Question of the moment: Why would anyone seek a company with this kind of pending litigation?
Right off the mark they have legal fees on top of the cash and stock payouts. I'm supposing this was the reason for Shatsoff's attempt at the reverse split i.e., more shares available to pay off these obviously winnable cases. My only answer is that Tanner's was the best they could find under such abject circumstances.
With their great anti-matter legacy of protecting shareholders, semper schlemper integrity and $10 excrement politicing, I hope we end up with more eventual value than Happy Meal money.
Oh well, at least there's two less boils to lance. Larry is inheriting a handful of headaches from Moe and Curly. He'll look like a shining knight if he ever turns this around to any meaningful degree.
Onward,
George
P.S. Does anyone know if there are more lawsuits pending?
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BRIDGEPORT, Conn., Nov. 6 /PRNewswire/ -- Corzon Incorporated (OTC Bulletin Board: CRZN - news) announced today that it settled two lawsuits that had been filed against the Company.
On June 22, 2000, litigation was commenced against the Company and certain of its subsidiaries by Finova Mezzanine Capital, Inc. The litigation arose out of a guaranty made by Harvest Resturant Group Inc, a predecessor to Corzon, of approximately $2 million in credit extended to its subsidiaries in January 1999. The settlement reached includes payment of cash and an issuance of
Series D preferred stock.
The second settlement involved a lawsuit that had been filed on August 20, 1998 against Harvest Restaurant Group, Inc. The settlement included issuance of common stock and a cash payment.
Corzon President and CEO Larry Shatsoff stated, ``As discussed at our shareholder meeting this past September, in order for Corzon to make a successful transition from a restaurant business under its former name of
Tanner's Restaurant Group, Inc. to the telecommunications area as Corzon, it
was necessary for the new management team to immediately address certain
major issues which existed within the Company upon arrival. With these
settlements behind us our international management team can focus exclusively
on the expansion of our core telecommunications business and the development
of new product offerings.''
Safe Harbor Statement under the Private Securities Litigation Act of 1995;
The statements which are not historical facts contained in this press release
are forward-looking statements that involve certain risks and uncertainties
including but not limited to risks associated with the new uncertainty of
future financial results, additional financing requirements, development of
new products, regulatory approval processes, the impact of competitive
products or pricing, unpredictability of patent protection, technological
changes, the effect of economic conditions and other uncertainties detailed
in the company's filings with the Securities and Exchange Commission.
SOURCE: Corzon, Inc. |
