VisionChina Can't Avoid $60M Payment To PE Firms

Law360, New York (June 18, 2012, 12:50 PM EDT) -- A New York state judge on Friday prevented Chinese digital advertising company VisionChina Media Inc. from avoiding court orders forcing the company to pay $60 million to a pair of private equity firms in a contract dispute over VisionChina's 2010 purchase of rival Digital Media Group.

Oak Investment Partners and Gobi Partners Inc. claimed that VisionChina owed them $60 million in deferred payments from the $160 million deal. Judge Charles E. Ramos agreed in November and issued ex parte orders of attachment requiring VisionChina pay up,...
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