, June 29, 2012 /PRNewswire/ -- The New York State Supreme Court has granted a motion that requires VisionChina Media, Inc. (Nasdaq: VISN) and its subsidiary, Vision Best Ltd., to transfer
of assets into
New York State
so that those assets can be attached by a
sheriff or, with the consent of Oak Investment Partners and Gobi Partners, into an escrow account elsewhere controlled by a
The motion, which was granted by the Hon.
Charles E. Ramos
June 28, 2012
, enforces and implements the judge's
June 15, 2012
decision that confirmed Oak and Gobi's motions to attach
of VisionChina and Vision Best's assets, regardless of where those assets were located. The requests for attachment were filed to secure VisionChina and Vision Best's final payments for Digital Media Group (DMG), a high-profile digital media company that they acquired from Gobi and Oak in 2010.
Oak and Gobi plan to pursue additional damages in connection with VisionChina's breach of its agreements to complete the purchase of DMG. Oak and Gobi believe that the total damages as a result of VisionChina's conduct exceed
VisionChina acquired DMG from the former shareholders of DMG in
, pursuant to a Merger Agreement that required VisionChina to make an initial payment of
in cash and stock and two deferred payments of
each over the next two years. DMG operated
's leading digital media network inside subway systems consisting of over 34,000 digital screens in 32 subway, high-speed train lines and bus shelters.
November 3, 2011
, the Court dismissed VisionChina's principal claims and counterclaims for fraud, unjust enrichment, declaratory relief, and breach of contract against Gobi and Oak. The case, Shareholder Representative Services, LLC, et al. v. VisionChina Media Inc., et al, was filed in the Supreme Court of the
State of New York
New York County
, index # 650526/2011. There is also a related case, VisionChina Media Inc., et al., v. Shareholder Representative Services, LLC, et al., index # 652390/2010.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm. The primary investment focus is on high growth opportunities in Broadband Internet and Wireless Communications, Information Technology and Software Outsourced Services, Consumer Internet/New Media, Financial Services Technology, Healthcare Information and Services, Clean Energy, and Retail. Over a 33-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 495 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments.