12 January 2011

COLT SETTLEMENT WORKED OUT.....

Some quick news for you all......

Trade publication XBIZ is reporting that Prowest Media Corp., the controlling company for COLT Studio Group, has worked out a settlement agreement with Jim French Studios over its 2009 lawsuit for an alleged failure to pay the bulk of a $2.2 million promissory note related to the 2003 sale of the company.

Jim French founded COLT more than four decades ago. He was originally seeking a return of all company copyrights and assets to his possession and for the court to order these assets to be sold in order to repay the note.

Last year, Prowest filed for Chapter 11 bankruptcy. Terms of the settlement allow for Prowest principals John Rutherford and Thomas R. Settle to pay $500,000 in 20 installments.

Both sides are scheduled to meet Friday “in front of a federal bankruptcy judge to modify COLT’s Chapter 11 filing and greenlight the settlement agreement,” XBIZ writes. “Jim French Studios will have a stipulated judgment to recover its collateral and obtain other relief in the event of a default.”

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