Examples of Pledge and Escrow Agreement in a sentence
This action seeks rescission of the Pledge and Escrow Agreement, one of the very same transaction documents that Cobalis sought rescission of in the Bankruptcy Adversary Action.
The complaint in this first District Court of New Jersey action again recounted the history behind the PIPE transaction, defined the relevant transaction documents to include the Pledge and Escrow Agreement, and sought “Rescission Of All Instruments.” App.
The complaintrecounts the history of Cobalis’s PIPE transaction and then alleges that Radovich was fraudulently induced into signing the Pledge and Escrow Agreement, that YAGI broke its oral assurances that it would not short Cobalis shares, and that YAGI misappropriated the8.4 million shares that Radovich put in escrow.The District Court again dismissed the instant action on res judicata grounds.
These shares were secured by a Pledge and Escrow Agreement, which allowed for the transfer of these shares to YAGI if Cobalis suffered an “event of default.” App.
Part of its final order dismissing the fifth complaint with prejudice specifically addressed the Pledge and Escrow Agreement, rejecting the notions that YAGI wrongfully became the beneficial owners of the 8.4 million shares in escrow, and that YAGI had broken any promises or breached any of the transaction documents.