Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
VRTA > SEC Filings for VRTA > Form 8-K/A on 14-Nov-2011All Recent SEC Filings

Show all filings for VESTIN REALTY MORTGAGE I, INC.



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

Vestin Realty Mortgage I, Inc., a Maryland corporation ("VRTA") and Vestin Realty Mortgage II, Inc., a Maryland corporation ("VRTB") have entered into a Membership Interest Purchase Agreement dated October 3, 2011 (the "Purchase Agreement") with NorthStar Hawaii, LLC, a Delaware limited liability company ("NorthStar"), a wholly owned entity of NorthStar Memorial Group, to sell their membership interests in Hawaii Funeral Services, LLC, a company that operates four cemeteries and four mortuaries in the state of Hawaii through its wholly-owned subsidiaries. NorthStar Memorial Group is a privately held funeral home and memorialization company with cemeteries and funeral homes in California, Florida, Illinois, Ohio, Oklahoma, Tennessee and Washington.

As part of the purchase, NorthStar has agreed to pay the sum of $15,300,000 and assume certain liabilities. In addition, VRTA and VRTB will retain a portion of the cash currently on hand. All proceeds from purchase agreement will be allocated between VRTA & VRTB based on ownership percentage. The closing of the purchase is contingent upon the Hawaii Department of Commerce and Consumer Affairs' review of the transaction as well as certain other contingencies. There can be no assurance that all of the contingencies will be met or that the closing of the purchase will be consummated.

At closing, $12,300,000 of the purchase price will be paid to VRTA and VRTB and $3,000,000 of the purchase price will be placed into an interest bearing escrow account, and such amount will be disbursed upon the settlement of certain litigation and the issuance of a title insurance policy. The Purchase Agreement contains customary representations and warranties and certain indemnity obligations on the part of VRTA, VRTB and Northstar. In addition, in the event certain indemnity obligations exceed $2,000,000 VRTA and VRTB have certain rights to repurchase the membership interests in Hawaii Funeral Services, LLC.

  Add VRTA to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for VRTA - All Recent SEC Filings
Copyright © 2016 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.