Item 1.01 Entry Into a Material Definitive Agreement.
In
The Promissory Note is due on the earlier of the date the Company receives funds
from any source, (excluding funds received by the Company by any litigation
funding entity to fund any of the 111 West 57th legal proceedings), sufficient
to pay all amounts due under this this Note, including all accrued interest
thereon, including without limitation, from a settlement of the 111 West 57th
legal proceedings or (b)
A copy of the Promissory Note is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
As previously reported, in order to provide the necessary cash resources to
continue operations and continue the litigation related to the 111 West 57th
Street Property, the Company is currently considering and evaluating various
strategic funding and/or financing alternatives in order to raise approximately
The terms and conditions of any such funding and/or financing agreements are
expected to take several months to negotiate and finalize. Depending on the
timing of any such agreements, the Company's Chairman, President and Chief
Executive Office, Mr.
For additional information concerning the Company's legal proceedings relating
to the 111 West 57th Property, see the description of legal proceedings in the
Company's Annual Report on Form 10-K for the fiscal year ended
The information in this Current Report on Form 8-K should be read in conjunction with the Prior Periodic Reports. A more complete discussion of the Company's financial condition and results of operations are also set forth in the Prior Periodic Reports, including without limitation the disclosures under the headings "Risk Factors" and "Cautionary Statement for Forward-Looking Information."
With respect to its disputes and litigation relating to its interest in the 111 West 57th Property, the Company is pursuing, and will continue to pursue, other options to realize the Company's investment value, various legal courses of action to protect its legal rights, recovery of its asset value from various sources of recovery, as well as considering other possible economic strategies, including the possible sale of the Company's interest in and/or rights with respect to the 111 West 57th Property; however, there can be no assurance that the Company will prevail with respect to any of its claims.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits Exhibit Number Exhibit Title 10.1 Senior Promissory Note betweenRichard A. Bianco , the Company's President and Chief Executive Officer ("Mr.R. A. Bianco ") and the Company. 104.1 The Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL.
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