Just a SWAG, but to do what you want to do would take between two and four simultaneous court actions in at as many as three different states. Not even sure of all the prerequisites that would be required before you could even get standing as an individual shareholder or as a representative of a class of shareholders.
1. File in the Texas state case as an interested party and block the settlement. Not sure this could even be done. may require you to file a derivative suit first. Approximate cost, $25-$50K for the initial work to block the settlement.
2. File a derivative suit in Delaware to have management or the whole board removed. Approximate cost, $25-$50K. You might be able to piggyback this suit off the California action if you can get one-third of the shareholders to agree.
3. File in the court of original jurisdiction on the default judgement to find that Diac breached the agreement and therefore our agreement to dismiss with prejudice is null and void. Attempt to reopen the appeal or at a minimum appeal the value of the judgement. A long shot. Approximate cost $50- $100k.
All this does not even touch the fact that you would have to go back and redo all the discovery on the state case to be able to make a real argument that Diac interfered and/or that Turrini colluded in the interference. So, if you have between $100-$200K laying around feel free to initiate the actions you are discussing. Even if you could, it would probably be two years before you would even begin to see any real action on these matters. In the meantime, the clock ticks on the patent.
Reality is that we are where we are. You play with the hand you are dealt.
Shoot me an email at tbaquinas@gmail.com if you want to discuss this further. For now I think this board might want to move on to more current and realistic concerns.
