CDC's $41M Settlement Offer Over Failed IPO Rejected

Law360, New York (February 11, 2011, 3:29 PM EST) -- Evolution Capital Management LLC has passed on a $41.2 million offer by CDC Corp. to resolve a dispute over convertible bonds the hedge fund bought from the Chinese information technology and gaming company in anticipation of an initial public offering that never happened.

The Jan. 31 offer was docketed in the Supreme Court of the State of New York, New York County, where the case is pending, and expired Thursday.

The hedge fund says that, because the IPO didn't happen, CDC must pay 12.5 percent interest on...
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