LAWSUITS NEWS & LEGAL INFORMATION
Fonix Corporation
Salt Lake City, UT: (Aug-29-07) The Breckenridge Fund, LLC brought a lawsuit against Fonix Corporation, alleging that the company failed to pay Breckenridge certain sums owing under an agreement executed by the parties in September 2005. The suit was filed in 2006, when Breckenridge docketed the judgment in Utah and filed a separate lawsuit in the United States District Court for the District of Utah against Fonix, its subsidiary, Fonix Speech, Inc., executive officers Thomas Murdock and Roger Dudley, and other parties.
As part of a settlement reached, Fonix Corporation agreed to pay the Breckenridge Fund a sum of $1,601,000 to resolve the claims. Under the terms of the settlement agreement, Fonix has paid Breckenridge $343,000 and has agreed to pay Breckenridge the additional amounts of $250,000 in September 2007 and $707,000 in November 2007. Upon payment in full of the amounts stated above, the judgment will be satisfied and the additional litigation will be dismissed with prejudice. Sources stated that the settlement amount, when paid in full, will reflect a 20%t discount to the amount currently stated on the company's financial statement. [BUSINESS WIRE: PAYMENT BREACH]
Published on Aug-30-07
As part of a settlement reached, Fonix Corporation agreed to pay the Breckenridge Fund a sum of $1,601,000 to resolve the claims. Under the terms of the settlement agreement, Fonix has paid Breckenridge $343,000 and has agreed to pay Breckenridge the additional amounts of $250,000 in September 2007 and $707,000 in November 2007. Upon payment in full of the amounts stated above, the judgment will be satisfied and the additional litigation will be dismissed with prejudice. Sources stated that the settlement amount, when paid in full, will reflect a 20%t discount to the amount currently stated on the company's financial statement. [BUSINESS WIRE: PAYMENT BREACH]
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