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CSG concedes Tatra case and loses Count I of CSG case to SARN

WILMINGTON, DELAWARE, USA, January 11, 2022 / -- This press release is in response to inaccurate public statements by Czechoslovak Group (“CSG”), its affiliates and agents about SARN and its principals, including Stephen Richards and Armen Agas, regarding ongoing litigation of SARN against Czechoslovak Group.

Statements such as “CSG has therefore decided to end its cooperation with SARN energy and Mr Agas” or the following excerpt as stated by CSG attorney Lanny Davis: (full press release can be viewed here)

[Begin Lanny Davis quote]

“CSG has complied with its contractual obligations and has appointed such a company from the Big Four. However, SARN still rejects it. Why? Instead, it filed a lawsuit - again, apparently, to misuse a false lawsuit as a source of coercion and a threat to demand substantial sums of money, not to achieve a fair outcome under a fact-based contract. "

Evaluation of CSG's position in disputes with SARN energy

CSG attorney Davis continues: "I and my fellow lawyers representing CSG, including our lead lawyer Kenneth Pfaehler of the global law firm Dentons, are confident that CSG will win these two cases, and we have information that CSG intends to protect its rights vigorously."

[End Lanny Davis quote]

The facts have now been litigated in court resulting in CSG losing the SARN Energy LLC v. Tatra Defence Vehicle a.s. (C.A. No. N17C-06-355 EMD CCLD) case in 2019 and CSG losing partially the SARN SD3 LLC v Czechoslovak Group a.s. (C.A. No. N17C-12-185 EMD CCLD) case in 2021. Therefore, SARN issues the following statement to correct the public record:

First, Despite CSG’s plea not to terminate the relationship, SARN initiated the termination because CSG was increasingly allied with anti-NATO forces. The letters exchanged between the parties speak for themselves. SARN’s letter can be viewed here and CSG’s response here.

Second, after CSG refused to honor its contractual obligations, SARN filed breach of contract action under two agreements in two suits, SARN Energy LLC v. Tatra Defense Vehicle a.s. and SARN SD3 LLC v. Czechoslovak Group a.s., (“SARN v. CSG”) in the Delaware Superior Court. The latter case is composed of two counts.

Third, after almost two years of contentious litigation, on the eve of trial, Tatra asked the court to enter a judgment against it for the full amount, therefore losing the case. Tatra has paid the damages of $1,110,436 in full to SARN.

Fourth, after almost four years of intense litigation, in a summary judgment SARN won $3,230,900 (including interest) in damages against CSG under Count I of the SARN v. CSG legal action.

Fifth, therefore, to date SARN has won cumulated damages of $4,340,436.

Sixth, the court has denied CSG’s motion to dismiss Count II. While CSG continues to argue the merits of the cases in it’s public statements such as the following quote taken from CSG’s Bond Prospectus 2021:

“As regards the second claim, SARN stated in the course of the proceedings, in response to the Issuer's question, that the damage in respect of this claim exceeded USD 108 million. SARN did not provide evidence or statements that would justify or prove the amount of the damage. ”

SARN will not comment regarding the merits of a complex case that is being prepared for jury trial to litigate the highly contested multi million damages that SARN is seeking from CSG under Count II. Trial is scheduled for September 12, 2022. SARN will only comment after the court decides.

In this dispute, SARN is represented by Duane Morris, while CSG is represented by Dentons and Ashby & Geddes.
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Jonathan Richards