Bordan and L.A. Gear Settle Disputes.LOS ANGELES--(BUSINESS WIRE)--Dec. 21, 1998--Bordan Shoe Company, Inc. and L.A. Gear Inc. announced today that an agreement has been reached that will be mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" to both companies. The agreement dismisses the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and resolves all differences between the two companies. The parties declined to comment on the terms of the settlement. In addition, Bordan Shoe Company, Inc. and ACI ACI American Concrete Institute ACI Arch Coal Inc ACI Airports Council International (formerly Airport Associations Coordinating Council) ACI Automobile Club d'Italia ACI American Competitiveness Initiative , Int'l., the exclusive L.A. Gear licensee for footwear in the USA and Canada, are in the process of discussing a possible arrangement of distribution which will provide more independent accounts the benefit of offering L.A. Gear product in the marketplace. L.A. Gear's C.E.O., Mr. David F. Gatto, said, "We apologize for any misunderstanding or confusion caused by our allegation The assertion, claim, declaration, or statement of a party to an action, setting out what he or she expects to prove. If the allegations in a plaintiff's complaint are insufficient to establish that the person's legal rights have been violated, the defendant can make a that Bordan Shoe Company, Inc. might have been in possession of inauthentic L.A. Gear footwear. I now believe that to be untrue un·true adj. un·tru·er, un·tru·est 1. Contrary to fact; false. 2. Deviating from a standard; not straight, even, level, or exact. 3. Disloyal; unfaithful. . To the best of our knowledge, Bordan Shoe Company has always conducted business in an honorable and professional manner. We are pleased that we had the opportunity of doing business with Bordan Shoe Company. In 1997-1998, when L.A. Gear had to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the its entire inventory, Bordan Shoe Company provided us with the necessary financial liquidity that we required at the time. Among all candidates, Bordan's excellent reputation, size and considerable financial resources made it the best option for L.A. Gear to maintain and protect its brand name, integrity, and distribution." Bordan's President and C.E.O., Mr. Joseph F. Farivar, said, "We apologize if our ad in the June 15, 1998 edition of Footwear News caused any misunderstanding in the marketplace, vis-a-vis our being an L.A. Gear licensee. To set the record straight so there should be no further confusion, Bordan Shoe Co., in 1997 through early 1998, originally purchased approximately 2.7 million pairs of L.A. Gear, Digit 3 and Mongo Mongo Any of several peoples living in the African equatorial forest. They speak a dialect of a common language, Mongo or Nkundo, which belongs to the Niger-Congo language family. inventory directly from L.A. Gear. We have been successful in redistributing a major portion of this product. As always, we remain committed to maintaining the brand image of L.A. Gear." |
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