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Image Receives Full Fee; Merger Progresses

Image Entertainment Inc. received its full business disruption fee deposit from merger partner Nyx Acquisition putting the deal on track to close this month. Nyx paid the final $200,000 to Chatsworth-based Image on March 7 and cured an allegation of breaching the merger agreement. The agreement has Nyx, an affiliate of San Francisco-based new media and global investment group Q-Black LLC, buying all outstanding shares of Image stock at $2.75 per share. The deal is set to close by March 20. The poor economy and struggling financial markets have delayed completion of the deal, an Image spokesman said. “However, we have avoided terminating the agreement with Nyx Acquisitions because we still believe this course of action is in the best interests of Image Entertainment and its shareholders,” the spokesman said. The merger ran into delays over the business disruption fee deposit, causing Image to twice allege Nyx of breaching the agreement until the fee was paid. Mark R. Madler

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