On the conference call, Charlie Garber assured me that the Logimetrics debt was never a CT&T debt but always a CVUS debt. The 8-K from January 1998 expressly refutes Garber's statement. The 8-K states that CVNY "assumed financial responsibility" for CT&T's debt. I feel that Garber lied to me. See below:
Logimetrics Transaction
On December 1, 1997, CellularVision of New York, L.P. ("CVNY"), a wholly owned subsidiary of CellularVision USA, Inc. (the "Company"), entered into an agreement (the "Logimetrics Agreement") with Logimetrics, Inc. ("Logimetrics") pursuant to which CVNY assumed financial responsibility for certain equipment purchased through its affiliate, CellularVision Technology & Telecommunications, L.P. In exchange, Logimetrics agreed to continue servicing CVNY's equipment so long as CVNY continues to meet its obligations under the Logimetrics Agreement. Pursuant to the Logimetrics Agreement, CVNY issued and delivered a $2,621,694.81 Secured Promissory Note to Logimetrics having a final maturity date of July 27, 1998. Principal under such Note is amortized and also subject to partial mandatory prepayment upon the occurrence of certain events. |
