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Form 8-K for MOONEY AEROSPACE GROUP LTD
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12-Dec-2003
Other Events
ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE
On December 3, 2003, in connection with the lawsuit (the "Action") captioned AP-Long Beach Airport LLC ("Plaintiff") vs. Mooney Aerospace Group, Ltd. (the "Company") in the Superior Court of the State of California for the County of Los Angeles, South District (Case No, NC033467), the Company and Plaintiff entered in to a Stipulation Re: Admission of Liability and Binding Arbitrage of Damages (the "Stipulation"). Under the Stipulation, the Company admitted liability to all of Plaintiff's claims under the Action, except that the Company and Plaintiff agreed to enter into binding arbitration with respect to (i) the calculation of damages sought by Plaintiff and (ii) whether Plaintiff properly mitigated its damages.
INCORPORATION BY REFERENCE
The description of the Stipulation discussed above is qualified in its entirety by reference to such Stipulation, which is attached as an exhibit hereto and incorporated herein by reference.
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