Martin Lawrence Limited Editions Inc., a Van Nuys publisher and retailer of art work, said it completed the sale of a wholly owned subsidiary, Think Big! Inc., to a director and principal stockholder of the company for about $820,000.
Martin Lawrence said Jack A. Rounick bought Think Big! for $500,000 in cash and the rest in two promissory notes, one due in June and the other at year-end. In addition, Rounick assumed certain lease obligations of the company.
Rounick also resigned his post as vice president and general counsel at Martin Lawrence, but will remain a director of the company.
Martin Lawrence announced in mid-May it was selling Think Big! to increase its liquidity. Because of that sale agreement with Rounick, Wells Fargo gave Martin Lawrence until June 30 to pay off $1.9 million in debt. Martin Lawrence said that debt has now been repaid.