SAI, SAFE Settle Arbitration Case Claims For $2.5M
ARLINGTON HEIGHTS, Ill.
Security Associates Int’l (SAI) Inc. has settled its binding arbitration case with Security Alarm Financing Enterprise (SAFE) referring to a dispute over the obligations of each company following the sale of SAI’s retail subscriber accounts to SAFE in June 1999.
In a company statement, SAI said it and SAFE settled all of their claims for $2.5 million. Of that amount, $1.8 million will be paid in cash installments throughout a 12-month period. SAI will continue to monitor SAFE’s accounts, and “the parties have agreed that, rather than disburse funds to satisfy the amounts due each other, the remainder of the settlement will be satisfied by applying amounts due from SAFE for past and future services,” SAI said in a company statement.
At current revenue levels, the remaining portion of the settlement will be fulfilled by November 2002. Additionally, SAI must continue to reprogram accounts onto a telephone line owned by SAFE by October 2002. The costs of such reprogramming expenses have been previously provided for by SAI.
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