Shiekh Settles $10 Million Comvest Claim
Terms of the settlement agreement initially bifurcate the $10 million claim into an allowed $6.5 million secured claim and a $3.5 million unsecured claim, but if Shiekh’s bankruptcy plan is confirmed, that will be converted into a second lien secured claim for $5 million and a $5 million unsecured claim. Shiekh will have six months to repay the unsecured claim without incurring interest, but if the claim is not repaid in full, it will incur interest at 5% and 6%. As part of the deal, Comvest has also agreed to abandon its opposition to confirmation of the plan. Shiekh urged ... Log in to view full article.