Active Implants Says Equity Firm Holding It Hostage

Law360, New York (February 25, 2010, 2:50 PM EST) -- Active Implants Corp. says it is being held hostage by private equity firm Persistency Capital LLC, which has not converted senior notes into equity as it indicated it would, blocking Active Implants from procuring $30 million in financing the medical device maker says it needs to survive.

In a complaint filed Tuesday in the New York County Supreme Court, Active Implants said two funds that are part of Persistency Capital — Persistency Private Equity Ltd. and CLMS Management LLC — also are seeking more than 8.3...
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