2012-10-05 15:31:58 -
Vringo, Inc. (VRNG) announced that they have raised $45 Million as part of a
straight equity deal just two days after a U.S. court ordered defendants Google
Inc. (GOOG), AOL, Inc. (AOL), IAC/InterActiveCorp. (IACI), Target Corporation
(TGT), and Gannett Co., Inc. (GCI) to engage in Settlement Discussions with
Vringo next Tuesday, October 9.
The court denied the defense team's request for a Summary Judgment stating there
were "genuine issues of material fact in dispute".
A settlement may be reached at the Settlement Conference. If not, the trial is
set to begin on October 16.
The substantial money raise is seen mostly as a positive move by Vringo's
management given that the firm is now armed with $55 million in cash, and can
therefore show far greater strength in negotiating a larger settlement
If the parties cannot reach a
settlement next week, Vringo is scheduled to meet
Google et al. in court where they will seek a potential multi-billion award.
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Source: Equity Brief via Thomson Reuters ONE