Investor Ironridge Global agreed to pay $25m in cash and promissory notes for the preference shares in March.
It started arbitration in May after NewLead failed to honour conversions and pay dividends, prompting NewLead to try for an injunction to stop it acquiring more stock.
This bid was rejected by a US district court on Wednesday.
The Nasdaq-listed owner said on Thursday that Ironridge has told the company it wants to inject more cash into the company in return for shares, but NewLead will not accept any further money because of what it claimed were breaches of the terms of the deal.
“Any
