Bridgepointe is an investment fund with its principal place of business in the
Cayman Island. Respondent BIOMETRX (“BMRX”) is a Delaware Corporation with its
principal place of business in Jericho, Long Island, New York. The Court notes its
jurisdiction under 28 U.S.C. § 1332.
Bridgepointe and BMRX entered into a series of financial transactions:
(1) Securities Purchase Agreement, dated December 28, 2006;
(2) A Convertible Debenture payable to Bridgepointe, dated December 29, 2006;
and
(3) An Extension and Waiver Agreement, dated September 9, 2008.
No payments were made by BMRX and on February 11, 2009, Bridgepointe
demanded expedited arbitration pursuant to the terms of the Securities Purchase
Agreement, and the Convertible Debenture,1 both of which provided, in pertinent part:
…………Bridgepointe now moves to enforce the award of $628,405.85.
BMRX asserts that the transaction between the two parties was void because the financial
arrangements were criminally usurious. Had more time been allowed, BMRX would
have presented this defense.
http://docs.justia.com/cases/federal/district-courts/new-york/nysdce/1:2009cv06874/350278/17/
