LAWSUITS NEWS & LEGAL INFORMATION
Nevada Gold
Houston, TX: (May-19-08) Nevada Gold & Casinos, Inc. brought lawsuits against Clay County Holdings, Inc., Service Interactive, Inc., and Restaurant Connection International, Inc., over Clay County Holdings and Service Interactive, Inc's respective debts to Nevada Gold. Sources familiar with the negotiations stated that as part of a settlement reached in the case, the parties have reached a settlement, in which the debts, which combined equal approximately $4.6 million, will be terminated.
Under the terms of the deal, in exchange, Nevada Gold has appointed a majority of the Board of Directors of Restaurant Connection International, and was issued a promissory note from it in the amount equal to the Clay County Holdings and Service Interactive, Inc's debts combined. As a result of the settlement, Nevada Gold will dismiss its collection lawsuits against the two companies in the district court of Harris County, TX. [PRIME NEWSWIRE: NEVADA GOLD NOW POSITIONED TO FOCUS ON SALE OF RESTAURANT CONNECTIONS INTERNATIONAL]
Published on May-22-08
Under the terms of the deal, in exchange, Nevada Gold has appointed a majority of the Board of Directors of Restaurant Connection International, and was issued a promissory note from it in the amount equal to the Clay County Holdings and Service Interactive, Inc's debts combined. As a result of the settlement, Nevada Gold will dismiss its collection lawsuits against the two companies in the district court of Harris County, TX. [
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