- Report of Foreign Issuer (6-K)
January 25 2011 - 6:06AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF
1934
January 24, 2011
Commission File Number: 001-34423
CDC Software
Corporation
(Translation of registrants name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
Unit 706-707, Building
9
No. 5 Science Park West Avenue
Hong Kong Science Park
Shatin, New Territories
Hong Kong
(Address of principal executive office)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x
Form 20-F
¨
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
¨
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934:
¨
Yes
x
No
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
n/a
Other Events.
3.75% Senior Exchangeable Convertible Notes Due 2011
On December 23, 2010, the parent
of CDC Software Corporation, CDC Corporation (the Company), sought leave to amend its complaint and serve a second amended complaint (the Second Amended Complaint) in its action in the Supreme Court of the State of New York,
County of New York against Evolution Capital Management LLC, Evolution Special Opportunities Fund I SPC, Segregated Portfolio A, Evolution CDC SPV, Ltd., Evolution Master Fund Ltd. SPC, Evolution Master Fund Ltd. SPC, Segregated Portfolio M and E1
Fund, Ltd. (collectively, Evolution) alleging breach of non-disclosure agreements, breach of the note purchase agreement relating to the Companys 3.75% Senior Exchangeable Convertible Notes due 2011 (the Notes), breach
of the Notes, and tortuous interference with business relations (the CDC Case). The complaint in the CDC Case seeks recovery of compensatory damages, interest, attorneys fees, litigation expenses and injunctive relief in excess of
$295.0 million.
The Second Amended Complaint asserts new claims for misappropriation, unjust enrichment, breach of fiduciary duty and
constructive trust. The Company also seeks to add as new parties Brian Yeh, Adrian Brindle, Gareth Phillips, Michael Lerch and Derek Sulger, each of whom is or was a director or officer of Evolution Capital Management, LLC or Lunar Capital China
Equity Partners I L.P. (Lunar) and all of whom the Company believes were enriched by, or who participated in, the tortious conduct at issue.
In the Second Amended Complaint, the Company also alleges that: (i) Evolution and its representatives undertook a campaign to mark their Notes at a premium and to sell and repurchase Notes in a
pre-arranged transaction at that same premium, at a time the market and competent independent third parties valued the Notes at below par; (ii) Mr. Sulger, through Lunar, knowingly participated in a rigged window-dressing sale and
repurchase transaction with Evolution and its representatives with respect to the Notes whereby Evolution agreed to repurchase Notes held by Mr. Sulger through Lunar at a predetermined amount, which amount was further subsidized through a
consulting agreement under which Evolution agreed to pay Lunar a consulting fee; (iii) Evolution, aided by Mr. Sulger through this window-dressing transaction, endeavored to influence the market by encouraging other Note
holders to also mark their Notes at a premium and to prevent the dissemination of information that accurately valued the Notes at below par; (iv) Evolutions and Mr. Sulgers actions in this regard perpetrated a fraud on the
market and further impeded the Companys efforts to complete a Qualified IPO (as originally defined in the Note and the Note Purchase Agreement); and (v) Evolution and its representatives continued to mark their Notes at a premium in order
to receive a performance fee equal to the 20% of the appreciation of the aggregate net asset value of the fund on the date of payment.
The
Court has not yet decided on the Companys motion and discovery is continuing. The Company is considering additional causes of action to assert in this matter and intends to vigorously assert and defend its rights in both the CDC Case and
Evolutions case against the Company.
Sunshine Mills Litigation
On January 6, 2011, Ross Systems, Inc. (Ross), a subsidiary of CDC Software Corporation, filed certain motions in the Franklin County Circuit Court of the State of Alabama with respect to
the adverse verdict returned by a jury on December 3, 2010, in litigation between Ross and Sunshine Mills, Inc. that was initiated in April of 2008. Ross motions included: (i) a renewed motion for judgment as a matter of law,
challenging the satisfaction of certain elements of plaintiffs case at trial; (ii) a motion for remitter and Hammond Hearing, challenging the jurys verdict and requesting an evidentiary hearing and review of the punitive damages
award; and (iii) a motion to stay execution of the judgment pending resolution of the post-trial motions and/or pending any necessary appeal. The Court is set to hear arguments on the motions on February 23, 2011.
Sunshine Mills has commenced certain collection efforts, and post-trial discovery in this matter is underway.
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Exhibit
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Description
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99.1
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Press release dated December 27, 2010
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CDC Softwares CDC Factory President Named to MESA International Board of Directors
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99.2
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Press release dated January 5, 2011
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CDC Software Recognized As a Leader by Independent Research Firms Latest CRM Suites Customer Service Solutions Report
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99.3
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Press release dated January 10, 2011
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20110110 CDC Software Signs Reciprocal OEM Agreement with MIR3
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99.4
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Press release dated January 11, 2011
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CDC Software Launches Pivotal CRM 6.0 for Home Building, Real Estate, Title and Mortgage Markets
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99.5
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Press release dated January 24, 2011
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CDC Software Names Microsoft Veteran as General Manager for Australia and New Zealand
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CDC Software Corporation
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Date: January 24, 2011
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By:
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/s/ Donald L. Novajosky
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Name:
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Donald L. Novajosky
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Title:
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General Counsel
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EXHIBIT INDEX
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Exhibit
No.
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Description
|
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99.1
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Press release dated December 27, 2010
|
|
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CDC Softwares CDC Factory President Named to MESA International Board of Directors
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99.2
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Press release dated January 5, 2011
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CDC Software Recognized As a Leader by Independent Research Firms Latest CRM Suites Customer Service Solutions Report
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99.3
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Press release dated January 10, 2011
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20110110 CDC Software Signs Reciprocal OEM Agreement with MIR3
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99.4
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Press release dated January 11, 2011
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CDC Software Launches Pivotal CRM 6.0 for Home Building, Real Estate, Title and Mortgage Markets
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99.5
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Press release dated January 24, 2011
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CDC Software Names Microsoft Veteran as General Manager for Australia and New Zealand
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