InterDigital Inc (IDCC)

[olddog967]

The following is a brief summary of IDCC’s filing against Pantech in Delaware District Court. Because Pantech filed last month in Korea for court receivership, which i believe is basically the same as a Chapter 11 bankruptcy filing in the US, I don’t know what IDCC can hope to collect.

Because of financial difficulties, in a Feb 6, 2013 amendment to the PLA, the payment terms were modified calling for total payments of $62, 800,00 IAW following schedule

$9,900,000 due by Mar 15, 2013
$4,500,000 due in quarterly payment during remainder 2013
$12,000,000 due in quarterly payments during 2014
$18,000.000 due in quarterly payments during 2015
$18,400,000 due in quarterly payments during 016

On Jul 15, 2014 Pantech informed IDCC that they would not make the $3,000,000 payment that was due. Because of the default IDCC notified Pantech that IAW with agreement the remaining balance amount of $42,400,000 became due at that time.

IDCC filed suit in August to collect the $42,400,000, plus interest at 10% compounded quarterly, and cost incurred.

No court action to date, except appointing a judge and magistrate for the case.