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Investel Capital Corp, Teliphone Corp, TNW and Affiliates Announce that they have entered into a Binding Settlement Agreement with Bond Capital
Investel Capital Corp, Teliphone Corp, TNW and Affiliates Announce that they have entered into a Binding Settlement Agreement with Bond Capital.
About this update from United American Corp
[{"type":"text","content":"\nMONTREAL, Jan. 17, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Montreal-based Investel Capital Corp (Canada) (“Investel”) announced today that on January 13, 2019, Investel along with Teliphone Corp, TNW and a number of affiliates, entered into a binding settlement agreement (“Settlement”) with Bond Mezzanine Fund III Limited Partnership and Bond Capital Fund V Limited Partnership (“Bond Capital”). All aspects of the Settlement are expected to close before the end of the month. The terms and conditions of the Settlement are confidential and the Settlement ends more than 2 years of legal disputes between the parties. The Settlement paves the way for Investel, Teliphone Corp and TNW to launch actions to expeditiously recuperate certain telecom assets which have been at the center of a dispute under a Companies’ Creditors Arrangement Act process (“CCAA Process”) related to 8640025 Canada Inc. (Petitioner). This includes: assets that were purportedly sold and vested under the CCAA Process but which Investel contends were not owned by the CCAA Petitioners and so should never have been included in the CCAA Process, assets which have not properly been paid for as per the associated Sale and Vesting Order and therefore need to be returned to the Petitioners or their proper owners, and assets for which ownership is still disputed. Should Investel, Teliphone Corp and TNW be successful in final recovery of the assets, the parties will be free to complete a transaction to transfer these assets to United American Corp (“UnitedCorp”) (OTC: UAMA) and these assets will form part of UnitedCorp’s future wireless operation under a previously announced agreement to acquire TNW Wireless Inc. (TNW Wireless). Investel will also begin the process of assessing the level of damages it incurred during the CCAA Process that it alleges would have been caused by Ernst & Young. Investel believes Ernst & Young acted inappropriately by  accepting the role of the Court-appointed Monitor while at the same time acting as a Commercial Financial Advisor to Investel (and its ownership) as owner of the Petitioner, all while essentially being funded by one of the creditors.  Investel believes that this multiple role compromised Ernst & Young’s independence as the Monit...