The U.S. Bankruptcy Court approved Implant Sciences’ official committee of equity security holders’ motion for entry of an order approving settlement agreement between the official committee of equity security holders, DMRJ Group, Montsant Partners and Platinum Partners Value Arbitrage (PPVA) Fund.
As previously reported, “Although the Proofs of Claim were filed in unliquidated amounts, the DMRJ Parties’ and PPVA’s assert that their claims exceed $63 million, plus interest, costs and other fees and expenses…assigned or pledged to West Loop South, EPOCS Real Estate Partnership, B Asset Management, White Rock or any other person or entity, shall collectively be referred to as the ‘DMRJ Claims and Interests.'”
In addition, “The relevant terms of the Settlement Agreement are as follows: The DMRJ Claims and Interests shall be reduced and allowed in the total amount of $55,000,000 (the ‘Settlement Amount’) and, within 2 business days of the Court’s entry of the 9019 Order, the Debtors shall pay in cash the Settlement Amount (the ‘Settlement Payment’) to the account and in the manner as directed by the Joint Liquidators for PPVA, which Settlement Payment shall be in full and final satisfaction of all DMRJ Claims and Interests….In sum, the DMRJ Parties and PPVA are essentially waiving more than $17,000,000 of the DMRJ Claims and Interests in full and final satisfaction of the Permitted Actions.”
Read more bankruptcy news.
The post Implant Sciences Bankruptcy Compromise Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.