Fallout from acquisition resolved in confidential settlement.
At long last, Thought Convergence and Jay Westerdal et al have settled their lawsuit stemming from Thought Convergence’s acquisition of Westerdal’s Name Intelligence.
The parties participated in a second mediation session with Hon. George P. Schiavelli (Ret.) on March 10, during which both parties came to a settlement. Terms of the settlement are confidential.
A court document notifying the court that a settlement was reached reads:
The Parties are currently in the process of finalizing payment and performance under the settlement agreement. Once payment is completed in the near future, the Parties will take the steps necessary to cause the Second Amended Complaint and the First Amended Counterclaims to be dismissed with prejudice.
Although it’s not a surprise that a settlement was reached, the dispute lead to a lot of previously confidential information about the acquisition becoming public — including the $16 million plus equity purchase price.