The last I heard, the underlying suit is still on appeal.
The only reason collections were undertaken is because no supersedeas bond was posted.
The reason no bond was posted is simple: why pay an insurance premium to prevent collections in the U.S., when the company's assets are all in China?
I think Western is digging a dry hole, hoping to gin up settlement interest by management by creating panic among investors about the shares.
If management isn't compensated on the basis of options, and isn't planning to cash out, it's unlikely to generate much leverage.
I'm interested in hearing the outcome of the appeal. My understanding is that the underlying suit was refiled repeatedly, which suggests someone was shopping for a friendly judge or the like. If the law doesn't back up the trial court's position, the judgment isn't safe on appeal.
Anyone have access to the pleadings, or can post info on exactly how this went down? It'd be nice to know more about the merits of the case, though there have been links posted on the history of Western and its principals to suggest they're scam artists suing on a contract for services they never performed.
Take care,
--Tex.
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