Brightcom Group Limited (Formerly Lycos Internet) - Way to Digitalization

Hi @mayur78900 can you add 7506126487 to the lycosians group. Would love having valid arguments and updates.
Thanks.

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DIG AGAIN. company has 20-30 million on balance-sheet for settlement for Daum issue. Company has given 200-250cr advance for product development. Company. For patent company never has came out the exact value. how would you know ? I donot think it is predictable!
for promoter selling there is interchange of share. read conference call.
sansar capital and flora had sold quite lot but goenka has quite good amount of shares. edlewess also brought 1.3%.
bankruptcy filling to protect the lycos.

lycos had acquired lot of company and develop digital world.see value of BRIGHT COM!!
I am seeing value there.this my opinion and i am fully invested in this share.

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ybrant /lycos has won the case aginst Daum.

Ybrant Defeats Creditor’s Bid To Ax Ch. 11 Case
By Alex Wolf

Law360, New York (March 7, 2017, 10:17 PM EST) – A bankrupt unit of India’s Ybrant Digital Ltd. with majority ownership of the search engine Lycos beat its largest creditor’s bid to dismiss its Chapter 11 case when a New York bankruptcy judge ruled Tuesday that the case can’t be axed simply because it has taken longer than expected to secure post-petition financing.

South Korean technology company Daum Global Holdings Corp., which has a lien of about $37 million against Ybrant Digital Media Acquisition Inc., lost its bid to dismiss the debtor’s Chapter 11 case after…
www.Law360.com

See price performance of lycos increased by 25-30% in two days

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This is not exactly a win. Lycos will still need to get the reorganisation etc approved and have the dispute with Daum settled.

WON CASE WAS AGAINST BANKRUPCY FILLING CHAPTER 11. Now DAUM settlement procedure will be fast.

There was no case against bankruptcy, Ybrant Media had filled it for gaining time to arrange the finances and retain 100% control of the Lycos. This was decided a 3 months back. Does anybody have an idea of the reason for price movement?

can you explain me what is the case? what is the meaning of judgment by court ?

Ybrant media filled for Bankruptcy protection for some time to raise money and retain 100% ownership of Lycos as Daum had around 40% shares (originally in escrow account when Lycos was sold, but then taken away by Daum when payment dispute rose). Ybrant Media had lost 2 cases, for payment disputes in separate courts against daum and had to pay $ 36 mn. But Ybrant needed time to pay while Daum wanted rest of the shares of the Lycos. Daum was against giving any time to Ybrant and any feasible settlement as they seeked company back.

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**Ybrant Defeats Creditor’s Bid To Ax Ch. 11 Case **

Law360, New York (March 7, 2017, 10:17 PM EST) – A bankrupt unit of India’s Ybrant Digital Ltd. with majority ownership of the search engine Lycos beat its largest creditor’s bid to dismiss its Chapter 11 case when a New York bankruptcy judge ruled Tuesday that the case can’t be axed simply because it has taken longer than expected to secure post-petition financing.

South Korean technology company Daum Global Holdings Corp., which has a lien of about $37 million against Ybrant Digital Media Acquisition Inc., lost its bid to dismiss the debtor’s Chapter 11 case after U.S. Bankruptcy Judge Stuart M. Bernstein said the creditor can’t toss the case because it has not shown that it has suffered continual losses since Ybrant filed for bankruptcy last year or that the debtor will be unable to resolve its liabilities.

After a two-hour hearing that included witness testimony from Ybrant CEO Suresh Reddy, Judge Bernstein concluded that the debtor, which holds a 56 percent interest in Lycos as its sole asset, had taken longer than it expected to negotiate a lending agreement that would allow the company to pay Daum and emerge from Chapter 11, but credible evidence shows that Ybrant is engaged in due diligence to secure a $150 million loan from White Oak Global Advisors LLC.

“It just takes time to do this,” the judge said. “The fact that it is taking more time to do due diligence for a $150 million loan doesn’t surprise me.”

Ybrant filed for Chapter 11 last March after being ordered to pay a $37 million arbitration award to Daum over a failed agreement to purchase the creditor’s shares in Lycos. Reddy said at the time of the filing that Ybrant commenced the case to afford it “breathing room” to complete settlement discussions with Daum and complete a capital raise with the assistance of its parent company.

“Proceeds of the financing will be available under a plan of reorganization to fund the settlement with Daum and satisfy other creditors,” Reddy said at the time.

In its request to have the case dismissed, Daum said it believed the debtor could not have expected in good faith to be able to reorganize after filing for bankruptcy and it appears unable to secure financing that would allow it to pay Daum’s claim, pointing to statements made by Reddy in November that financing terms from White Oak could be agreed to within a matter of weeks.

During a round of questions regarding the structure of the Ybrant business group and the Chapter 11 estate’s current state of affairs, Reddy said that it had taken longer than expected to finalize a loan agreement with White Oak but that he is “very positive” a loan agreement will be signed and hopeful that the due diligence process completed in the next four to six weeks.

“They’re very happy with the strategy and how we want to use the funds,” Reddy said, referring to talks with White Oak.

Despite rejecting Daum’s motion, Judge Bernstein told the creditor that it has the option at this point in time to file its own restructuring plan for the debtor.

Ybrant is represented by Nancy L. Kourland of Rosen & Associates PC.

Daum is represented by Bo-Yong Park and William J.T. Brown.

The case is In re: Ybrant Media Acquisition Inc., case number 1:16-bk-10597, in the U.S. Bankruptcy Court for the Southern District of New York.

–Editing by Bruce Goldman.

NOTE: This is the content I have extracted by signing in the Law360 website.

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thanks Mr. Sudhakar by posting whole judgement. I appreciate your afford.
I will narrate what i understood from this case.
YBRANT has purchased lycos around 30million $ and paid 15m$.
As income of lycos increased during this period, daum has demanded more money. Lycos said we will pay 20m$ while daum said 35m$.
Court case filed and dispute remain for 4years.
Court has ordered to pay 37million $ for daum issue settlement IN 2014.
Ybrant has filed chapter 11 bankruptcy for arrangement of funds.
Daum has filed case against bankruptcy—to give time.
Court dismisses the claim of Daum to cancel deal or to give back majority of shares.
This is a victory of lycos. lycos wanted time to arrange money. If lycos has lost the case, she has to give all share back to daum or to pay extra. – almost deal gets cancelled. Future of lycos will be unclear in this situation.( that is why share price go down from 25 to 7 in short time) Now deal is going to remain and 37m$ will be paid in short time 8-12 weeks.( fund aranment time is 4-6 weeks.)
Ybrant has arranged 150million $ loan from White Oak Global Advisors LLC to pay 37m$
Creditor-DAUM that it has the option at this point in time to file its own restructuring plan for the debtor-YBRANT…
This is what I understood from this judgement. Anybody can fill up the gaps or add something which I have missed.

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This is what I said and meant.

Thanks akgarg00 for posting same interpretation as i thought. Did you noticed that Now daum cannot revert back from deal for which court has given decision.
you must be aware that few member posted that old lycos will be taken back from ybrant because of lack of payment fo 37m$.
Due to this fear share price went down from 25 to 7-8/-.
now that fear is out.
There will be settlement of case after paying of 37m$ in near future…This what I wanted to say now.

Hello Everyone,

Nice to see the detailed discussion going on.

What I wished to understand why Lycos is going for 150 million $ loan from Oak Tree Capital, when it has to pay Daum 37 million $ ?

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it appear that lycos has raised fund for

  1. to pay debt.
  2. to invest in lycos sport
  3. IOT.
    Lycos has really sincere about these field and plan to invest heavily.
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Full Details of Lycos - Daum Settlement, straight for the court legal documentation.
Source: http://bankrupt.com/misc/nysb16-10597-37.pdf

Summery: Lycos is in a good state to finish the settlement with White Oak and Daum.

Details:

At the September 27, 2016 status conference, the Debtor informed the Bankruptcy
Court that Ybrant Digital had negotiated a senior secured debt financing with White Oak Global
Advisors, LLC (“White Oak”), which is located in San Francisco, CA and that it intends to
allocate a portion of such financing to underwrite the Debtor’s plan of reorganization.

The Debtor also informed the Bankruptcy Court that Ybrant Digital soon would be signing a letter of
intent with White Oak at which time it would be in a position to complete settlement negotiations
with Daum, and that such settlement would position the Debtor shortly to file a plan of
reorganization with Daum’s consent.

Thereafter, on October 7, 2016, Ybrant Digital executed a letter agreement with
White Oak, which White Oak characterizes as “[setting] forth a general overview of the
preliminary terms and conditions concerning a potential secured financing for Lycos Internet” in
the amount of $150,000,000. Because securing the financing was considerably time consuming
due, in large measure, to the size and complexity of the proposed loan transaction, the Debtor
and Ybrant Digital had not completed settlement negotiations with Daum as of the October 21,
2016 deadline and was not in a position to file a plan of reorganization and related disclosure
statement.

Accordingly, the Debtor filed a motion with the Bankruptcy Court to extend for
fourteen (14) days, to November 4, 2016, the time by which such plan of reorganization and
related disclosure statement must be filed.
The Bankruptcy Court scheduled a hearing to
consider the extension motion for November 17, 2016.
Thereafter, on or about November 9, 2016, counsel for Daum contacted the
Debtor’s counsel and expressed its belief that the White Oak financing might not be authentic
and that any agreement with Daum would be contingent on the Debtor demonstrating that the
financing is genuine.

On November 10, 2016, Daum filed an objection to the Debtor’s extension
motion asserting, among other things, that the Debtor has failed since the filing of its chapter 11
case in March 2016 to make any showing that the Debtor’s business has any prospect of
rehabilitation and it has no agreement with Daum to settle its judgments.

Daum also asserted
that the Plan is “spurious” because it is based on an illusory $150 million financing from White
Oak that has not been authenticated. In response to Daum’s objection, Mr. Reddy traveled from
Hyderabad, India to New York on November 14, 2016 for the purpose of meeting the following
day with Daum’s and the Debtor’s counsel to negotiate plan treatment. At the meeting, Daum’s
counsel stated that it insisted on being included in the due diligence process with White Oak.
The Debtor now has agreed to implement a protocol to include Daum in the financing process
and keep it informed at all times as to the progress the White Oak financing.
On November 17, the Bankruptcy Court overruled Daum’s objection and entered
an order granting the extension motion.

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:+1: completely in sync with you

Thanks for the summary. The good part is that if an investment firm agrees for 150 million Dollars, even if the deal cannot go through, still they can find another way to raise 37 million.

Hi Vamsi21,

Promoter (Vijay Kancharla) did not sold his holdings, it is a inter Se transfer.
Which means he has reassigned the stocks to himself with a designation of Promoter.
This document might help.
http://corporates.bseindia.com/xml-data/corpfiling/AttachHis/29CB77AA_B1A6_41B1_A6A5_BB2D30CB3798_125452.pdf

BrightCom is the best video seller in the world.
Check this out
http://www.pixalate.com/sellertrustindex/video/#!global

No doubt “White Oak” make an excellent move to invest with Lycos.
“Feeling sad” for “Sansar” on forced selling.

Dentsu Aegis Network acquires SVG Media

SVG Media is one of the leading and growing digital marketing company in Asia Revenue - $ 120 million

Ybrant Digital Revenue - $ 346 million