Radiant Offshore Fund, Ltd., Radiant Performance Fund LP, And Haverstock Master Fund Ltd. Update Status Of Litigation Against Salamon Group Inc.
ROSLYN, N.Y., Aug. 6, 2012 /PRNewswire/ -- Radiant Offshore Fund, Ltd., Radiant Performance Fund LP, and Haverstock Master Fund Ltd. announce that they have obtained a preliminary injunction against Salamon Group Inc. (OTCQB: SLMU) enjoining Salamon from, among other things, entering into a previously announced exchange of shares with DayStar Technologies, Inc. (NASDAQ: DSTI). Radiant and Haverstock are holders of certain Callable Secured Convertible Notes issued by Salamon with a combined face value of over $5.5 million. Radiant and Haverstock commenced an action in New York Supreme Court ( Haverstock Master Fund, Ltd., et. al. v. Salamon Group Inc., Index No. 652131/2012) alleging that Salamon had on numerous occasions defaulted on the Notes and requesting an injunction against Salamon.
The court granted Radiant and Haverstock a preliminary injunction on default. The court ordered that: (1) Salamon is immediately prohibited from entering to any exchange of shares or merger until it meets certain requirements set forth in the Notes; (2) Salamon must honor its covenants in the Notes and increase its total number of authorized shares of common stock; (3) Salamon must issue shares of common stock to Radiant and Haverstock in response to their notices of conversion; (4) Salamon is restrained from disposing of any assets it acquired from Arise Technologies Corp. unless it is to distribute such assets to Radiant and Haverstock or to place the proceeds in escrow; (5) Salamon is enjoined from issuing any common stock, warrants, convertible notes or equivalent rights until it complies with its obligations under the Notes.
Bobby Cohen, Managing Member of the Haverstock Fund, stated that "Radiant and Haverstock are pleased with the court's order. We will continue to vigorously protect our interests and prosecute our claims against Salamon."
About Radiant Offshore Fund, Ltd., and Radiant Performance Fund LPRadiant Offshore Fund, Ltd., and Radiant Performance Fund LP are hedge funds managed by Radiant Investment Management Ltd., which is headquartered in Toronto, Canada. About Haverstock Master Fund Ltd.Haverstock Master Fund Ltd. is a hedge fund managed by Haverstock Manager, LLC, which is based in Roslyn, New York. SOURCE Radiant Offshore Fund, Ltd.; Radiant Performance Fund LP; Haverstock Master Fund Ltd.
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