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ZST Digital Networks, Inc. Message Board

  • higgins.boson higgins.boson Aug 23, 2013 3:27 PM Flag

    We might have a settlement soon...

    A Chinese company facing adverse court rulings in a U.S. investor's lawsuit over its accounting has indicated it is open to discussing a settlement of the investor's $32.3 million judgment against the company......................
    a law firm representing the company and Zhong Bo, its chief executive who isn't named in the suit, said in an Aug. 8 letter that "our client welcomes the idea of resolving the matter amicably." The law firm, King & Wood Mallesons, proposed in the letter that the two sides meet in China in September.
    A settlement in the ZST case is far from certain. Mr. Deutsch's attorneys want ZST to post $2 million toward any potential settlement as a sign of good faith, while ZST is insisting the talks take place with no preconditions, according to the letters. The two sides previously had discussed a potential settlement, but those talks broke down in July, Mr. Seiden said in court documents.

    Meanwhile, both sides continue to press their positions. Mr. Deutsch has filed a motion that would boost his potential recovery from ZST to $38.4 million, based on more-recent figures related to ZST's value than he had at the time of the initial judgment. Xue Na, ZST's corporate secretary, has asked a judge to throw out that initial judgment.

    "We remain very hopeful, but are prepared to proceed aggressively," said David Graff, an attorney for Mr. Deutsch.

    Michael Rapoport

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