This Day On The Street
Continue to site
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

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

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

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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs