La ACTION CLASS contra AFINSA y ESCALA GROUP resulta.Respuestas: 3
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La ACTION CLASS contra AFINSA y ESCALA GROUP resulta.
OS RECOMIENDO LA LECTURA DE ESTA NOTICIA QUE CONSIDERO DE LA MAXIMA IMPORTANCIA Y QUE CADA CUAL SAQUE SUS PROPIAS CONCLUSIONES. 
Re: La ACTION CLASS contra AFINSA y ESCALA GROUP resulta.
Re: La ACTION CLASS contra AFINSA y ESCALA GROUP resulta.
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As part of the settlement of the derivative action, the Company will recover $5.50 million from insurers on behalf of certain of the named defendants on both proceedings. The Company has also agreed to adopt certain corporate governance policies and procedures, and to pay all court-approved attorneys’ fees, up to a maximum of $925,000, together with approved expenses not to exceed $70,000. The Company’s insurer will fund $475,000 of these amounts. The proposed settlement of the class action litigation provides for the Company to contribute an aggregate of $6 million in cash and 4 million newly issued shares of its stock (subject to increase under certain circumstances) to a settlement fund for the benefit of the class. A substantial portion of the cash contribution will be funded by insurers. If approved by the Court, all claims against the Company and its current and former officers and directors will be dismissed with prejudice and without any admission of liability or wrongdoing. The Company’s net cash payment obligations under the proposed settlements, after taking into account recoveries, is approximately $1 million. The agreements are subject to certain conditions, including approval by the court and by the trustees of Afinsa Bienes Tangibles, S.A. and its subsidiary Auctentia, S.A., the Company’s majority shareholders. Both companies, which are named defendants in the litigation, are in bankruptcy proceedings in the U.S. and Spain. The Company understands that the trustees are seeking approval of the settlement under applicable bankruptcy laws. Antonio Arenas, Executive Chairman, said, “We are pleased to have reached a mutually satisfactory settlement in principle with the plaintiffs and we are hopeful that the settlements will be finalized shortly. “
The Company also announced that it has asserted claims against Greg Manning, its former President and CEO, for, among other things, breach of contract, breach of fiduciary duty and unjust enrichment, arising out of actions taken by Mr. Manning when he was employed by the Company. The Company is seeking damages against Mr. Manning of not less than $40 million. In addition, the Company is seeking a declaration that Mr. Manning is not entitled to indemnification by the Company. Mr. Manning has made claims against the Company, seeking approximately $34 million in damages for, among other things, wrongful termination, failure to pay accrued vacation and other compensation, unjust enrichment and alleged harm caused by the Company to Mr. Manning’s name and business reputation. The Company intends to defend against these claims vigorously. Pursuant to the terms of Mr. Manning’s employment contract, the parties’ dispute will be heard in arbitration. The Company terminated Mr. Manning’s arrangement with the Company for “cause” in April 2007. About Escala Group, Inc.
Re: La ACTION CLASS contra AFINSA y ESCALA GROUP resulta.
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