Skip to main content

ConnectU founders appeal $65 million settlement with Facebook


ConnectU founders appeal $65 million settlement with Facebook After reaching a $65 million settlement with Facebook founder Mark Zuckerberg back in 2008, ConnectU founders Tyler and Cameron Winkelvoss are now appealing the settlement.
The twins agreed to a settlement in 2008 that got them $20 million in cash and $45 million in stock, valued at $36 per share. Now, the pair are alleging that they were misled about the real value of Facebook stock in 2008, and have brought the case to the Ninth Circuit Court of Appeals in San Francisco.

A skeptical three judge panel began considering today whether the Winkelvoss twins have a case. They scrutinized the argument put forward by the twins through attorney Jerome Falk. "The (ConnectU) founders are pretty smart people themselves, the twins also have a father from Wharton School who is very bright," Judge John Wallace said.

"If you have all these people to advise you, isn't it difficult to say this is one of those things where you were taken advantage of?"

Wallace was pointing out that the settlement was reached by teams of lawyers and a top mediator. The Winkelvoss brothers had valued the Facebook stock based on a news report that Microsoft had bought a small piece of the social networking site in a deal that valued the stock at around $36, and the company at $15 billion.

Falk argued that Facebook violated US securities laws by not disclosing that it had valued the stock at closer to $9 for stock options issued to employees. "This case is about whether sophisticated parties surrounded by a platoon of world-class lawyers can cancel a deal that is binding," Facebook attorney Joshua Rosenkranz countered.

"No one was misled here," he said. "The ConnectU founders struck a deal that made them very rich and is making them richer by the day. No one made them sign it."

Comments

Popular posts from this blog

FaceBook Chat Emoticons

FaceBook Chat Emoticons Emoticons Shortcut Key Description :42: 42 Red Number FaceBook Chat Emoticon NEW!! O:) O:-) Angel FaceBook Chat Emoticon o.O O.o Confused FaceBook Chat Emoticon

MONEY?

The US twenty-dollar bill Money is any object that is generally accepted as

What Is Meant By Short Term Loan Chinatown?

Short term loan California is very famous amongst all and there have been a lot of people who are taking advantage of these loans. They are specially taken by those people who require cash in times of distress or then at times when they do not have any money left so that they can make it at least to the next payday which is coming. If you have never taken this kind of a short term loan Chinatown then it is very certain that you might not know the basics involved in it. It is nothing that very difficult. It's just that you haven't felt the urge to borrow little money form the payday providers. These kinds of loans are very similar to the long term loans that are opted for most of the residents to fulfill their daily requirements. The providers of these loans are many you can get it form a bank or then you can also get it from an individual for say a time of week or two. When you receive your next check you will have to pay back this amount which you have borrowed and will