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Court appoints receiver for Mint Leasing

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Court appoints receiver for Mint Leasing

The District Court of Harris County, Texas, has appointed a receiverfor Mint Leasing Inc.over a complaint alleging breach of a loan agreement.

Raven Asset-Based Opportunity Fund I LP filed the complaint againstMint Leasing, Mint Leasing South Inc. and Jerry Parish, alleging breach of the loanagreement with MNH Management LLC. Raven is the assignee of MNH Management. Thecomplaint is seeking damages in excess of $8.7 million, according to a Form 8-Kfiled April 14.

Mint Leasing filed a counterclaim against Raven on Feb. 10, followingwhich Raven amended its pleading to add claims against Mint Leasing North Inc.

The company said the litigation has significantly impaired itsability to deposit funds into its operating account from the lockbox account controlledby Raven, due to which it is unable to meet certain financial obligations, includingthe obligation to meet reporting requirements under the Exchange Act.

The company believes the lack of revenues from operations raisessubstantial doubt about its ability to continue as an ongoing concern.

Mint Leasing also announced that Todd Bartlett resigned as CFOof the company in December 2015 due to the financial constraints caused by the litigation.Jerry Parish, sole director on the board, appointed himself CFO until a successoris appointed.