Cohanzick Partners, L.P. v. FTM Media, Inc.

DECISION AND ORDER GRANTING PLAINTIFF’S MOTION FOR SUMMARY JUDGMENT, DISMISSING COUNTERCLAIM, AND ORDERING INQUEST ON ATTORNEYS’ FEES

McMAHON, District Judge.

Plaintiff Cohanzick Partners, L.P., has moved for summary judgment awarding it $400,000, which is the amount of bridge financing advanced by plaintiff to Defendant FTM Media, Inc., plus interest and attorneys’ fees. The debt is evidenced by a Note. FTM insists that plaintiff elected to convert that bridge financing to equity pursuant to paragraph 3.1 of the Note, thus vitiating defendant’s obligation to repay the bridge loan. FTM, which…