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CCGI > SEC Filings for CCGI > Form 8-K on 7-Oct-2013All Recent SEC Filings

Show all filings for CAR CHARGING GROUP, INC.

Form 8-K for CAR CHARGING GROUP, INC.


7-Oct-2013

Other Events


Item 8.01 Other Events.

Car Charging Group, Inc. v. JNS Holdings Corporation and JNS Power & Control Systems, Inc. v. 350 Green, LLC

On April 22, 2013, Car Charging Group, Inc. (the "Company"), 350 Green, LLC ("350 Green"), Tim Mason, and Mariana Gerzanych entered into a settlement agreement to consummate the transaction contemplated by the Equity Exchange Agreement dated March 8, 2013 (the "Equity Exchange Agreement") pursuant to which the Company had agreed to purchase all of the membership interests in 350 Green.

On April 25, 2013, the Company filed an action against JNS Holdings Corporation ("JNS Holdings") and JNS Power & Control Systems, Inc. ("JNS Power", and, together with JNS Holdings, "JNS") in the United States District Court for the Northern District of Illinois (the "Court"), seeking to invalidate an Asset Purchase Agreement dated April 17, 2013 (the "Asset Purchase Agreement") between 350 Green and JNS Power based on, among other things, the pre-existence of the Equity Exchange Agreement. Pursuant to the Asset Purchase Agreement, 350 Green purported to agree to the transfer of certain enumerated assets and liabilities to JNS Power (the "Assets and Liabilities"). On May 25, 2013, JNS Power filed a separate complaint against 350 Green seeking, among other things, specific performance of the Asset Purchase Agreement. The Court consolidated the two actions on or about June 26, 2013.

On September 24, 2013 the Court issued a ruling in the combined lawsuits of Car Charging Group, Inc. v. JNS Holdings Corporation, and JNS Power & Control Systems, Inc. v. 350 Green, LLC (the "Court Order"). The Court granted JNS' motion for specific performance of the Asset Purchase Agreement. Pursuant to the Court Order, 350 Green is required to transfer the Assets and Liabilities to JNS and may be required to pay JNS' costs and attorneys' fees as well as indemnify JNS for certain costs incurred with regard to the Assets and Liabilities.

The Court Order does not transfer, amend or modify Car Charging Group, Inc.'s ownership of 350 Green; it only transfers ownership of those certain Assets and Liabilities that were listed in the Asset Purchase Agreement entered into between JNS and 350 Green. Car Charging Group, Inc. still owns all of 350 Green's other assets, in states including, but not limited to: California, Oregon, Pennsylvania, Missouri, Kansas, Maryland, Colorado, Georgia, Utah, Florida, Ohio, Indiana, Washington and Illinois.

There are several items left to be decided by the Court in the consolidated cases and, while the Company intends to comply with the Court Order as required, the Company also plans to appeal the Court Order and to vigorously defend its position that the Asset Purchase Agreement is invalid and unenforceable.


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