LifeOne Settles With Two Involuntary Bankruptcy Petitioners
LifeOne Settles With Two Involuntary Bankruptcy Petitioners
NORTH BETHESDA, MD. (Feb. 1) BUSINESS WIRE -Feb. 1, 1999--LifeOne,
Inc. (OTCBB:LONE), (the "Company"), announced today that it has settled with two of the three petitioners in the involuntary bankruptcy petition filed against the company on August 27, 1998. The two petitioners are Asia Equities, Inc. and Arcadia Mutual Fund, Inc.
The settlement agreement may be subject to bankruptcy court approval.
LifeOne and certain shareholders filed a stock manipulation lawsuit
against Asia Equities and Arcadia Mutual, among 22 others, on July 21, 1998. The lawsuit has cleared the preliminary hurdles and is currently moving into the discovery process. On August 27, 1998, Asia Equities and Arcadia Mutual along with Black Sea, another debenture holder, filed an involuntary bankruptcy petition against LifeOne.
This petition was recently stayed pending judicial review of LifeOne's appeal of the preliminary ruling not to dismiss the case.
Management plans to repurchase the debentures instead of issuing
additional shares of common stock.
|
