Recent

% | $
Quotes you view appear here for quick access.

VALENCE TECH INC Message Board

  • 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.