Tuesday, September 30, 2014 5:56:44 PM
Because of financial difficulties, in a Feb 6, 2013 amendment to the PLA, the payment terms were modified calling for total payments of $62, 800,00 IAW following schedule
$9,900,000 due by Mar 15, 2013
$4,500,000 due in quarterly payment during remainder 2013
$12,000,000 due in quarterly payments during 2014
$18,000.000 due in quarterly payments during 2015
$18,400,000 due in quarterly payments during 016
On Jul 15, 2014 Pantech informed IDCC that they would not make the $3,000,000 payment that was due. Because of the default IDCC notified Pantech that IAW with agreement the remaining balance amount of $42,400,000 became due at that time.
IDCC filed suit in August to collect the $42,400,000, plus interest at 10% compounded quarterly, and cost incurred.
No court action to date, except appointing a judge and magistrate for the case.
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