Stemcall,
here is a post I made today on I-Cell that should help. Also, this suit
has 2 claims, The ACT claim Plaintiff seeks $12389000
Hopefully this will answer questions for you and others who are asking.
The beef between Aronson and ACT goes way back to the early 2001 range. Aronson
did financing for ACT and never got paid back. A settlement agreement was signed
in 2005 and that didn't get taken care of either. I will bypass all of that and
start with lawsuits and appeals up to today.
1) Oct of 2007: Aronson filed a lawsuit for $14MM for breach of contract.
2) March of 2010: Aronson dropped case one day prior to jury trial case dismissed without prejudice
3) April of 2010: ACT filed to recoup about $625K in attorney fees
4) June of 2010: Trial court denied ACT's appeal for attorney fees
5) Aug of 2010: ACT went to higher court, Apellate, to recoup the $625K
6) June 21, 2011: Apellate court agreed with lower court, ACT denied attorney fees.
Respondent(Aronson) has right to recoup his fees once filed in lower court
7) August 23, 2011: Aronson files with FEDERAL Court for $28MM. Instead of filing under
contract dispute, he has now filed under Securities/Commodities dispute.
