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[QUOTE]Originally posted by TopRob: [QB] Phantom Entertainment (PHEI) has settled the lawsuit of Longview Special Finance on March 30. Longview will get 425M common shares from PHEI. That is most likely what brought the pps down from .0013 to .0007. It appears to have bottomed out at .0006, so I see it rising from here on. Could be the last chance to get in at .0007/.0008. ---------------------- Form 8-K for PHANTOM ENTERTAINMENT, INC. -------------------------------------------------------------------------------- 3-Apr-2007 Entry into a Material Definitive Agreement, Financial Statements and ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. As previously reported in the periodic reports of Phantom Entertainment, Inc. (the "Company"), in March 2006, Longview Special Finance, Inc. brought an action against the Company in the United States District Court in the Southern District of New York (the "Court") entitled Longview Special Finance, Inc. vs. Infinium Labs, Inc. (now known as Phantom Entertainment, Inc.), Index No. 06 CV 1772 (RJH) (the "Action") on behalf of all of the holders (the "Holders") of the Company's December 2004 convertible debentures alleging breach of contract and requesting, in part, the issuance of all remaining shares requested in prior conversion notices delivered to the Company by the Holders. On March 30, 2007, the Company and the Holders completed the settlement of the Action and entered into a Settlement Agreement (the "Agreement") dated as of March 22, 2007 with the Holders pursuant to which the Company agreed to issue 425,000,000 shares of free-trading common stock to the Holders in exchange for the Holders agreeing to enter into general releases and to petition the Court to dismiss the Action with prejudice. On March 30, 2007, the Court so ordered the adoption of the Agreement and general releases were executed and delivered by the parties. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial statements of business acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. Exhibit No. Description 10.1 Settlement Agreement dated as of March 22, 2007 by and among Phantom Entertainment, Inc. and the investors named on the signature pages thereto. [/QB][/QUOTE]
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