UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): November 5,
2007
EMERGING
VISION, INC.
(Exact
name of Registrant as specified in its charter)
|
New
York
|
001-14128
|
11-3096941
|
|||||
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
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100
Quentin Roosevelt Boulevard
Garden
City, New York 11530
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (516)
390-2100
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01
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Entry
into a Material Definitive
Agreement
|
On
November 5, 2007, Emerging Vision, Inc. (the “Company”) settled an adversary
proceeding (the “Adversary Proceeding”) against BAL Global Finance, LLC,
formerly known as Sanwa Business Credit Corporation (“Defendant”) that had been
pending in the United States Bankruptcy Court for the Southern District of
New
York (the “Court”) since 1995. The material terms of the settlement
of the Adversary Proceeding include a cash payment to the Company, in the
amount
of $1,270,000 (less certain costs and expenses incurred in the litigation,
including attorney fees), and the mutual release of all claims between the
parties.
The
Adversary Proceeding arose out of the Company’s purchase of certain assets from
Sterling Optical Corporation (“SOC”) in 1992 while SOC was operating as a
Chapter 11 debtor before the Court. Pursuant to an asset purchase
agreement approved by the Court, the Company purchased substantially all
of
SOC’s assets, and the Company maintained in the Adversary Proceeding that such
assets included all of SOC’s right, title and interest in certain notes which
were executed by SOC’s franchisees in favor of SOC. The Court ruled
that the Company was entitled to recover the surplus payments under the notes
after the Defendant had recovered its investment and authorized fees, and
granted the Company’s motion for partial summary judgment.
[Signature
on following page]
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EMERGING
VISION, INC.
By: /s/
Brian P.
Alessi
Name:
Brian P. Alessi
Title: Chief
Financial Officer
Date: November
14, 2007