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Navidea Biopharmaceuticals, Inc.

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Msg  33393 of 33630  at  11/27/2020 11:16:06 AM  by


The following message was updated on 11/27/2020 11:56:02 AM.

 In response to msg 33387 by  FIRAC
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Re: Delaware trial

    MG made a few last minute motions, all of which have been denied, so trial will go forward.  The court is allowing "Confidential Treatment of Trial-Related Filings" and that is possibly the reason I haven't be able to access pre-trial briefs or exhibits online.   I don't know if parts of the trial may be closed since it is likely that confidential information will be presented or discussed at trial.   This trial, as far as I know, is just MT suing MG for breach of fiduciary duty and conversion related to when as CEO of Macrophage Therapeutics, MG secretly and unlawfully set up a subsidiary of MT and transferred the IP to that subsidiary (called M1M2).  This same Del. Chancery Court ruled in a summary judgment motion last year that those actions were invalid and void, but did not grant summary judgment on the issue of breach of fiduciary duty and conversion.  I have not seen any documents that specify what damages (in terms of money) NAVB suffered as a result of the voided actions.  A breach of fiduciary duty can be found In Delaware with only nominal damages but it is very difficult to get punitive damages, even if there are substantial actual damages.  It's possible that MG will be found guilty but unless damages are proved at trial there will be virtually no recovery awarded.  New testimony and exhibits may be introduced at trial that can show damages.  After the trial both sides will file post-trial briefs and eventually a ruling will be made. 

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Msg # Subject Author Recs Date Posted
33394 Re: Delaware trial FIRAC 10 11/29/2020 5:18:46 PM

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