Lyndhurst, N.J. – Harvey Electronics made an 8-K filing with the SEC detailing the termination agreement and outlining the costs of its attempted purchase of the Washington, D.C.-based MyerEmco Audio Video chain.
The filing shows that a letter of extension was entered into by both parties to move the closing date from June 7 to July 23, 2007 “in consideration for payment by Harvey to MyerEmco of a ‘first extension fee’ ” of $300,000. A further extension letter was signed July 24 to extend the negotiations to Aug. 10 and Harvey paid a fee “not to exceed $50,000” in MyerEmco’s legal and accounting fees.
MyerEmco incurred legal and accounting fees “in excess of $350,000” and said it would accept payment of $14,500.
