- Belgravia Hartford (BLGV) has sued Cartesian Capital affiliate, PolyNatura Corporation, for US$12.2 million
- The company is seeking damages for the sale of its interest in the Ochoa potash asset to Cartesian-related investors
- The lawsuit was filed in the United States District Court for the District of New Mexico
- Belgravia Hartford Capital is an investment holding company with emphasis on the resource and commodity sector
- Belgravia Hartford (BLGV) is down by 2.94 per cent and is currently trading at $0.165 per share
Belgravia Hartford (BLGV) has sued Cartesian Capital affiliate, PolyNatura Corporation, for US$12.2 million.
According to a report by Mehdi Azodi, Belgravia’s President and CEO, the parties entered into a settlement agreement in 2017, pursuant to which Belgravia agreed to sell its interest in the Ochoa potash asset to Cartesian-related investors for US$15 million.
The total consideration includes two payments totalling US$2.8 million and two royalty streams valued at US$12.2 million.
Through the lawsuit, Belgravia seeks a declaration from the court that the royalty stream agreement is void because it grants Cartesian unfettered discretion to decide whether to perform.
Belgravia further alleges that Cartesian breached the settlement agreement by failing to deliver a valid and enforceable royalty agreement.
The US$12.2 million in damages sought is the remaining amount owed to Belgravia for the sale of its interest in the Ochoa potash asset.
Denver-based attorney Stephanie A. Kanan of Snell & Wilmer filed the lawsuit on behalf of the company in the United States District Court for the District of New Mexico.
Belgravia Hartford Capital is an investment holding company with an emphasis on the resource and commodity sector.
Belgravia Hartford (BLGV) is down by 2.94 per cent and is currently trading at $0.165 per share as of 12:30 pm ET.