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Non-Tech : Littlefield Corporation (LTFD)
LTFD 0.1700.0%Nov 7 9:30 AM EST
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To: onsna who wrote (10291)1/30/2006 11:19:18 PM
From: Glenn Petersen   of 10368
 
It seems to me that this information should have been released within a day or two of 1-03-2006.

It could be that the deal was "settled" with a handshake early in the month and papered at the end. Always wait for the paper.

Then again, it may be that the company decided that the litigation was not necessarily material to LTFD's prospects:

Lenrich Associates LLC v. Littlefield Corporation, et al; Civil Action No. 00-CP-10-4742, South Carolina Court of Common Pleas, County of Charleston. Lenrich Associates brought this action against the Company based on a commercial lease guaranty that was signed by the Company. The tenant on the lease was Concessions Corp., a subsidiary of the Company and had been used as the location of the “Lucky II” facility, which was closed in early 2000. The lease expired in February 2003. Because rental payments under the lease were in arrears, Lenrich Associates sought to enforce the guaranty against the Company. The Company’s liability under the guaranty was capped at the lesser of two years of fixed and additional rent or the amount of fixed and additional rent corresponding to the time period mandated by South Carolina law. A settlement agreement had been reached for $147,500, which has been accrued for by the Company in June 2002. However, the plaintiff withdrew their support of the settlement agreement shortly thereafter. The Company has petitioned the court to enforce the settlement agreement and is currently awaiting this decision.

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