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Bateman Litwin - settlement of Delta-T Litigation gets a massive 5 lines
Posted 23/04/09
Bateman Litwin has announced that the litigation between it and the former owners of Delta-T Corporation (“Delta-T”), Bibb and Robert Swain, has been settled. The litigation related to the Swains’ sale to Bateman Litwin of the stock of Delta-T.
The announcement simply confirmed that the terms of the settlement are confidential and that the Bateman Litwin shares held by the Swains will be returned to the Company – that’s it!
Having paid a massive US$45m in cash and 11.8m in shares for Delta-T back in August 2007 and subsequently had to take an operating charge of US$8.5m and Goodwill impairment of U$8.3m all we get is a few lines and a return of 11.8m shares with a current value of £2.2m.
At the time of the deal back in August 2007 the Bateman Litwin share price was over 300p!
It all sounds a bit too cushy to me.
Anyway let’s hope the new management can now draw a line in the sand and move on.
This entry was posted 2 years, 9 months ago and was filed under Bateman Litwin.
