From Raging Bull regarding today's settlement by CDC (Chinadotcom - China) in court.
By: morrie33
18 Apr 2007, 12:01 AM EDT
Msg. 181958 of 181966
I appreciate all the interest in the interest, but let's not gloss over the major points here...
VCSY from the OTC took on a NASDAQ company and WON in court. The monetary figures are good, but in the big picture, VCSY took a huge step forward in credibility in the business world. They have been fighting this case now for years at what cost to their company, and it's over with a victory. Let's not forget that point in our rush to count hundreds of thousands of dollars. Of course the money is good, but today VCSY became a real company.
Here's a rehash: VCSY filed on time. The Court case is over. And again, VCSY beat a NASDAQ company. As others have speculated this could have a major effect on other infringement cases and might push some other big companies to settle instead of try VCSY in court. A big twist twist twist on their arms.
Welcome to the world of big business VCSY. We've been waiting a long time for this.
(Voluntary Disclosure: Position- Long)
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Now Solutions Successfully Resolves Its Lawsuit Against Ross Systems
Wednesday April 18, 10:00 am ET
According to the company's chief litigation lawyer, Derek Wolman of Snow Becker Krauss P.C., NOW Solutions was given a verdict in its breach of contract claim against Ross Systems in the net amount of $1,300,000, which was calculated after deducting all amounts due to Ross Systems pursuant to its claim against Now Solutions under a promissory note. NOW Solutions is also entitled to receive interest and attorney's fees on its breach of contract claim. The amount of the award is subject to a final judgment to be signed by the court.
``We are delighted with the court's ruling in this matter. This lawsuit has been a strain on NOW Solutions and VCSY in terms of time, energy and resources for over 4 years,'' said Richard Wade, President and CEO of VCSY and Chairman of Now Solutions. ``We can now refocus our resources towards attaining our business objectives''.
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