Date set for trial over troubled acquisition.
A jury trial date of April 6, 2010 has been set for the lawsuit between Thought Convergence and Jay Westerdal et al.
Thought Convergence (TCI) filed the lawsuit against Westerdal on May 1 over TCI’s purchase of Westerdal’s company Name Intelligence. Name Intelligence is best known for its DomainTools web site, but it also owns web hosting company Spry. In the suit, TCI claimed alleged breach of securities exchange agreement, breach of employment and non-compete agreements, breach of fiduciary duty, breach of covenant of good faith and fair dealing, and accounting.
Westerdal responded with a number of counterclaims, alleging a “Myriad of deliberate misrepresentations made by TCI during the negotiation process and execution of the agreement.”
Both parties have denied each others’ allegations.
The discovery cut-off is February 16, 2010 and the final pre-trial conference is scheduled for March 8, 2010. It’s rare that a case like this actually makes it to trial; it is likely the case will be settled before then.