Following contract termination, Phillips files suit against Your Health.Phillips International Inc. was all set to sell its health division, called Phillips Health, to Your Health Inc. when chairman Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs L. Phillips terminated the contract on April 13 because of "the failure of Your Health Inc. to make cash deposits required under the contract" (NL/NL 4/15/00). Phillips has now filed a Federal lawsuit lawsuit: see procedure; tort. against Your Health, whose president is Mark A. Fox of The Fox Group, for breach of contract. In a lawsuit filed April 21 in U.S. District Court in Delaware, Phillips is suing for "a $500,00 payment that was promised but never delivered by Your Health. Phillips is also seeking judicial confirmation that Your Health Inc.'s breaches of contract result in termination of the license agreement." After months of negotiation, Phillips completed a contract effective March 31 to sell its health newsletters, web sites and nutritional products to Your Health, a New York-based privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. founded and majority-owned by Fox. (Despite a number of phone calls, Your Health would not talk to NL/NL.) Tom Phillips said, "Mark Fox and Your Health Inc. repeatedly failed to make the initial payments required in the contract, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite two deadline extensions. We are seeking the remaining $500,000 of the $2 million payment that was promised by Mark Fox, in his capacity as president of Your Health Inc., after the initial $10 million escrow payment Escrow payment is the common term referring to the portion of a mortgage payment that is designated to pay for real property taxes and hazard insurance. It is an amount "over and above" the principal and interest portion of a mortgage payment. was not made in the required three business days. "The licensing agreement was predicated on Your Health Inc.'s compliance with its initial payment obligations," Phillips added. "We are asking the court to confirm that Phillips, of course, has no obligation to provide any of its proprietary and highly valuable intellectual property to a company that failed even to be able to make the initial deposit required by the contract." Phillips also noted that "Mark Fox is already a defendant in a suit filed in U.S. District Court on June 25, 1999, by Nutritional Marketing claiming breach of contract, misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any , conversion and tortious interference Tortious interference, in the common law of tort, occurs when a person intentionally damages the plaintiff's contractual or other business relationships. This tort is broadly divided into two categories, one specific to contractual relationships (irrespective of whether they ." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion