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SIGA Technologies Inc. Message Board

  • sigakingone sigakingone Jan 25, 2014 8:41 AM Flag

    Delaware Supreme Court Reverses Equitable Payment Stream to PharmAthene and Remands Litigation to Trial Court for New Determination of Damages


    May 26, 2013
    Delaware Supreme Court Reverses Equitable Payment Stream to PharmAthene and Remands Litigation to Trial Court for New Determination of Damages

    NEW YORK, May 26, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA) reported today that the Delaware Supreme Court reversed the award of an "equitable payment stream" by the Court of Chancery in its May 31, 2012 Final Order and Judgment in PharmAthene, Inc. v. SIGA Technologies, Inc. and also remanded the case to the Court of Chancery for further proceedings to determine appropriate damages.

    William J. Haynes II, SIGA's General Counsel, commented, "We are pleased with the Delaware Supreme Court ruling issued on Friday. The Supreme Court's decision states that PharmAthene may only obtain damages for its lost expectancy if it can prove them 'with reasonable certainty.' We intend to establish to the Chancery Court, consistent with that Court's earlier conclusions, that PharmAthene's evidence of expectancy damages is speculative and too uncertain, contingent, and conjectural to permit an award."

    Dr. Eric A. Rose, SIGA's Chief Executive Officer, commented, "While legal proceedings may continue, we will now focus with even greater intensity on growing and enhancing SIGA's business, executing our existing contract with BARDA, seeking approval and licensing of Arestvyr™ from the U.S. Food and Drug Administration, and making greater use of our proven antiviral drug discovery and development capabilities."

    Long and Strong

    Sentiment: Strong Buy

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    • Thanks for posting that timely 8 month old information... Why don't go you back and post the news release of the original BARDA contract and then we can all pretend the stock is trading at $16 and not $ in the present.

    • Good read. This has been going on so long I had forgotten about this PR. Thank You for posting this Sigakingone.

    • I called PiP investor Relations, a much more accessible and shareholder friendlier person than Siga's IR.
      She (Stacy) basically said the delay might be due to only having 2 clerks and the expediency might be due to his familiarity with the case. She said 60-90 days sounds like a good guesstimate of when he rules.
      (although she did say you never know)
      I can only hope Parsons makes a decision that is not one sided and serve more as a settlement between both parties. This may help them realize and calculate that further litigation and appeals only hinders their own selfish interests.

      • 1 Reply to siana1917
      • Yes, you can ONLY hope....because Parsons will NEVER side.....even slightly with SIGA.....never has, never will. He only wishes he had not said a few things, way back, that forgave SIGA for their actions. Otherwise he'd be using those actions for his benefit. He hates SIGA.

        BTW, thanks for contacting PIP IR. Yes, SIGA's IR firm must have been mandated to shut the heck up.....because these past 3 firms have been the most tight lipped. Anyway, I've waited 10 years for nothing....what's another 90 days.....I mean, 2 years.

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