August 20, 2004China Cable & Communication Inc • August 24th, 2004 • Cable & other pay television services
This letter agreement will confirm our understanding regarding China Cable and Communication, Inc.'s (the "Company's) litigation with Gryphon Master Fund, L.P. ("Gryphon"). Gryphon has initiated a lawsuit against the Company in connection with Gryphon's investment in the Company's 8% Redeemable Convertible Preferred Stock (the "Preferred Stock"), alleging that the Company's mandatory redemption obligation has been triggered and that the Company has breached its contract with Gryphon by failing to redeem the Preferred Stock.
