Liquidmetal complaint over convertible notes dropped

By Laura Lutz

Des Moines, July 20 - A complaint against Liquidmetal Technologies, Inc. has been dropped, according to an 8-K filing with the Securities and Exchange Commission.

The complaint related to $2 million of convertible subordinated notes issued in a January 2007 private placement.

As reported on April 26, a purchaser alleged that the company was in default under the note because it had not complied with a debt satisfaction covenant. The purchaser wanted Liquidmetal to redeem its notes for par plus accrued interest, which totaled $2,085,917.81 as of July 16.

As of July 17, the purchaser had assigned the note to another investor and, therefore, dismissed the pending action.

Liquidmetal, based in Lake Forest, Calif., develops and sells products made from amorphous bulk alloys.

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