Replies to post #40540 on Calypso Wireless (fka CLYW)

[navanuts]

From the February 9, 2010 8-k filing:


ITEM 8.01 - OTHER ITEMS.


A Joint Stipulation between Calypso Wireless and the Daic Parties was filed yesterday in Federal Court, Eastern District of Texas, Case # 2:2008cv00441 (the T-mobile case). The important issues contained therein are as follows:

1.We agree that the 2009 Agreement is to be treated as an unenforceable contract.
2.We agree that the 2008 Agreement is enforceable as if the 2009 agreement was never signed.
3.We agree that all actions related to the TRO will be dismissed and the $50K cash bond will be returned to Calypso.
4.We agree no admissions of liabilities are to be construed by this stipulation.
5.The Daic Parties agree they will not attempt to sell, transfer, auction or otherwise encumber the IP without State Court permission.
6.The Daic Parties agree that Williamson PC will be voluntarily added as plaintiff to settle all remaining questions of standing. 7.The Daic parties will supply the USPTO with all documents necessary to clarify that, for the terms of the T-Mobile lawsuit, the Calypso/Daic Parties fully own the IP 75/25 and that Mr. Stephens' involvement is ended.
8.The Daic Parties agree Calypso will be the party managing the IP and litigation thereto.
9.Calypso agrees claims against the Daic parties will be dismissed.
10.Calypso agrees that if Calypso's counsel were to withdraw from the suit, the Daic parties may "step-in" and Manage the Suit.

There is no need for the Fed case to wait for the State case as teh motion filed gives Calypso authority to settle. It does, however, allow for the Daic parties to share in 25% as they are assigned 25% ownership in the patent. I believe that 25% ownership, as it was filed with the court, is the ownership dispute that is referenced in the filings regarding the state court trial. Based on what has been filed, I dont see how it would delay the fed case as Calpyso has been given the authority to settle the legal proceedings with T-mobile. Please let me know if I am missing something in my optimism.

[HighRider]

I think the Daic parties will see the handwriting on the wall and join in a settlement thus dismissing the state case. They are probably more interested at this point in getting the state case settled than Calypso might be. They have to know that the patent is not going to them and therefore the only available outcome is to reinforce the 2008 agreement. The downside for them is to lose big time and have to pay Calypso a large amount of cash, which they don't have. They should be paying legal counsel because anybody else might tell them they are crazy for continuing the state case and they need to settle.