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Cases & Deals

December 6, 2019

EVO Payment Systems Resists Debtor's Threats and Ultimately Acquires all of Debtor's Assets

EVO Payment Systems retained the firm to preserve its rights as licensee of certain credit card payment processing software provided by chapter 11 debtor Planet Merchant Processing (“PMP”).  PMP filed for bankruptcy in 2016 and attempted to compel EVO to renegotiate its license agreement and pay tens of millions of dollars in additional payments to retain its rights to the software.  Following over a year of litigation in the bankruptcy court, and the conversion of the case from chapter 11 to chapter 7, EVO was ultimately able to purchase all of PMP’s property, including all of the licensed software, for significantly less than one year’s worth of fees under its prior license agreement with PMP.