WILMINGTON, Del., — A Delaware chancery court judge said he would order Gold ‘N M Television Inc. to transfer its Nostalgia Network Inc. (NNET.O) stock to Concept Communication Inc., if Concept agreed to escrow the disputed price demanded by Gold ‘N M.
The transaction would give Concept Communication control of 49% of Nostalgia Network’s stock.
In an eight-page decision issued late Tuesday, Chancellor William Allen gave Concept 15 days in which to make a decision. Concept would have to set up a nearly $ 4.5 million escrow fund with the Register in Chancery office.
If Concept decides not to set up an escrow account, the judge will order Gold ‘N M “to sell to Concept every share or interest in every share of Nostalgia that GNM owns for which Concept tenders the full purchase price ($ 3 pershare).”
In a court document, GNM, which owns 3.2 million shares of Nostalgia, claims it has an agreement to sell its Nostalgia shares to Concept for $ 3 a share. Concept will own at least 49% of Nostalgia if it can add the GNM shares to the 27% block of Nostalgia common Concept already owns.