LAWSUITS NEWS & LEGAL INFORMATION
Q.E.P. Co., Inc.
Boca Raton, FL: (Aug-02-07) The HillStreet Fund brought charges against Q.E.P. Co., Inc. over outstanding warrants issued to HillStreet in connection with a loan transaction in 2001. The suit stemmed from a notice received by Q.E.P in July 2007, stating that HillStreet wished to exercise its right to "put" to Q.E.P its warrants in the company pursuant to the Warrant Agreement dated April 5, 2001. Q.E.P and HillStreet then commenced negotiations regarding the settlement value of the put obligation.
On July 31, 2007, the company and HillStreet agreed upon a cash settlement value of $2.3 million. Q.E.P expects that the settlement amount will be paid out of funds from its bank line of credit. Payment of the settlement will remove the common stock overhang from these warrants. Q.E.P officials stated that though the $2.3 million cash payment will certainly slow the company's current emphasis on reducing their debt, it would prove advantageous in increasing shareholder value long-term. [PRIME NEWSWIRE: HILLSTREET LOAN]
Published on Aug-5-07
On July 31, 2007, the company and HillStreet agreed upon a cash settlement value of $2.3 million. Q.E.P expects that the settlement amount will be paid out of funds from its bank line of credit. Payment of the settlement will remove the common stock overhang from these warrants. Q.E.P officials stated that though the $2.3 million cash payment will certainly slow the company's current emphasis on reducing their debt, it would prove advantageous in increasing shareholder value long-term. [PRIME NEWSWIRE: HILLSTREET LOAN]
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