GNPRGross National Product
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Plaintiff Neil Lanteigne brought this Action and alleged that Defendants breached their fiduciary duties to Genius Products shareholders through two groups of related transactions: (1) a reverse stock split of Genius Products Common Stock caused by TWC Holdings that gave GNPR majority control of Genius Products, and (2) after acquiring control of Genius Products, Defendant GNPR's issuance of certain warrants, the proceeds of which went only to GNPR, that were then converted to common stock.
GNPR and affiliates of TWC exchanged with the Company their Class W Units of the Distributor for new shares of Series A Interim Convertible Preferred Stock of the Company, entitling them to convert shares of Preferred Stock into 60% and 10%, respectively, of the Company.
Pink Sheets:GNPI) and The Weinstein Company LLC ("TWC") announced today that it has commenced a restructuring process beginning with the acquisition by GNPR Investments LLC ("GNPR"), an affiliate of Quadrant Management, Inc.