LAWSUITS NEWS & LEGAL INFORMATION
Apparel Contract
New York, NY: (Jan-14-08) Talon International, Inc., a leading global supplier of zippers, apparel fasteners, trim and interlining products, brought charges against Azteca Production International, Inc., a former distributor of Talon products, alleging that the distributor had breached contract terms and had been in default for several months.
As part of a settlement reached, Talon has received marketable securities valued at approximately $1.5 million in settlement of an outstanding note receivable due from Azteca Production International. Company officials claimed that the note receivable, originating in 2006 from prior unpaid accounts, had been in default for several months. The settlement is subject to various terms and conditions that limit the open market sales, but allow private placement of the securities at the Company's discretion. [CNN NEWS: CONTRACT BREACH]
Published on Jan-15-08
As part of a settlement reached, Talon has received marketable securities valued at approximately $1.5 million in settlement of an outstanding note receivable due from Azteca Production International. Company officials claimed that the note receivable, originating in 2006 from prior unpaid accounts, had been in default for several months. The settlement is subject to various terms and conditions that limit the open market sales, but allow private placement of the securities at the Company's discretion. [
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