MG and NAVB have informed the NY Fed Dist Court that they are discussing a possible settlement which would end litigation. Earlier this week I posted information about MG's sons founding a company that apparently uses the same IP that MG tried to steal but was forced to return by a Del court. MG's countersuit in NYFDC has some plausibility of success which would cost NAVB 2M+ (not including a significant amount for MG's attorney fees). It is not beyond the realm of possibility that a settlement would not be for cash but for a sublicense for the IP that 101 Therapeutics needs. But any settlement, even for cash or stock, might be what some potential investors have been waiting for as MG was seeking over $25M in damages and control of the MT IP.
From 11/23/2022 letter to court:
"The parties have expressed a willingness to re-engage in settlement discussions in an
effort to resolve this action without the need for further proceedings. In light of this, and taking
into account the upcoming holiday, the parties respectfully request that they be allowed until
December 16, 2022 to engage in settlement discussions and exchange proposals amongst
themselves. If the parties are unsuccessful, we anticipate that on December 16, 2022, the parties
would submit a proposed schedule for summary judgment motions. If prior to December 16,
2022, the parties believe a resolution might be facilitated by further mediation, the parties will request a reference to mediation."
update 11/28, court order:
MEMO ENDORSEMENT on re:293
Letter filed by Michael M. Goldberg. ENDORSEMENT: Application GRANTED.
If no settlement is reached, the parties must submit a joint letter
proposing a summary judgment briefing schedule by December 16, 2022.
If, at any time, the parties want a settlement conference with their
assigned Magistrate Judge, Magistrate Judge Figueredo, or if they wish
to be referred to the mediation program, they may submit a joint letter
requesting a referral. SO ORDERED. (Signed by Judge Valerie E. Caproni
on 11/28/2022)