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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Gobi And Oak File Contempt Motion Against VisionChina Media For Failure To Comply With Court Order

Stocks in this article: VISN

VisionChina acquired DMG from Gobi and Oak in January 2010, pursuant to a Merger Agreement that required VisionChina to make an initial payment of $100 million in cash and stock and two deferred payments of $30 million each over the next two years.  DMG operated China's leading digital media network inside subway systems comprising over 34,000 digital screens in 32 subways, high-speed train lines and bus shelters.

VisionChina failed to make the two deferred payments, totaling $60 million

Oak and Gobi are pursuing 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 because of VisionChina's conduct exceed $114 million.

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 PartnersOak 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.

About Gobi Partners Founded in 2002, Gobi Partners is a venture capital firm with its headquarters and incubation centre in Shanghai and additional offices in Beijing, Guangzhou, Hong Kong, and Tianjin, as well as an overseas office in Singapore.  A leading investor in early stage digital media and technology companies in Greater China, Gobi manages five funds with over $300 million under management.  Since its establishment, Gobi has funded dozens of early to traction stage companies and continues to invest actively in the region.

SOURCE Oak Investment Partners and Gobi Partners

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim 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 NOW
Only $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 NOW

David 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 NOW

Jim 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 NOW

All 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 Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our 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
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!

Markets

DOW 17,865.68 +37.93 0.21%
S&P 500 2,071.46 -1.37 -0.07%
NASDAQ 4,801.79 +14.4730 0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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