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S.T.a.R Marianas owners settle dispute
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Posted on Oct 02 2008
The legal dispute among owners of S.T.a.R. Marianas Inc. has been settled.
Under the settlement, both plaintiffs Jose T. Seman and Mitsuru Wakatsugi and defendants Hiromi Yukino and S.T.a.R. Marianas Inc. admit no wrongdoing. The parties also acknowledged no liability to each other.
The parties concluded that a settlement of the dispute between them “is in their respective best interests.”
Seman and Wakatsugi filed claims against Yukino and S.T.a.R. Marianas Inc. in the Superior Court last year.
The Superior Court dismissed the case, but allowed the plaintiffs to re-file their complaints.
The parties, however, settled the case.
Pursuant to the agreement, Seman would transfer his shares of S.T.a.R. Marianas to the corporation (S.T.a.R) for a total of $43,500 to be paid in installments.
Wakatsugi would also tranfer his shares of S.T.a.R Marianas to the corporation for a total of $39,000, to be paid in installments.
To secure payment, S.T.a.R. Marianas agrees to convey to Seman and Wakatsugi a security interest in equipment used by S.T.a.R Marians in its manufacturing and delivery process, equivalent to the total value of any payments remaining due and owing under their agreement.
