as a matter of fact and law. Hastings intends to dispute these claims throughout the life of this litigation.
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