Lancer Group definition
Examples of Lancer Group in a sentence
The Borrowers shall use the proceeds of the Revolving Credit Loans solely for (a) repayment of outstanding indebtedness under the Coast Business Credit Facility, (b) repayment of outstanding indebtedness to the Lancer Group, (c) repayment of outstanding indebtedness of NSI to Fleet National Bank, (d) general corporate purposes including working capital and to issue letters of credit as provided hereunder and (e) for general corporate purposes.
The Lancer Group has been a significant shareholder of the Company since the fourth quarter of 2002.
On July 10, 2003, the Securities and Exchange Commission brought a civil action in the United States District Court for the Southern District of Florida against M▇▇▇▇▇▇ ▇▇▇▇▇ and Lancer Management I and II alleging securities fraud in connection with portfolio transactions effected by the Lancer Group management.
According to a Form 13D filed by the receiver to the Lancer Group on July 10, 2003, the Lancer Group, in the aggregate, controls 45.1% of the Company's outstanding shares as of that date.