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TTXP.OB > SEC Filings for TTXP.OB > Form 8-K/A on 5-Oct-2009All Recent SEC Filings

Show all filings for TRILLIANT EXPLORATION CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K/A for TRILLIANT EXPLORATION CORP


5-Oct-2009

Other Events


Item 8.01 Other Events

On September 25, 2009, Trilliant Exploration Corporation (the "Company", also the "Registrant") filed a Current Report on Form 8-K (the "Report") reporting an ex parte injunction issued by the High Court of Justice of the Eastern Caribbean Supreme Court, Virgin Islands (the "Court"), acting in the case of Crastvell Trading Limited v. Wellgate International Limited. The injunction temporarily enjoins Wellgate International Limited ("Wellgate") from transferring Wellgate's shares of Bozel, S.A. to the Registrant. This Current Report on Form 8-K/A amends the Report.

The Judgment against Wellgate which forms the basis for the injunction is in the amount of Eight Million Five Hundred Seventy Two Thousand Nine Hundred Ninety Five Dollars ($8,572,995). The judgment against Wellgate had been fully disclosed to Registrant in connection with the Agreement between Registrant, Wellgate and Bozel, S.A., and is the subject of continuing due diligence and negotiation with respect to the pending acquisition of Bozel S.A. shares by the Registrant.

It has further been disclosed to Registrant that on September 18, 2009, Wellgate filed a response to the injunction with the Court seeking dissolution of the injunction based upon it having been obtained on the basis of false and misleading information provided to the Court and stating that in fact no debt may be owed due to a Sixty Five Million Dollar ($65,000,000) counterclaim which Wellgate may have against Crastvell , as well as other substantive and procedural objections. By its terms the injunction lapses on October 9, 2009 unless renewed by the Court. The Court will hold a hearing on October 7, 2009 on Wellgate's motion to dissolve the injunction. The Registrant is currently analyzing the merits of the judgment and counterclaim, and the possibility that the judgment is offset by the counterclaims.


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