Luna Innovations Inc (LUNA)

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Judge delays decision in Luna bankruptcy case

http://www.roanoke.com/business/wb/221854

Judge delays decision in Luna bankruptcy case
By Laurence Hammack | The Roanoke Times
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A final settlement of a $36.3 million verdict against Roanoke-based Luna Innovations Inc. is at least three weeks away.

Two weeks after reaching what they called the framework of a settlement, attorneys wrote in a letter Thursday to bankruptcy Judge William Stone that they need until Oct. 29 to close the deal.

Luna filed for bankruptcy after a California jury ordered it to pay $36.3 million to Hansen Medical Inc.

Hansen had accused Luna of stealing its trade secrets as the two companies explored the possibility of working together to develop a catheter for high-tech surgeries.

By filing for bankruptcy, Luna created the opportunity for Stone to determine how much it should have to pay Hansen. But over the past three weeks, attorneys on both sides of the case have asked Stone several times to delay his decision while they work out the details of the settlement.

Thursday had been the most recent deadline until Stone agreed to an extension to Oct. 29.

While terms of the tentative agreement are not public, Luna officials have said the amount is one that would allow the company to emerge from bankruptcy and pay all of its creditors in full.