LOS ANGELES, May 24, 2016 /PRNewswire/ -- Under the terms of the settlement agreement, Corridor Capital, LLC ("Corridor"), Steel Fleet, LLC ("Steel"), James E. Coston ("Coston"), (collectively the "Corridor Parties") Perla Global Capital Advisors, LLC ("Perla"), Fernando Serrano, individually and dba Perla Global Capital Advisors ("Serrano"), (collectively the "Perla Parties") each of them, have executed all pleadings and documents for Dismissal with prejudice of the Federal Court Litigation.
Perla and Serrano will PAY $0 DOLLARS IN MONETARY REMEDIES SOUGHT BY Corridor, Steel, and Coston, and NONE IN NON-MONETARY REMEDIES SOUGHT by Corridor, Steel and Coston. Each of them, agree to full and complete release of any or all claims.
According to the lawsuit brought by Corridor, Steel, and Coston, Perla was contacted by B. Allen Brown ("Brown") and Railmark Holdings, Inc., and its subsidiaries (collectively "Railmark"), in that regard, Perla and Railmark executed a letter agreement setting forth their business relationship. In connection with their business relationship, Perla was entitled to due diligence fees from Railmark. The Corridor Parties contend that Corridor was asked by Railmark to become involved is some of its transactions. Corridor, Steel and Coston contend that none of them were ever a party to any agreement with Perla. The Corridor Parties and Perla parties dispute the facts thereafter. Corridor, Steel and Coston, commenced litigation against the Perla and Serrano Parties in the Circuit Court of Cook County, Illinois County Department, Law Division as Case No. 2015L005281 entitled Corridor Capital LLC, etc., et at., Plaintiff v. Perla Global Capital Advisors, LLC etc., et al., Defendants. This lawsuit was removed from Illinois State Court to the United States District Court in Illinois and thereafter transferred to the United States District Court, Central District of California as Case Number 2:16-cv-01158-JAK-JP ("Federal Court Litigation").
Perla and Serrano Parties filed a lawsuit against B. Allen Brown, II, Railmark Holdings, Inc., and related subsidiaries, (collectively "Railmark") on December 15, 2015. The lawsuit was filed in the Orange County Superior Court entitled Perla Global Capital Advisors, etc. Plaintiff v. B. Allen Brown, etc., et al., Defendants, Case No. 30-2015-00825231-CU-BC-CJC ("State Court Litigation").
Nothing set forth under the terms of the settlement shall be deemed by the Parties, or any of them, to release Brown, Railmark, or any other person or entity from any liability with respect to the Disputes or otherwise. Brown, Railmark or any other person or entity is not a third party beneficiary of the terms of the settlement agreement.
About Perla Global Capital Advisors
Perla Global Capital Advisors is a worldwide investment banking advisory services firm serving the markets of USA, Europe, Asia, Latin America and Africa with origination and research office location representation in London, New York, Los Angeles, Mexico City, Paris and Singapore. Perla Global Capital Advisors has proven results, a proven track record, and a high standard of Due Diligence and Business Policy Practices within worldwide transactional experience in over 20 key industry sectors.
Perla Global Capital Advisors, provides clients with expertise in Advisory work for Debt and Equity Capital Formation, Structured Financing, Advisory work for Merger & Acquisitions, Advisory Work for Special Situations including restructurings, spinoffs, divestitures, cross-border Joint Ventures, Leverage Buyout, Management Buyout, defense strategies for hostile takeover or friendly shareholder buyout.
Source (s): United States District Court: Central District Of California, Western Division; Superior Court Of California, County Of Orange; Perla Global Capital Advisors, LLC
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SOURCE Perla Global Capital Advisors, LLC