Ouch... What a nasty filing.
Heres comes BK as predicted...
Item 8.01. Other Events.
As previously disclosed, MobilePro Corp. (the “Company”) is a defendant in the civil case docket no. BER-L-1510-08 captioned Harborside Investments III, LLC vs. MobilePro Corp. and Neoreach, Inc., vs. JTA Leasing Co., LLC. filed in the Superior Court of New Jersey Law Division in Bergen County, New Jersey. The litigation involves claims of breach of agreement and unjust enrichment arising out of an equipment lease agreement for wireless equipment and seeks damages in the amount of approximately $1.3 million (the “Harborside Litigation”).
The Harborside Litigation was scheduled for a bench trial in July, 2009 after which the judge entered a ruling granting judgment against the Company in the amount of $1,187,452 (the “Harborside Judgment”). The Company has previously recorded the net liability for the estimated principal balance relating to this capital lease obligation and the related accrued interest in the approximate amount of $873,600. Accordingly, the Company has recorded an additional liability in the amount of $313,820 at June 30, 2009.
The Company does not have sufficient funds available to satisfy the Harborside Judgment. As a result, the Company could be forced to cease operations and/or be required to seek protection under federal bankruptcy laws to protect the interests of its secured creditor and other stakeholders.
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