On June 18, Apollo and Hexion filed a complaint in Delaware Chancery Court to back out of the deal, saying it was no longer viable because Huntsman's debt had increased and profits wouldn't meet previous forecasts. In the lawsuit, they said that lenders Credit Suisse Group and Deutsche Bank A may not finance the deal because the combined companies would be insolvent.

Jon Huntsman Sr. was incensed at the attempt to back out of the deal.

"Apollo's recent action in filing this suit represents one of the most unethical contract breaches I have observed in 50 years of business," he said in an e-mail statement at the time.

In addition to the cash, the transaction included $4 billion of assumed debt and $100 million toward a $200 million fee that Huntsman paid Access to end their merger agreement.

The company has suffered significant financial downturns because of the legal battle with Apollo and Hexion, Peter Huntsman said. As of Monday, the company's stock was just below $8 per share.

"That's about $5 billion in damages that has been done to our stockholders because of their misdeed," he said.

Peter Huntsman said the family hopes Apollo and Hexion will go through with the judge's order to complete the purchase.

Huntsman officials said they will continue to seek more than $3 billion in damages in a separate lawsuit against Apollo and its partners Leon Black and Joshua Harris.

Lambert has set the closing date for Wednesday, although that date could be extended until the court determines Hexion has complied with the terms of the order.

Peter Huntsman said his father is looking forward to channeling money from the sale to his philanthropic efforts.

"I know my father is very keen to see that foundation fully funded and be in a position where it can grow in perpetuity," he said.

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E-mail: jdana@desnews.com