Tomahawk, WI 07/09/2014 (Basicsmedia) – NewLead Holdings Limited (NASDAQ:NEWL) has announced today that it would be filing allegations against Ironridge Global IV, Limited on June 23, 2014, in the negotiation proceedings which is at present pending between the two.
NewLead has given the indications that the company has no interest to receive or accept any sort of further funding from Ironridge, until and unless the allegations are settled. But then also Ironridge has mentioned some waiver condition under their notes, in which indirectly they have forced NewLead Holdings Limited (NASDAQ:NEWL) to receive the funds from Ironridge. As these forced funding is not at all any sort of obligation to the company, the firm believes that such sort of note is just an attempt to posses the ability to adapt further shares. As soon as Ironridge was made aware about this news, they converted the portion of their preferred shares equivalent to the note.
NewLead has filed the case against Ironridge under various heads. They filed allegations for
The violation of the agreement.
The fake encouragement of contract and the scam related with same.
Manipulation in the securities market and falsification in breach of United States national securities law.
Unfair enhancement and disobedience of the law under section 15 USC 78p(b).
Looking for the discharge of short term earnings.
The damages made in surplus of $25 million to NewLead.
The disciplinary damages done in surplus of $100 million to the firm.
The compensation of the cost of settlement along with the official costs.
NewLead Holdings Limited (NASDAQ:NEWL) has also appealed that the negotiation hearing should declare that the contract between the two companies is concluded or/and void. Also it should be declared that Ironridge has no right in the indulgence in the issuance of further shares of NewLead.
Although the company believes that all these assumptions were logical when made, as they were made according to the noteworthy doubts, NewLead cannot promise whether it would achieve these expectations.