American Resource Corporation To Seek Court Relief From Arbitration Decision.GREENBRAE, Calif.--(BUSINESS WIRE)--May 12, 1995--American Resource Corp. (ARC) stated today that it intends to seek court relief to correct and or vacate To annul, set aside, or render void; to surrender possession or occupancy. The term vacate has two common usages in the law. With respect to real property, to vacate the premises means to give up possession of the property and leave the area totally devoid of contents. an arbitration order issued by a San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden arbitration panel arbitration panel A group of individuals charged with resolving a dispute between individuals and/or organizations. Arbitration panels to resolve investment disputes are sponsored by self-regulatory organizations such as NASD. that found that ARC had defaulted under its obligations of a $3.5 million convertible secured loan agreement between Northgate Exploration Ltd. (Northgate) and American Resource Corp. The arbitration panel ordered on May 11 that the escrow agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) holding property and share transfer documents related to ARC's San Gregorio properties and San Gregorio subsidiaries in Uruguay be released to Northgate. The arbitration panel also ordered that Northgate must return the property and share transfer documents and $3.5 million promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. to ARC upon payment by ARC to Northgate of $7 million on or before June 30, 1995. The excrow agent has refused to deliver the documents named in the award to Northgate representatives. CONTACT: American Resource Corp. Stephen N. Anderson, 415/461-6868 |
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