Parties file amended claims, with most allegations against TCI dropped.
Following a mediation between Jay Westerdal and Thought Convergence over the latter’s acquisition of Name Intelligence, both parties have submitted amended complaints/counterclaims.
The most notable difference in the amended filings is that Jay Westerdal has dropped most of the allegations he made against Thought Convergence (TCI) in his counterclaims. Gone are claims that TCI didn’t pay his salary, that TCI misrepresented the condition of its business, and that it participated in the “banned industry practice of arbitrage”, among other claims.
Instead, Westerdal’s brief amended counterclaim (pdf) basically alleges TCI failed to pay on time and didn’t properly set up an Equity Incentive Plan prior to execution of the acquisition agreement.
TCI’s second amended complaint (pdf) is similar in nature to its first amended complaint. It includes more detail on some of its initial allegations against Westerdal. For example, to back up its claim that Westerdal “used company assets as his own personal bank account, loaning himself money and giving himself raises without authorization”, TCI alleges that Westerdal said that this was to “bolster his application for a bank loan to purchase his primary residence”.
A second mediation date is scheduled for January 27.