Ableauctions and iCollector.com Reach Settlement with Liveauctioneers LLC, Julian Ellison and John Ralston.NEW YORK -- Ableauctions.com Inc. (AMEX AMEX See: American Stock Exchange :AAC (Advanced Audio Coding) An audio compression technology that is part of the MPEG-2 and MPEG-4 standards. AAC, especially MPEG-4 AAC, provides greater compression and better sound quality than MP3, which also came out of the MPEG standard. ) (the "Company") announced today that it has reached a settlement in the suit brought against Liveauctioneers LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Julian Ellison, and John Ralston. In February 2005, a jury in the Supreme Court of the State of New York, County of New York, awarded damages to the Company and iCollector.com Technologies Ltd. ("iCollector") after unanimously finding that, in 2002, Ellison breached the fiduciary duty he owed to iCollector and that Liveauctioneers LLC, Ellison, and John Ralston engaged in acts of unfair competition. Under the terms of the settlement agreement, Liveauctioneers, Ellison and Ralston have agreed to pay the Company $310,000 over the course of one year beginning with a $155,000 payment due in September 2005. Abdul Ladha, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ableauctions, commented, "We believe the settlement was in the best interests of the Company and its shareholders. This truly marks the end of a contentious period. We look forward to focusing our energy in building and developing our core businesses." iCollector.com is the preeminent supplier of live online auction technology to the world's most prestigious galleries and industrial auction houses. It is the only auction technology company to be endorsed by the National Auctioneers Association The National Auctioneers Association (NAA) is a group of auctioneers, auction businesses and related companies that seeks to promote the auction method of marketing and the practice of auctioneering in the United States The NAA is an interest group.. (NAA NAA Nomina Anatomica Avium. ) and has partnered with eBay Live Auctions in broadcasting real-time on the Internet. iCollector's technology enables auction houses to open their establishments to the world by allowing online bidders to participate in real-time on the auction floor. Visit www.icollector.com or (www.icollector.com/ourTechnology.aspx) Representing the Company and iCollector was Kenneth J. Rubinstein of Olshan Grundman Frome Rosenzweig & Wolosky, LLP LLP - Lower Layer Protocol . This press release contains forward-looking statements that fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Certain factors may cause actual results, performance or achievements to differ materially from the anticipated results. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion