Settlement Agreement and Court Order—Prime Source Leasing, Inc. v. General Electric Capital Corp., et al.

Summary

Prime Source Leasing, Inc., General Electric Capital Corp., Republic Funding Group, Inc., and Colmena Corp. have reached a settlement in their legal dispute. Under the agreement, General Electric Capital Corp. will pay $6,500 and Republic Funding Group, Inc. will pay $3,500 to Prime Source Leasing, Inc. Colmena Corp. will deliver one million shares of its stock to Prime Source Leasing, Inc., with certain restrictions and registration rights. All parties will dismiss their claims with prejudice, bear their own legal costs, and exchange general releases. The court has approved the settlement and retains jurisdiction to enforce it.

EX-10.48 3 exb10-48.txt SETTLEMENT AGREEMENT, PRIME SOURCE LEASING IN THE CIRCUIT COURT OF THE 15TH JUDICIAL CIRCUIT IN AND FOR PALM BEACH COUNTY, FLORIDA CASE NO: CL 98-01 0716 AJ PRIME SOURCE LEASING, Inc. Plaintiff vs. GENERAL ELECTRIC CAPITAL CORP., Defendant/Third Party Complaint, vs. REPUBLIC FUNDING GROUP, INC., COLMENA CORP., RICHARD C. PEPLIN, JR. and WORLD LONG DISTANCE, INC. Third party defendants. AGREED ORDER APPROVING, ADOPTING AND RATIFYING MEDIATION AGREEMENT AND DISMISSING THE CASE RETAINING JURISDICTION UNDER BUCKLEY TOWERS ONLY THIS CAUSE came before the Court on the parties Stipulation of Settlement, reached at mediation on May 13, 2002, the original of same having been filed with the court, and the court having been advised in the premises, does hereby ORDER AND ADJUDGE as follows: 1. That the Mediation Agreement be and the same is hereby adopted, approved and ratified by the Court, and incorporated by reference herein as an order of the Court, and the parties are ordered to comply with it. 2. The above styled case is hereby dismissed, with prejudice, and the Court shall retain jurisdiction solely for the purposes of enforcing the parties' Mediation Agreement pursuant to Buckley Towers Condo., Inc. v. Buchwald, 321 So.2d 628 (Fla. 3d DCA 1975.) DONE AND ORDERED in chambers at West Palm Beach, Palm Beach County, Florida this 21st day of May, 2002. ___________________________ Circuit Judge SIGNED AND DATED Copies furnished to: MAY 21 2002 Attached Service List /s/JUDGE THOMAS H. BARKDULL, III /s/ SERVICE LIST Prime source vs. GE Capital Corp, et al CL 98-010716 AJ Erskine C. Rogers, III Charles H. Lichtman Attorney for Prime Source, Attorney for GECC 1803 Australian Avenue South, Berger & Singerman Suite A 350 East Las Olas Boulevard West Palm Beach, FL 33409 Suite 1000 Ft. Lauderdale, FL 33301 Charles P. Karch Mark C. Perry Attorney for Republic Attorney for Colmena 83 Roosevelt Avenue 2455 East Sunrise Boulevard Butler, NJ 07405 Suite 905 Ft. Lauderdale, FL 33304 IN THE CIRCUIT COURT OF THE 15TH JUDICIAL CIRCUIT OF FLORIDA Case No. CL-98010716 AJ PRIME SOURCE LEASING, Inc. vs. GENERAL ELECTRIC CAPITAL CORP., vs. REPUBLIC FUNDING GROUP, INC., COLMENA CORP., RICHARD C. PEPLIN, JR. and WORLD LONG DISTANCE, INC. SETTLEMENT AGREEMENT The parties agree: 1. Defendant, General Electric Capital Corp. will pay Plaintiff, $6,500.00 within 15 days. 2. Defendant, Republic Funding Group, Inc. will pay Plaintiff, $3,500.00 within 30 days. 3. Colmena Corp. will within 30 days deliver to the Plaintiff, one million shares (1,000,000) of its stock to the Plaintiff, which shares shall be restricted pursuant to Rule 144, and shall have "piggyback" registration rights, and Colmena represents that it has settled its dispute with Duetche Financial. 4. Upon completion of matters in Paragraphs 1, 2 & 3, the parties (1) will stipulate to dismiss all claims in the case with prejudice. 5. All parties (1) bear their own fees and costs. Entered into at _____________________ this day of ___________ 2002. /s/ Sohail Quraeshi /s/ /s/ Erskine C. Rogers, III /s/ __________________________________ _______________________________ Vice President Attorney for Prime Source Leasing, Inc. PRIME SOURCE LEASING, INC. /s/ Leonard Tucker /s/ /s/ Mark C. Perry /s/ ____________________________________ ____________________________________ COLMENA CORP. Attorney for Colmena Corp. by its Agent Leonard Tucker /s/ J. M. Grant /s/ /s/ J. M. Grant ____________________________________ ____________________________________ GENERAL ELECTRIC CAPITAL CORPORATION Attorney for General Electric Capital Corp. Charles P. Karch Charles P. Karch ____________________________________ ____________________________________ Republic Funding Group, Inc. Attorney for By its Attorney Charles P. Karch Republic Funding Group, Inc. (1) i.e. Prime Source Leasing, Inc. General Electric Capital Corporation, Republic Funding Group, Inc. & Colmena Corp. * The four parties indicated will exchange general releases.