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COPSync Settlement Agreement Approval Sought

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COPSync filed with the U.S. Bankruptcy Court a motion approving the settlement and compromise between the Debtor, on the one hand, and Kologik Capital, LLC (Kologik), on the other.

The motion explains, “After extensive and detailed discussions and negotiations between the Parties and their professionals, the Parties arrived at this mutually beneficial agreement. As a result, the sale was able to proceed without impediment. The terms of the agreement, read into the record at the November 20, 2017 sale hearing, were that: (a) Making Sense would sell its claim (Claim No. 39, as amended) to Kologik in return for an equity interest in TAL, redeemable in the sum of $600,000.00, (b) Making Sense would withdraw the Objection, (c) the Debtor would transfer back to TAL two (2) percent of the ten (10) percent of TAL’s equity interests being transferred to the Debtor through the Asset Purchase Agreement, and (d) Proof of Claim No. 39, filed by Making Sense LLC on November 8, 2017, and assigned to Kologik on February 27, 2018 [P-169], as amended, is allowed as an unsecured claim in the amount of $600,000.00 (collectively, the ‘Compromise’).” The Court scheduled an April 4, 2018 hearing on the motion.

Read more COPSync Bankruptcy news.

The post COPSync Settlement Agreement Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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