This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs