Court Grants Evolution's Preliminary Injunction Motion Against CDC Corporation
November 11 2010 - 1:45PM
Marketwired
E1 Fund Ltd. ("E1") Evolution CDC SPV Ltd. ("SPV") and Evolution
Master Fund Ltd. SPC (together, "Evolution") are pleased to
announce that, by Order dated November 10, 2010, the Supreme Court
of New York granted Evolution's motion for a preliminary injunction
against CDC Corporation (NASDAQ: CHINA) in connection with
Evolution's pending litigation against CDC to collect in excess of
$50 million owed to Evolution under certain 3.75 percent Senior
Exchangeable Convertible Notes ("Notes"). Pursuant to the Court's
ruling, CDC Corporation is enjoined from unilaterally nullifying
the covenants in the parties' Note Purchase Agreement ("NPA")
during the pendency of the litigation, and from repudiating certain
affirmative and negative covenants that CDC owes to Evolution.
The Court stated in its decision that "CDC's alleged unilateral
termination of the negative covenants and threatened breach of its
affirmative obligations subverts the purpose of those negative and
affirmative covenants and rights that Evolution specifically
bargained for in order to protect its investment in CDC," and that
"Evolution has demonstrated that it is likely to succeed on the
merits of its claims insofar as both Amendments appear to violate
express provisions of the NPA and the Notes."
While not a final determination of its claims, Evolution is
pleased with the Court's decision and will continue to pursue its
rights against CDC in Court.
A full copy of the Court's decision will be publicly available
at http://iapps.courts.state.ny.us/webcivil/FCASSearch.
About Evolution Evolution is managed by
Evolution Capital Management LLC ("ECM"), a global investment firm
specializing in asset management, market-making and enterprise
financial software that was founded in 2002 to focus on global
investment opportunities. ECM manages and trades portfolios across
several fund products that primarily focus on equity and equity
derivative trading strategies in Asia. ECM has made substantial
investments in infrastructure and technology to support first class
functions in operations, risk management and trading.
CONTACT Evolution Capital Management LLC 310.315.8861 Email
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