(Total Views: 541)
Posted On: 08/18/2021 9:14:17 PM
Post# of 154991
Re: craigakess #100670
There were/are at least two suits with respect to the Pestell termination.
One is complete (via arbitration, I think). In that one, CYDY tried to withhold 3 million shares that were otherwise due to Pestell per the terms of the acquisition agreement. CYDY lost, and was ordered to deliver the 3 million shares, which they have. CYDY was also ordered to pay an ADDITIONAL $7.1 million in cash to Pestell, which they paid in July. This $7.1 million was essentially penalties and interest for improperly withholding the 3 million shares in the first place.
The second dispute is ongoing. It involves more wage-related issues and gets in to more detail around termination "for cause" or "not for cause." Certain parts were adjudicated and dismissed, mostly in favor of CYDY. There is a trial scheduled in April 2022 for the remaining parts. (This is described in the various 13d filings that have been published recently).
I believe the above are facts, not in dispute, as reflected in court and SEC filings.
One is complete (via arbitration, I think). In that one, CYDY tried to withhold 3 million shares that were otherwise due to Pestell per the terms of the acquisition agreement. CYDY lost, and was ordered to deliver the 3 million shares, which they have. CYDY was also ordered to pay an ADDITIONAL $7.1 million in cash to Pestell, which they paid in July. This $7.1 million was essentially penalties and interest for improperly withholding the 3 million shares in the first place.
The second dispute is ongoing. It involves more wage-related issues and gets in to more detail around termination "for cause" or "not for cause." Certain parts were adjudicated and dismissed, mostly in favor of CYDY. There is a trial scheduled in April 2022 for the remaining parts. (This is described in the various 13d filings that have been published recently).
I believe the above are facts, not in dispute, as reflected in court and SEC filings.
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