The entire debt was cancelled as well as the $50,000 per six month retainer that GERS could afford.
Cantor Colburn LLP ("Cantor") and the Company entered into an amended agreement pursuant to which Cantor agreed to accept 15% of any recoveries from the Company's pending patent litigation in excess of $3.6 million per year in exchange for all services rendered to date and moving forward.
The Company recognized an $8,433,388 gain on extinguishment of debt upon the write-off of all accrued legal fees.
Cantor Colburn LLP (C&C) is a distinguished, experienced IP law firm with complete and intimate knowledge of the legal facts in this litigation.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.