LegalJul 22, 2026, 04:32 PM
ONAR Holding Settles Lawsuit for $1.5M Principal Plus 18% Interest
AI Summary
ONAR Holding Corp's subsidiary, ONAR LLC, entered into a settlement agreement and mutual release on July 16, 2026, to resolve a breach of contract lawsuit filed by Jeffrey L. Feinberg Personal Trust. The lawsuit stemmed from an unpaid Senior Secured Promissory Note for $1,500,000. Under the agreement, ONAR LLC will pay the Trust $1,500,000 in principal plus 18% simple interest from March 18, 2024, through a structured payment plan. The settlement includes an initial $50,000 payment, a $300,000 payment by August 30, 2026, and 14 quarterly installments of $75,000, with a final true-up payment in February 2030.
Key Highlights
- Settlement Agreement reached on July 16, 2026, effective July 13, 2026, resolving a lawsuit.
- ONAR LLC to pay Jeffrey L. Feinberg Personal Trust $1,500,000 in principal.
- Interest on principal to be paid at 18% per annum from March 18, 2024, simple interest.
- Initial payment of $50,000 due within one business day of execution.
- Second payment of $300,000 due by August 30, 2026.
- Remaining balance to be paid in 14 quarterly installments of $75,000.
- Final true-up payment due February 2030 for remaining principal and accrued interest.
- Mutual release of claims and dismissal of the Delaware legal action.
Price Impact
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