Cyprus Co.'s $7.6M Award Enforcement Suit Near Default

Law360 (July 20, 2021, 6:07 PM EDT) -- A Cyprus-based company's $7.6 million award enforcement suit in a Florida federal court against a Norwegian shareholder has secured a clerk's default related to an unpaid $10 million loan meant for refinancing a Swiss corporation in which they were both investors.

Abalith Holdings Ltd. and Jostein Eikeland in 2016 entered a shareholder agreement that made them investors in Cypriot company Gingerpath Ltd. and Swiss company Alevo Group SA.

Abalith wrote in its Thursday request for a clerk's default that the company properly served Eikeland in June and that he has not yet responded, so the company argued that it qualifies for...

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