Medley Capital (MCC), MusclePharm Enter Settlement Agreement
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Medley Capital Corporation (NYSE: MCC) confirmed that it has successfully reached a settlement agreement with MusclePharm Corporation ("MusclePharm") for claims MusclePharm made against Medley and its portfolio company, Capstone Nutrition ("Capstone") on June 21, 2016.
Under the settlement, MusclePharm must pay Capstone an undisclosed cash amount and other consideration, which it will use in connection with its obligations to Medley, including a Medley-led term loan. MusclePharm will also drop all claims against both Medley and Capstone and dismiss its complaint with prejudice.
Capstone initially filed a complaint against MusclePharm on May 16, 2016 for multiple contractual breaches, including non-payment for product and failure to meet minimum volume requirements.
"This settlement is a good result for Capstone and confirms our view that MusclePharm's counterclaims were entirely without merit," said Brook Taube, CEO of Medley. "Capstone is well-known for its exceptional manufacturing standards and high quality nutrition products, and we look forward to continuing to partner with the Capstone team as they grow their business."
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