MAS Capital Filed a $1.5 Million Lawsuit Against Biodelivery Sciences International, Inc. for Damages.EVANSVILLE, Ind. -- MAS Capital Inc. today announced that a lawsuit against Biodelivery Sciences International, Inc. ("Biodelivery", NasdaqSC symbol "BDSI BDSI Brooks Divinity School, Inc (Denver, CO) ") has been filed. MAS Capital filed a lawsuit against Biodelivery (Cause No. 82C01-0404-PL-280) in the Vanderburgh Circuit Court, State of Indiana on April 19, 2004. MAS Capital made allegations against Biodelivery for unjust enrichment A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained. , constructive contract, quasi-contract, contract implied at law, and quantum meruit [Latin, As much as is deserved.] In the law of contracts, a doctrine by which the law infers a promise to pay a reasonable amount for labor and materials furnished, even in the absence of a specific legally enforceable agreement between the parties. . MAS Capital is seeking $1,575,000 in damages, plus costs, prejudgement pre·judge tr.v. pre·judged, pre·judg·ing, pre·judg·es To judge beforehand without possessing adequate evidence. pre·judg interest and post-judgment interest. The lawsuit was removed to U.S. District Court, Southern District of Indiana, Evansville Division on June 8, 2004 (CASE No. 3:04-cv-0092-DFH-WGH). MAS Financial, which was a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of MAS Capital, provided valuable consulting and capital raising services to Biodelivery from December 2000 to December 2001. Through the efforts of MAS Financial, Biodelivery completed a $10.5 million public offering through two underwriters. Biodelivery refused to pay for services provided by MAS Financial. In connection with a separate transaction, MAS Capital Inc. arranged a merger of its former subsidiary, MAS Acquisition XXIII Corp., a public shell company, with Biodelivery. As a result MAS Capital owned 327,600 shares of common stock and an option to purchase 100,000 shares of common stock of Biodelivery, all of which was sold back to Hopkins Capital Group II, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an entity controlled by Dr. Francis O'Donnell, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Biodelivery on March 29, 2002 for $150,696 for a twelve month Promissory Note prior to the completion of the public offering. MAS Capital provides financing to Hopkins Capital Group II, LLC by extending the March 29, 2002 twelve month Promissory Note several times charging interest and penalties. The latest amended Promissory Note "provide that all remaining principal and interest shall be paid in two installments on December 31, 2004 for $39,980.80 and June 30, 2005 for $52,000. Hopkins Capital Group II, LLC agreed to pay $5,000 monthly penalty for each month past due and has previously paid MAS Capital Inc. a total of $20,000 in penalties. MAS Capital is a closely held financial company. More information about MAS Capital is available at http://www.mascapital.com. |
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