Mood:
caffeinatedTopic: Chinadotcom and VCSY
It isn't enough to try to drive somebody to the ground. You have to live off their juices, too. That's the way it is in the bug eats bug world of 'in the grass' operation. It will be nice to finally get a chance to get on the hamburger under the picnic table.
http://ragingbull.quote.com/mboard/boards.cgi?board=VCSY&read=180964
By: RapidRobert2
06 Apr 2007, 11:11 AM E
Msg. 180964 of 180969
(This msg. is a reply to 180957 by Sliver_Fox.)
Sliver: It isn't about VCSY technology, it is about 'emPath' of NOW Solutions. The 'Asset Purchase Agreement' was very clear on returning ALL software held by Ross Systems to NOW Solutions and retaining NO part of 'emPath' for their own use or resale. A non-complete agreement was also in place. This isn't a question of a 'verbal' agreement.
The big money is from Ross keeping the maintenance fees they collected a year (plus) in advance and keeping it while NOW Solutions serviced the contracts. It has been represented that Ross gave huge discounts to get clients to pay in advance so they could keep the money. NOW Solutions and VCSY didn't know Ross was keeping the money and not adjusting the purchase price as they made collections or turning the money over to NOW Solutions. Also, Ross was suppose to give NOW Solutions support for the first year with free office space, supplies, etc., but after the year ended, NOW Solutions got a bill for the lease of over $11,000 that Ross didn't even pay up front, as the Asset Purchase Agreement detailed. A lot going on and I think VCSY proved their case against Ross. Even more money if awards for 'punishment' against Ross is awarded by the jury.
Therefore, when Ross retained the software and the CEO, Tinley, admitted under oath that Ross was using the software after the terms of returning it...that is a breach of the contract and IF Ross gave it to CDC for even more use...then many things kick in. We know CDC has an HR subsidiary and if VCSY can prove they are using 'emPath', the money just increased for damages.
Oh! Tinley admitted in his deposition that Ross was using the 'emPath' software in 2005...he later changed that to not having the correct date in his mind when he was questioned. And, the reason he gave for telling NOW Solutions in 2005 (the APA was done in February 2001) that Ross was still using 'emPath'....Well, it seems the software needed a 'fix' and he even asked NOW Solutions for tech help to fix it so they could continue to use it. Now, that is funny! He admitted Ross was using it in violation of the terms of the APA. I don't know what he said on the stand to the jury to cover this huge gap of admission.
Oh! And neither VCSY nor NOW Solutions were made available or had knowledge of a separate agreement that 'Arglen' and CEO, Gary Geyselen, had with Ross and was going to get an extra $600,000 for selling NOW Solutions after they bought it from Ross to VCSY...that was found out in discovery. And, if Webster, the CFO at Ross at the time, got a piece of that, more evidence of fraud by insiders.
The 'Tilt' is obviously for VCSY but we know anything can happen in a court but I still think VCSY will win and GET THE BUCKS!
Also, we will have the filing of the 10KSB next week, too. Then, we have news coming and also the announcement of the 'Investor Relations' firm that will represent VCSY...Much coming up quickly after the trial and 'STEALTH' will be HISTORY, I hear.
Have a Great Day!
RR
IMO
Ps: It ALL makes sense now. The info I had was a lil incorrect about the jury instructions. The instructions to the jury will happen next Wednesday or Thursday.
.
Later,
RR
IMO�
- - - - -
View Replies »
