Item 8.01 Other Events.
Israel Tentory Garcia Litigation .
Yesterday (April 11, 2016), the Company disclosed that the Court ruled against its Mexican subsidiary, US Precious Metals SA de CV, in connection with the Israel Tentory Garcia litigation. By way of clarification, while the Court ruled the plaintiffs were entitled to a return of the Solidaridad concession, it also ruled our Mexican subsidiary did not owe any monies to the plaintiffs under the March 2003 agreement. In our filing, we also stated our intention to appeal this recent order by filing an appeal brief with the same court in Mexico City as of yesterday’s date.
This report is to advise that yesterday we filed our appeal brief with the Court. In addition, in course of filing our appeal, our attorney’s in Mexico learned that the plaintiffs also filed an appeal to the Court ruling. Their appeal, in addition to receiving a return of the Solidaridad I concession, demands payment of $1 million by our Mexican subsidiary, which amount is claimed to be due under the March 2003 agreement. The Company intends to file a response to the plaintiffs’ appeal. Our response will include, among other claims, that they are not entitled to the return of the concession nor the stated monetary award for reasons previously disclosed.
Please refer to the prior disclosures by the Company with respect to this matter, including the Company’s Form 10-Q filed on April 23, 2012, the Company’s Form 8-K filed on May 21, 2013, the Company’s Form 8-K filed on June 18, 2014 and the Company’s Form 8-K filed yesterday (April 11, 2016).
