From the time they signed the deal in 2008 until the time Diac tried to sell the patent, about two years give or take, we had full rights to make deals with the patent. None were ever made. In addition, there was a point during the litigation where Diac gave us full rights to license the patent. It was during that time that the stay was filed based on the settlement talks with T-Mobile. Nothing worthwhile ever came of that.
Now, as far as funding I am sure Turrini got funding in the form of loans from lots of people. I can only guess, but I would believe that we are several million dollars in the hole based on these loans. It is only a guess, but since Pierce said it would take a month or two to get the books straight back in December I would guess we should be able to get a good look at where we stand by mid-February.
I have to do a lot of guessing because management never actually provides documents, only bullet points.
Now, if I had to guess the settlement talks probably yielded a deal that management thinks is the cat's meow but they know the independent directors will veto because it is way too low (my guess, about $2-3 million). That explains why, since last spring, management has been hell bent to get rid of Williams and stack the board. It would also explain why the settlement will not be made public, assuming there is a minimum amount that Diac will accept for the settlement.
