BigE1960 posted this on another board in reply to a similar question-
You can read the loan doc, QMC and L2 briefs for the appeal.
Note the case # and instruction in the top of his post:
I added the briefs link at the bottom.
Thank you to BigE1960 for posting his research.
BigE1960 Tuesday, 02/13/18 05:22:21 AM
You may be referring to the case ( 03-17-00863-CV ) in the Texas 3rd Court of Appeals where QMC's lenders are asking for the removal of a temporary injunction preventing Empire Stock Transfer, from releasing and transferring shares to them as agreed in the default provisions of the Equity Purchase Agreement. (FWIW, this court is not ruling on whether or not there was a default. That will be decided in KS and FL.) https://www.lawinsider.com/contracts/7qIpHxUv...2017-04-04
Yesterday was the day when the filings were "submitted" for the court to rule on. My understanding, which is limited, is that all courts across the country are understaffed and it could be a week to a couple months for a decision.
For future reference you can track it here. Check the box next to the 3rd Court and enter the case number from above. http://search.txcourts.gov/CaseSearch.aspx?coa=coa03&s=c
The nuts and bolts are that the lenders believe QMC defaulted on their agreement and thus the lenders are entitled to additional previously agreed to shares held by Empire. QMC got a lower court to block the transfer and the lenders are appealing that ruling.
Some of QMC's claims are that the lenders have no standing (the injunction stops empire from taking action) and the transfer of these stocks could cause irreparable harm as other debentures could "reset at rates that would destroy" QMC's capital structure.
If the Appellants' Reply Brief (which was the last filing) is correct, the injunction could be removed. At that point, we'll see if QMC was correct about fearing a "death spiral."
I am providing direct links to the last briefs to save time.
QMC's brief - http://search.txcourts.gov/SearchMedia.aspx?M...3056d2cc66
L2 and SBI Brief - http://search.txcourts.gov/SearchMedia.aspx?M...14f5dec142
You can read the loan doc, QMC and L2 briefs for the appeal.
Note the case # and instruction in the top of his post:
I added the briefs link at the bottom.
Thank you to BigE1960 for posting his research.
BigE1960 Tuesday, 02/13/18 05:22:21 AM
You may be referring to the case ( 03-17-00863-CV ) in the Texas 3rd Court of Appeals where QMC's lenders are asking for the removal of a temporary injunction preventing Empire Stock Transfer, from releasing and transferring shares to them as agreed in the default provisions of the Equity Purchase Agreement. (FWIW, this court is not ruling on whether or not there was a default. That will be decided in KS and FL.) https://www.lawinsider.com/contracts/7qIpHxUv...2017-04-04
Yesterday was the day when the filings were "submitted" for the court to rule on. My understanding, which is limited, is that all courts across the country are understaffed and it could be a week to a couple months for a decision.
For future reference you can track it here. Check the box next to the 3rd Court and enter the case number from above. http://search.txcourts.gov/CaseSearch.aspx?coa=coa03&s=c
The nuts and bolts are that the lenders believe QMC defaulted on their agreement and thus the lenders are entitled to additional previously agreed to shares held by Empire. QMC got a lower court to block the transfer and the lenders are appealing that ruling.
Some of QMC's claims are that the lenders have no standing (the injunction stops empire from taking action) and the transfer of these stocks could cause irreparable harm as other debentures could "reset at rates that would destroy" QMC's capital structure.
If the Appellants' Reply Brief (which was the last filing) is correct, the injunction could be removed. At that point, we'll see if QMC was correct about fearing a "death spiral."
I am providing direct links to the last briefs to save time.
QMC's brief - http://search.txcourts.gov/SearchMedia.aspx?M...3056d2cc66
L2 and SBI Brief - http://search.txcourts.gov/SearchMedia.aspx?M...14f5dec142
2
