Ironridge agreed to pay $25m in cash andpromissory notes for the shares in March.
But NewLead said it “subsequently came tobelieve that Ironridge breached material restrictions on its trading activity,among other things, and notified Ironridge that consequently the transactiondocuments were no longer valid.”
In May, Ironridge filed an arbitrationaction.
NewLead said it intends to pursue its “fulllegal remedy and believes that Ironridge is no longer entitled to conversionsof the preference shares and has no desire and does not intend to accept anyfurther funds from Ironridge.”
Piraeus-based
