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.
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
TheStreet Quant Ratings
TRY IT FREENew! $49.95/yr
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
- Upgrade/downgrade alerts
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Dividend Stock Advisor
TRY IT FREEJim Cramer's protege, 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
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
