Another tidbit….on Dec 28 they announced a lawsuit against GEM Group (an early financier) for the usual “acting as a broker without actually being a broker” stuff that Basile is known for.
GEM had actually forced them into mediation for a claim GEM made awhile back and the mediator has forced MULN to put up $7 million at the request of GEM. Needless to say that suit is not going well for MULN as GEM has requested that reserve amount go up to $29 million because of the shaky finances of MULN.
Mullen’s suit looks like a reaction to all that in order to force a more favorable settlement.
Here’s the thing. MULN is requesting a jury trial…and the financing agreement with GEM specifically and clearly said that no matter what, both parties were not allowed to demand a jury trial.
If the mediator accepts GEM’s request to up the protected reserve to $29 million…Michery can’t touch it.
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