Actionable news
All posts from Actionable news
Actionable news in VISN: VisionChina Media, Inc.,

VisionChina Media Announces the Ruling by Grand Court of Cayman Islands

BEIJING, July 20, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (VISN), China's largest out-of-home digital television and advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced ruling by the Grand Court of Cayman Islands (the "Cayman Islands Ruling"), concerning the Company's breach of the Settlement Agreement (the "Settlement Agreement") dated April 30, 2014 with Oak Investment Partners XII, Limited Partnership, Gobi Partners, Inc. n/k/a Gobi Ventures, Inc., Gobi Fund, Inc. and Gobi Fund II, L.P. (collectively, the "Plaintiffs"). The Cayman Islands Ruling orders VisionChina Media to pay the Plaintiffs a) approximately $59.4 million (the "Judgment Amount"), b) interest at the rate of 9% per annum calculated from November 16, 2010 as to $30 million and from November 16, 2011 as to the remaining portion of the Judgment Amount, until such Judgment Amount is paid in full and c) costs on the indemnity basis to be taxed if not agreed.

The Company acquired Digital Media Group Company Limited (the "Acquisition") from the Plaintiffs in November 2009 and entered into the Settlement Agreement with the Plaintiffs in April 2014 to settle all litigations arising from the...