NEW YORK, May 20, 2013 /PRNewswire/ -- The New York State Supreme Court has ordered defendant VisionChina Media Inc. (Nasdaq: VISN) and its subsidiary to pay plaintiffs Gobi Partners and Oak Investment Partners US$250 fine plus plaintiffs' costs and reasonable attorneys' fees in the amount of US$185,892.31 within fifteen days. This order is pursuant to the court's grant of Motion for Contempt against VisionChina for failure to comply with the court's August 13, 2012 order requiring transfer of US$60 million to the New York jurisdiction or mutually acceptable alternative arrangements.
The Court ordered the US$60 million transfer to ensure that funds are available to partially compensate Gobi and Oak should they prevail in their lawsuit against VisionChina relating to VisionChina's acquisition of a promising digital advertising company called Digital Media Group (DMG), previously owned by Gobi and Oak. Gobi and Oak allege in the lawsuit that VisionChina willfully disregarded its contractual obligation to pay Gobi and Oak for the acquisition.
