Boston, MA 03/12/2014 (wallstreetpr) – Spanish Broadcasting System Inc. (NASDAQ:SBSA) has won a summary judgment against Lehman Brothers Holdings and T Rowe Price according to a statement to the press. The Spanish media announced this on an SEC filing, where it filed a win over nonpayment of dividends impermissibly incurring indebtedness in the purchase of Spanish independent KTBU.
Spanish Broadcasting System Inc. (NASDAQ:SBSA) had been sued by the Lehman Brothers on claims it had violated preferred stock certificate designations. It was claimed that the media company owed preferred stock dividends amounting to $29.36 million. Lehman was alleging that Spanish Broadcasting System had violated an initially agreed contract by not paying dividends something that should have barred it from adding debt
Lehman Holding was asking for a ruling that Spanish Broadcasting System caused ‘voting rights triggering’ by its action of not paying for the required dividends. The holding company also went as far as asking for unspecified damages payment as a result of the media company move.
T-Rowe price funds on its suit claimed Spanish Broadcasting System breached a covenant of good faith and fair dealing on its filling on June 17, 2013. Both suits by the two companies were consolidated on July 3, 2013 upon Spanish Broadcasting System motion.
According to the filling by Spanish Broadcasting System Inc. (NASDAQ:SBSA) both motions by Lehman brothers and ROWE PRICE were dismissed on a court verdict on February 25, 2014. The court in its ruling said the defendant had not violated any contract on its preferred stock by essentially taking a new debt.
Spanish Broadcasting System and SXSW join hands to woo US
Spanish Broadcasting System and SXSW have joined hands in a bid of wooing their listeners through a new program aimed at harnessing collective talent, ideal pool and opportunity for the LATAM audience. The program officially launched on March 11 and should provide a deeper network for discussing latest industry opportunities.
Spanish Broadcasting System Inc. (NASDAQ:SBSA) closed Tuesday trading session at $5.75 after going up by 1.24%
