IRONRIDGE

[factcheck14]

Equity Fund Wins Case Under Rarely Used Rule

http://www.therecorder.com/id=1202731044146/Equity-Fund-Wins-Case-Under-Rarely-Used-Rule#ixzz3ebKN2OMD

The Second District Court of Appeal took the unusual step Tuesday of dismissing a pharmaceutical distributor's appeal in light of the company's "flagrant disregard" of a lower court's order.
Los Angeles County Judge Rolf Treu had issued an order prohibiting ScripsAmerica Inc. from transferring stock to third parties until it had paid back its debt to equity investor Ironridge Global IV.

Ironridge Global sued ScripsAmerica in 2013 over a debt of $686,962. The parties settled less than a month later, and agreed ScripsAmerica would repay the debt by transferring stock to Ironridge.

In May 2014, Ironridge moved for an order enforcing the settlement, claiming ScripsAmerica had not upheld its end of the deal. The trial court ordered ScripsAmerica to issue Ironridge 1,646,008 shares of stock, and prohibited the company from transferring shares to any other entity until the Ironridge allotment had been paid.