Court Orders VisionChina to Pay Fine and Attorney Fees for Contempt of Court
NEW YORK, May 20, 2013
NEW YORK, May 20, 2013 /PRNewswire/ -- The New York State Supreme Court has
ordered defendant VisionChina Media Inc. (Nasdaq: VISN) and its subsidiary to
pay plaintiffs Gobi Partners and Oak Investment Partners US$250 fine plus
plaintiffs' costs and reasonable attorneys' fees in the amount of
US$185,892.31 within fifteen days.This order is pursuant to the court's grant
of Motion for Contempt against VisionChina for failure to comply with the
court's August 13, 2012 order requiring transfer of US$60 million to the New
York jurisdiction or mutually acceptable alternative arrangements.
The Court ordered the US$60 million transfer to ensure that funds are
available to partially compensate Gobi and Oak should they prevail in their
lawsuit against VisionChina relating to VisionChina's acquisition of a
promising digital advertising company called Digital Media Group (DMG),
previously owned by Gobi and Oak. Gobi and Oak allege in the lawsuit that
VisionChina willfully disregarded its contractual obligation to pay Gobi and
Oak for the acquisition.
SOURCE Gobi Partners, Inc.
Contact: Lance Ignon, +1-212-573-6100, Lance_ignon@sitrick.com
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