Rosens Announce Settlement With Mega Brands
|
| Posted
:
Mon, 09 Nov 2009 14:15:08 GMT |
| Author
:
LaRose Industries |
| Category
:
Press Release |
| News Alerts by
Email ( click
here ) |
|
|
|
|
NEW YORK, Nov. 9 /PRNewswire/ -- Lawrence and Jeffrey Rosen, former owners of RoseArt Industries, announced today the settlement of their litigation against Mega Brands (TSX: MB) in connection with their sale of RoseArt to MB over four years ago. The settlement allows the Rosens to recover approximately $20 million in taxes which they prepaid in expectation of MB's ability to satisfy its $50 million earnout payment obligation which had been achieved by the Rosens as stipulated in MB's Q4 2005 report.
The Rosens said that faced with the worsening of Mega Brands' already bleak financial condition, Moody's downgrade of the company to a junk rating and the increasing prospects of Mega Brands filing for bankruptcy, they agreed to drop their earnout claim. The collection of such a large judgment against MB would be impossible and would not justify incurring further legal costs in the litigation, they said. In return MB's $200 million counterclaim against the Rosens will be dismissed and the Rosens will withdraw their opposition to MB's claims to sums held in escrow, a significant portion of which involved post-sale taxes.
Lawrence Rosen said, "This settlement allows me to put all my focus and resources on competing with Mega Blocks in the marketplace rather than in the court room."
Rosen said his new company Cra-Z-Art, a division of LaRose LLC headquartered in Randolph, New Jersey, is the fastest growing art and craft manufacturer in the USA. Sales in the first year will exceed $50 million, he said. Product lines include art materials, activity and craft kits, cork and wipe off boards, writing instruments, games and puzzles.
"Our Cra-Z-Art staff, which includes 45 former Rose Art personnel, is thrilled to be back doing what we do best in creating new exciting innovative products," Rosen said.
www.Cra-Z-Art.COM
SOURCE LaRose Industries
|
Copyright © 2008
PR Newswire. All rights reserved.
|
|
|
|
|
Related
News
First Capital Connect January fares LONDON -
First Capital Connect has announced that rail fares on its services will
remain the same or reduce in January 2010. Regulated fares, including
season tickets and anytime returns will fall by 0.4 per cent.
Unregulated fares, including off-peak returns will largely remain at
cu
Humana Military Takes Home the Gold for Best eBusiness Site LOUISVILLE, Ky. -
Humana Military Healthcare Services, a wholly owned subsidiary of Humana
Inc. (NYSE: HUM), received a gold award for “Best eBusiness Site” from
the eHealthcare Leadership Awards program earlier this month. This
national awards program highlights the Internet&rsq
Lucara Appoints Tony George VP Development VANCOUVER, BRITISH COLUMBIA -- 11/23/09 --
Lucara Diamond Corp. ("Lucara" or the "Company") (TSX VENTURE: LUC) is pleased to announce Mr. Anthony (Tony) George, P.Eng has joined Lucara as VP Development effective as of January 4, 2010. Mr. George i..
TMW Systems Signs Agreement with IBM for Application Modernization Pilot CLEVELAND -
TMW Systems, Inc., today announced the signing of an agreement with IBM
to evaluate a new set of application modernization capabilities,
including IBM’s Rational Software Delivery Platform and the EGL
programming language. The project will involve an RPG-based software
ITT Systems Will Supply Fresh Water to Mexican Oil Platform WHITE PLAINS, N.Y. -
ITT Corporation (NYSE: ITT) announced today that it has been awarded a
contract to provide turnkey potable and process water treatment systems
to a Mexican platform designed by Dragados Offshore Mexico. The contract
is valued at $2.6 million, and will supply pumps and ex
Private House Sales Company Welcome Government Report
The private sales website The Little House Company welcomes findings from The Office of Fair Trading in which it found that over a third of people selling their homes in the UK would seek an alternative method when selling a property. The Little House Company contributed to the study along wi...
AmeriGas Partners, L.P. to Conduct Investor Update Conference Call and Webcast on December 1 VALLEY FORGE, Pa. -
AmeriGas Partners, L.P. (NYSE:APU)
will host a live Internet Au
|
|
|
|
|
|
|
|
|