LAWSUITS NEWS & LEGAL INFORMATION
Promissory Notes
New York, NY: (May-16-08) FinancialContent, Inc, has been locked in a legal battle with Jade Special Strategies, over a credit dispute, which has been recently resolved as part of a settlement agreement. Company spokespersons announced that FinancialContent has concluded negotiations with Jade Special Strategies and has agreed to settle claims for the full and immediate repayment of senior secured convertible promissory notes in the amount of $1,165,000.
Under the terms of the deal, the promissory notes will be assigned to FinancialContent Services, Inc., FinancialContent's wholly owned subsidiary, while the company relinquishes ownership of it. Sources stated that the company had received a letter from Jade Special Strategies on Mar. 15, 2008, in which Jade demanded full and immediate repayment of the promissory notes or alternatively the transfer of the assets of FinancialContent Services. Sine the company had failed to pay the promissory notes by securing new financing or by selling the assets under terms that were acceptable to all parties involved, it reached a settlement by agreeing to assign the responsibility and ownership of assets and debt to a related party that was satisfactory to Jade Special Strategies. [CNN MONEY: FINANCIALCONTENT REACHES SETTLEMENT WITH CREDITOR]
Published on May-21-08
Under the terms of the deal, the promissory notes will be assigned to FinancialContent Services, Inc., FinancialContent's wholly owned subsidiary, while the company relinquishes ownership of it. Sources stated that the company had received a letter from Jade Special Strategies on Mar. 15, 2008, in which Jade demanded full and immediate repayment of the promissory notes or alternatively the transfer of the assets of FinancialContent Services. Sine the company had failed to pay the promissory notes by securing new financing or by selling the assets under terms that were acceptable to all parties involved, it reached a settlement by agreeing to assign the responsibility and ownership of assets and debt to a related party that was satisfactory to Jade Special Strategies. [
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