BEIJING, Jan. 8, 2013 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems today announced that on Monday, January 7, 2013, the New York State Supreme Court issued an order of civil contempt against VisionChina Media, Inc. and Vision Best Limited (collectively, "VisionChina") for their failure to comply fully with an August 13, 2012 turnover order requiring VisionChina to post security in connection with prejudgment orders of attachment totaling $60 million.
Justice Charles E. Ramos of the New York State Supreme Court issued an order of civil contempt against VisionChina in the case entitled Shareholder Representative Services LLC, et al, v. VisionChina Media Inc. et al. The ruling, after a brief hearing, was based on the judge's finding that VisionChina had failed to comply fully with an August 13, 2012 turnover order requiring VisionChina to post security in connection with prejudgment orders of attachment totaling $60 million. The turnover order required VisionChina to pay that amount to the New York City Sheriff or enter into an escrow of the funds in the People's Republic of China or alternative security arrangement acceptable to plaintiffs. Although VisionChina arranged to transfer to the Sheriff most of the assets of its subsidiaries located outside the PRC (almost $4.5 million), VisionChina had advised the judge that it was not able to transfer additional assets held by its PRC subsidiary because of restrictions of the PRC's State Administration of Foreign Exchange.
The contempt sanction is a fine of $250 plus payment of the plaintiffs' attorneys' fees incurred on the contempt application. The amount of the fees is unknown at this point. Plaintiffs are required to submit an affidavit of services detailing the amount of their fees, and VisionChina will have an opportunity to object and respond to that.
VisionChina has appealed from the August 13, 2012 turnover order and the prejudgment attachment orders. Its appeals will be argued in the New York State Court's Appellate Division on January 15, 2013. VisionChina will also continue to vigorously pursue its appeal to revive its affirmative claims against Gobi Partners and Oak Investment Partners for fraud and other relief.About VisionChina Media Inc. VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home advertising network on mass transportation systems, including buses and subways. As of September 30, 2012, VisionChina Media's advertising network included 107,821 digital television displays on mass transportation systems in 19 of China's economically prosperous cities, including Beijing, Guangzhou and Shenzhen, as secured by exclusive agency agreements or joint venture contract. VisionChina Media has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports, and other entertainment programming. For more information, please visit www.visionchina.cn.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV