Settlement Agreement between Cool Classic Incorporated, Premier Classic Art, Inc., and Note Holders

Contract Categories: Business Operations › Settlement Agreements
Summary

This agreement, dated October 30, 2002, is between Cool Classic Incorporated (the debtor), Premier Classic Art, Inc. (its sole stockholder), and several creditors. To partially settle a debt of $1,142,287 plus interest, Cool Classic Incorporated issued 1,000 shares of its common stock to the creditors, reducing the debt by $1,000. The creditors accepted the shares as partial payment, and Premier Classic Art, Inc. endorsed its 1,000 shares back to Cool Classic Incorporated as security. The agreement is signed by all parties involved.

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EX-1.1 3 ex1-1.txt EXHIBIT 1.1 EXHIBIT 1.1 SETTLEMENT AGREEMENT THIS AGREEMENT made October 30, 2002. In partial satisfaction of debts in the total sum of $1,142,287.00 plus interest from May 23, 2002 at 12% per year, wherein Cool Classic Incorporated is the debtor and Charles J. McMullin, Charles F. Trapp, Charles F. Trapp IRA1, Charles F. Trapp IRA2 and John J. Villa are the creditors; IN CONSIDERATION of $1.00 and other valuable and legal considerations, IT IS AGREED as follows: 1. Premier Classic Art, Inc. sole stockholder of Cool Classic Incorporated pledged its 1,000 shares as security for said notes and debts and endorses back to Cool Classic Incorporated said 1,000 shares at a value of 1,000.00; 2. Cool Classic Incorporated in partial satisfaction of total indebtedness, issued 1,000 shares of its common stock to the note holders and received a credit of $1,000.00 against said notes and debt; and 3. The note holders hereby accept said shares, pro rata, valued at a total of $1,000.00 and agree that the indebtedness owed by Cool Classic Incorporated to the note holders is reduced by the sum of $1,000.00. IN WITNESS thereby the parties have executed this Agreement effective the day and year first written above. Premier Classic Art, Inc. Cool Classic Incorporated By: /s/ Charles F. Trapp By: /s/ Charles F. Trapp -------------------- -------------------- Charles F. Trapp, President Charles F. Trapp, President By: /s/ Louis Pistilli By: /s/ Charles F. Trapp ------------------ -------------------- Louis Pistilli, Secretary Charles F. Trapp, Secretary The note holders as named in the First Paragraph by Charles J. McMullin with authorization to sign pursuant to the Inter-Creditor Agreement dated May 22, 2002. By: /s/ Charles J. McMullin ----------------------- Charles J. McMullin