As The Court Turns or Days of Our Lies:
Wednesday June 25 8:01 AM EDT
Company Press Release
Immudyne Inc. announces that hearing to resolve San Antonio arbitration has been postponed as the result of Carmel Research filing for bandruptcy
HOUSTON--(BW Healthwire)--June 25, 1997--ImmuDyne Inc. (OTC:BB - news), announced today that the hearing scheduled for June 18, 1997 before the 225th Judicial District Court, Bexar County, San Antonio, Texas to enforce a previous Rule 11 Agreement and related summary judgment involving Carmel Research Inc. has been postponed in part as a result of the filing by Carmel of Chapter 11 Bankruptcy on June 17, 1997.
Management of ImmuDyne expected that the enforcement of a previous Rule 11 Agreement and related summary judgment would have required Carmel to turn over to ImmuDyne 3.25 million shares of ImmuDyne common stock.
ImmuDyne would have been required to issue 1.55 million shares of common stock to Mark W. McLaughlin and his attorneys, and would have retired 1.7 million such shares, all in accordance with the summary judgment. The effect of this ruling and Carmel's bankruptcy is being reviewed by ImmuDyne.
The judge in the San Antonio matter postponed the hearing in accordance with the order of the bankruptcy court. The court had previously ordered, and Carmel's attorney had agreed, that Carmel not transfer the shares to any other party until such time as the hearing relating to the Rule 11 Agreement and related summary judgment is held.
On June 18, 1997, the court ordered ImmuDyne to deliver to McLaughlin the $100,000 of the royalties accumulated from November 1996 to present, otherwise due to Carmel, pursuant to the summary judgment. The issue of being able to pay these moneys is clouded by the Carmel bankruptcy.
The hearing set in Nevada United States District Court for June 19, to determine if a temporary injunction will be ordered preventing ImmuDyne from selling MacroForce(TM) dietary supplement products that contain beta glucan, has been postponed until June 26, 1997.
In a separate matter, the Company received notice of a lawsuit filed by Byron A. Donzis against the Company relating to the non payment of certain consulting fees. The complaint against ImmuDyne was filed in the 2nd Judicial District Court of the State of Nevada and in the county of Washoe, CV-97-03626, Byron A. Donzis, Plaintiff v. ImmuDyne, Inc. a Texas corporation and DOES I-X, inclusive, Defendant.
Donzis alleges that the Company breached a consulting agreement allegedly entered into on May 1, 1996 by failing to pay consulting fees due pursuant to the agreement. Management of the Company is evaluating the claims and intends to vigorously defend such allegations. |
