It's up to the judge now:
If you go to prime clerk you can read the court documents.
In short Centerbridge states the following:
Luminous owned 2% of Hercules debt in 2015, and by April owned 42% and purchased the debt at a discount in efforts to drive Hercules in to bankruptcy to collect a $139 million dollar default.
Defaults
Nigerian Title default: Centerbridge says the Nigerian Title was supposed to be delivered 9 times and was met with delays. The 9th time Luminos said if your late your in default. Caveat, all 9 times the debtor was supposed to sign a document to release the title and debtor could not be found. Essentially stating the delay was caused by Luminus
Gibraltor Default: Centerbridge says the contract stipulates that Hercules was supposed to use best efforts to close on a Gibraltor. The Gibraltor was linked to a 11 million dollar debt Hercules was trying to collect. Closing on the Gibraltor would have given up the 11 million, so Hercules did not close.
The defaults gave Luminus the ammunition to stop the Highlander purchase.
Centerbridge guotes on several emails of the poor conduct with Luminus that showed wrong doings.
In closing Luminus says, its not wrong to profit from a failing company yet it's up to the judge to determine if Luminus pushed Hercules in to bankruptcy and acted in bad faith.
Clearly the evidence shows that Luminus acted in bad faith, yet it is up to the judge to set a legal precedence over this matter. Like someone said on this board. Judges want a deal to be struck and the last thing they want to do is make a decision. Funny thing is that nobody has even discussed the impact this has had on people and their lives. Clearly more evidence that corporate greed has taken over.
AI
