Free Answering Brief in Opposition - District Court of Delaware - Delaware

Case 1:04-cv-01551-JJF Document 379 Filed 10/05/2007 Page1 of 4
EXHIBIT 21

Case 1:04-cv-01551-JJF Document 379 Filed 10/05/2007 Page 2 of 4
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Case 1 :04-cv-01551-JJF Document 379 Filed 10/05/2007 Page 3_0f 4
,¤ I , ·r ` _, _/N, R{)b€I`lZ L. Best 1 ` , l
` ` ° 3 . Attorney ai: Law ` .
-` _ _ . 110SpruccLane _ · . · · ' _
. Ambler, PA 19002 _ ·
’ ' (215) 793-6000 _ ·
, Fax: {215) 19340880
_ · eonafl: bobbost@;elrcachr1et
· _ February 5, 2000
·Mr. Andrew N. Yao, President _ ` I ‘
Student Finance Corporation ‘
_ 5 Radnor Corporate Center
Suite 501 . _
100 Matsonford Road ‘ l - . ·
Radnor, PR 19087 ' .
. U Re: Purchase of ss,ooo,0oo of SFU Goromon Stock _
` ` Dear Andrew: I e ‘ . - l ` l
l I am writing you to provide you with a commitment to acquire $5 million of
the common stock of Student Finance Corporation (herein “SFC”} by myself individuaily ~ Q
and/or as agentfor other individuals and 'I‘rusts. The other individuals and/or Trusts 2
agree to convert existing debt in the amount of $1 million {with balloon payment due) · j
· into shares of SFC common stock, for a total of-the above $6,000,000 of common stock Q
o investment. ' I ‘
` . The commitments provided herein are subject to (a) the following terms
_ and conditions, (b} due diligence satisfactory to nie, {o) preparation of stock purchase _
documents acceptable to me, and (d) normal warranties and conditions precedent to the ` _ ‘
purchase of stock from a corporation or an individual as arefound in normal _ Q
commitments: . . · I 1
In For the $5,000,000 purchase price, the purchasers will receive 12%
of SFC authorized but unissned common stock_,w1iich shares of stock shall be held in
escrow by the law firm of Pepper Hamilton and Sheetz subject to the direction of the _
undersigned which shall be consistent with the repurchase_provisions hereinbclow set
‘ forth. ‘ ·
2. SFC shall have the right and obligation to repurchase 1% of the V· D. _
` purchased shares, on or before the 200 day of eacl;1 of March, April, May, Jzine, July ,
_ August, September, October, November and- December ofthe year 2000, by paying to the _
purchasers, on each of such dates, an amount equal to $e00,ooo plus a return equal to ‘ _ . Z
14% of stoc1d1o1de1·s’ outstanding equiqy (the $s,00o,ooo purchase price less any _ ·
amounts paid for the redemption of the SFC shares as above]. . `L ‘ ;
_ ‘ ’ . ` ‘ _ ‘ FH. 1 ease;

Case 1 :04-cv-01551-JJF Document 379 Filed 10/05/2007 Page 4 of 4
, ‘ T"' ` Mr.Arzd1·ewN.Yao ‘) ` , _
‘ _ ,,‘ Page 2 · ` ` . -
· " ` ’ Febmary 3, 2000 “ _
‘ 3. SFC shall have the right and obligation on or before Wednesday {
January 3, 2001 to purchase the remaining 2% of SF'C`shares from the purchasers by
paying to them the sum of $420,000. _
_ 4. The SFC shares of stock issued to the purchasers shall be subject to Q
anti-dilution and such other protective provisions as shall be reasonably requesteei by .
. me, in my capacity as an investor and/or as agent for the other investors. .
5. SFC shall provide the usual warranties as to its good corporate 1 . .
. staxuding, authority to issue the above described shares of its common stock and other _ ’
_ warranties as may be reasonably requested in a transaction for the sale of stock as has :
_ _ been hereinabove outlined. _
r _ A 6. Purchasers shall pay $4,000,000 ofthe ovrali purchase price on or _ l
before February 7, 2000 and the balance of $2,000,000, including the conversion ·
$1,000,000 of existing debt obligation, on or before February 11,.2000. _ ‘
If the foregoing conditions and provisions relating to our purchase of SFC . .
' stock are acceptable, please so signify by signing this letter at the line indicated below _
and returning a copy of this letter, with written acceptance as above requested, to me no Q
inter than Monday , Fe`bn1a:ry 7, 2000.- _ _ _ ·
Si1*1ce1 _ · _
- " · · Robert L. Best ·
-` `WRG}bdw ` ‘ · ` _
_ ' ' l The foregoing terms are agreed to an accepted on this day of Februarjr, 2000. ·
4 I Student Finance Corporation A I 2
_ Z ‘ _ ` by Andrew N. Yao, President l l
` ' ’ . ·‘ . _ [corporate seal}.
_ mn.so;tnm;sasv1$xxcc01a.voo · D _
· D I ' ’ · - PH 184034