Although that make a little more sense, I still don't see how a $2,300,000 judgment can be awarded. First off, the patent did not officially become a patent until after the fact, so how can a VALUE be placed on it? Secondly, it is an intangible asset, meaning it's not recorded on the balance sheet. Unless, one of two things have accrued; one being the company sold the rights, second being a company came in and acquired the company with the patent. Neither of these happened, so there cannot be a VALUE assessed to this "intangible" asset. THEREFORE, IT DOES NOT HAVE TO BE INCLUDED IN CURRENT ASSENT AND CAN BE ELIMINATED FROM THE BALANCE SHEET!! IMO, this is what a judge is going to look at in determining a settlement, they are going to look at a company's financials. I have been down this road.
Even if it were recorded on the balance sheet (which it's not, you can take a look at TTCM's current 10-k), how could a judge put a VALUE on TTCM's patent? Wouldn't there have to be some kind of third party come in an VALUE the technology? I doubt this has happened, but if it did, it would be nice to see someone has a belief that TTCM's technology is worth millions!!!! The only reason the judgment in the first suit was awarded is because it defaulted and the Plaintiff was awarded. Now does this mean that the Plaintiff should have received what he was asking? Absolutely not! He was a consultant doing a business deal on an assetless company! What person in their right mind would offer to pay him $2,300,000 for his services? What is he suing for punitive damages? In my opinion the lawsuit is asinine!! Which brings me to another question! If TTCM was liable for the first suit, that suit would still be ongoing, right? I'm not a lawyer, but I have dealt with enough lawsuit in my life to believe that if TTCM was liable for the first suit, there would have not been a second suit filed! THERE WOULD BE NO NEED! The prosecutors would have just added TTCM to the current lawsuit, parties are added to suits all the time, on both sides. Now that the second suit has been filed, TTCM IMO will have the right to defend themselves. So now I ask.....where is the plaintiff's defense? Does the plaintiff believe that just because he was awarded the first suit, he will be awarded the second? I just don't see the grounds for any of this!! I know people on this board will debate "shady business practices", (I hate to say this), but shady is a grey area!! There is a huge difference between unethical and illegal and unethical will not hold up in a court of law!! IMO it's unethical for Dick (Richard) to be suing for a ridiculous amount of money. If his consulting services are worth $2,300,000 then WHERE DO I SIGN UP!!!!! I want to be a consultant. Obviously my MBA is getting me no where!!! LOL!
