Two elements in the CYDY lawsuit against Rosenbaum
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Posted On: 08/07/2021 12:10:19 PM
Two elements in the CYDY lawsuit against Rosenbaum/Patterson:
1. It states that IncellDX asked for $350 million, "including milestone payments for certain development and sales milestones." (paragraph 21) Seems like we might get a chance to see the actual proposal if discovery continues. That will be interesting, and would really put the $350 million in context (e.g. how much up front, and how much for what particular performance).
2. The relief sought is that the Proxy Solicitation be amended and corrected, and that no solicitation occur until that is complete. (page 32, items f and g). They also ask the court to declare that the omission of the Patent Issue, the $350 million issue and the many other concerns were in fact material omissions/errors in the original Proxy. They aren't asking that the entire issue be declared "dead." (The letter to Rosenbaum says the issue is "dead", but isn't what the lawsuit asks for.)
As others have noted, this all seems to open a big can of worms, as previously confidential communications may no longer be confidential.
The nuances of the patent argument are interesting, as are the dates, outlined in paragraphs 28 and 29. Essentially, both parties were embroiled in the patent dispute, and well on the way to divorce, when the $350 million proposal was submitted. I think that Bruce had a tweet where he said the CYDY told him they were too busy to prepare a proposal, so CYDY asked IncellDX to prepare it. I wonder if that is documented anywhere (not that it is highly relevant).
Anyway, here is to hoping that the $350 million proposal eventually sees the light of day.
1. It states that IncellDX asked for $350 million, "including milestone payments for certain development and sales milestones." (paragraph 21) Seems like we might get a chance to see the actual proposal if discovery continues. That will be interesting, and would really put the $350 million in context (e.g. how much up front, and how much for what particular performance).
2. The relief sought is that the Proxy Solicitation be amended and corrected, and that no solicitation occur until that is complete. (page 32, items f and g). They also ask the court to declare that the omission of the Patent Issue, the $350 million issue and the many other concerns were in fact material omissions/errors in the original Proxy. They aren't asking that the entire issue be declared "dead." (The letter to Rosenbaum says the issue is "dead", but isn't what the lawsuit asks for.)
As others have noted, this all seems to open a big can of worms, as previously confidential communications may no longer be confidential.
The nuances of the patent argument are interesting, as are the dates, outlined in paragraphs 28 and 29. Essentially, both parties were embroiled in the patent dispute, and well on the way to divorce, when the $350 million proposal was submitted. I think that Bruce had a tweet where he said the CYDY told him they were too busy to prepare a proposal, so CYDY asked IncellDX to prepare it. I wonder if that is documented anywhere (not that it is highly relevant).
Anyway, here is to hoping that the $350 million proposal eventually sees the light of day.
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