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  • spook2b spook2b May 22, 2013 7:15 PM Flag

    Possible settlement of damages in Phostech suit

    There was a filing in the bankruptcy case today concerning a settlement of the damages phase of the Phostech case. The bankruptcy judge would have to approve it, but here's a clip from the filing:

    Briefly, the Settlement Agreement provides for payment of $1,000,000 (Canadian dollars) (the “Funds”) to be held in trust for the Debtor pending Court approval and certain other terms, as set forth in the
    Settlement Agreement.

    Bearing in mind that the bankruptcy judge still has to approve the settlement, it's too bad that noway isn't around to settle up his bet on the amount of damages - I can't remember off hand who he bet with, but I think he commented that the damages would be minuscule (on of his favorite words.)

    I see this as a bit of good news for VLNC, but I'm still unsure of how shareholders will fare in the end.