Daily News: March 1, 2013

Siemens First Capital Commercial Finance Wins Suit Dismissal

According to a review of documents filed in the Supreme Court of the State of New York, Siemens First Capital Commercial Finance won dismissal of a lawsuit accusing it of breach of contract over the cancellation of an initial public offering for a security-alarm service business.

The plaintiff, Whitecap (US) Fund 1, sued Siemens First Capital accusing it of “intentionally destroying” three related companies that planned a public offering. The plaintiff claimed it was entitled to an extension of a deadline put forth by Siemens relating to the proceeds of a loan that was to be used to support an IPO. The Judge said the alleged failure of Siemens to announce its intention to enforce the contractual deadline cannot operate as waiver of that right especially given the no waiver provision of the credit agreement.

Siemens First Capital Commercial Finance is a joint venture between Siemens Financial Services and FL-based First Capital.

To review the NY Supreme Court documents, click here.