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The sale comes months after Yum! Brands said it was reviewing strategic options for Pizza Hut.
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The Louisville-based company on Wednesday also reported a fourth-quarter loss of $2.1 million.
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The May 10 sale represents about 1.2 percent of Schnatter's slice of Papa John's.
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A Delaware judge has ruled that John Schnatter is entitled to corporate records that the company has refused to turn over to him