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LifeOne Settles With Two Involuntary Bankruptcy Petitioners
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LifeOne Settles With Two Involuntary Bankruptcy Petitioners
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LifeOne Settles With Two Involuntary BankruptcyPetitioners
February 1, 1999 09:12 AM
NORTH BETHESDA, Md.--(BUSINESS WIRE)--Feb. 1, 1999--LifeOne, Inc.
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.
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