The money keeps disappearing in one way or another and now there’s another question here with this settlement between of a balance of $25 million owed. We remember the sad suicide and the real housewife star Taylor Armstrong as that was all over the news.
MMR (MyMedicalRecords) Lawsuit Looking for Shareholder Answers With Taylor and Russell Armstrong–The PHR and Hollywood Suicide Connection, Where’s the Money?
Surgery Center Management, LLC issued a payment of $5 million and then took it back after they said MMR refused further negotiations. This back link explains their biotech interest outside of the Health IT portion of the business.
In the meantime it appears business as usual with promoting their personal health record and have sold share overseas as well to internationally help market the PHR software and service. Are they ready to step in to where Google Health left off? BD
Health IT Company MMRGlobal (MyMedicalRecord.com) To Sell 4 Million Shares To Chinese Investment Partner
LOS ANGELES, CA, Feb 02, 2012 (MARKETWIRE via COMTEX) -- MMRGlobal, Inc. MMRF -2.56% ("MMR" or the "Company") today announced that pursuant to the terms of its December 9, 2011 Settlement and Patent License Agreement (the "Agreement") with Surgery Center Management, LLC ("SCM"), the Company has filed suit to collect the initial payment of $5 million, due on December 23, 2011, along with an application to the court for a Right To Attach Order and Order For Issuance of Writ of Attachment. Pursuant to the terms of the Agreement, the remaining $25 million is due in annual payments of $5 million each, starting November 15, 2012.
Notwithstanding the existence of the lawsuits, SCM and MMR are attempting to work on a settlement. Presuming the parties are able to successfully settle this matter, MMR may conclude additional transactions with affiliates of SCM on terms that are beneficial to the Company's stockholders. According to Robert H. Lorsch, MMRGlobal CEO, "Based on the review of outside accountants, a business transaction could represent substantial benefits and significant valuation to MMRF shareholders at the conclusion of a transaction which I believe that both sides would like to accomplish."
On December 29, 2011, SCM issued the $5 million to MyMedicalRecords, Inc. in the form of a cashier's check based on the terms of the Agreement. Despite SCM's delivery of the cashier's check to the Company, SCM then retook possession of the check after MMR refused to renegotiate certain terms and conditions, including the termination provisions surrounding the remaining $25,000,000 owed under the Agreement. SCM has also withheld the money in an attempt to leverage MMR into a transaction on terms that MMR believes are not in the best interest of its stockholders.
The Patents include any issued or pending U.S. and/or foreign patent applications and/or issued patents, including, but not limited to, Singapore, Hong Kong, Israel, South Korea, Mexico, New Zealand, Canada, Germany, Japan, the United Kingdom, and the United States. The Agreement includes the settlement of any potential claims by MMR against SCM and its affiliates for any past patent infringement.
Despite the dispute with SCM, MMR is continuing to operate its business in the normal course and is working to further exploit its Health IT patents and other biotech intellectual property.