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Breaking: Thought Convergence and Jay Westerdal Settle

March 14, 2010Domaining, Domainnamewire, jay westerdal, Policy & Law, thought convergenceComments Off on Breaking: Thought Convergence and Jay Westerdal Settle

Fallout from acquisition resolved in confidential settlement.

At long last, Thought Convergence and Jay Westerdal et al have settled their lawsuit stemming from Thought Convergence’s acquisition of Westerdal’s Name Intelligence.

The parties participated in a second mediation session with Hon. George P. Schiavelli (Ret.) on March 10, during which both parties came to a settlement. Terms of the settlement are confidential.

A court document notifying the court that a settlement was reached reads:

The Parties are currently in the process of finalizing payment and performance under the settlement agreement. Once payment is completed in the near future, the Parties will take the steps necessary to cause the Second Amended Complaint and the First Amended Counterclaims to be dismissed with prejudice.

Although it’s not a surprise that a settlement was reached, the dispute lead to a lot of previously confidential information about the acquisition becoming public — including the $16 million plus equity purchase price.


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Related posts:

  1. Jay Westerdal Drops Most Allegations Against Thought Convergence
  2. Thought Convergence and Jay Westerdal Settlement May Be in the Works
  3. Thought Convergence Amends Lawsuit Against Westerdal

Jay Westerdal Drops Most Allegations Against Thought Convergence

January 25, 2010Domaining, Domainnamewire, jay westerdal, name intelligence, Policy & Law, thought convergenceComments Off on Jay Westerdal Drops Most Allegations Against Thought Convergence

Parties file amended claims, with most allegations against TCI dropped.

Following a mediation between Jay Westerdal and Thought Convergence over the latter’s acquisition of Name Intelligence, both parties have submitted amended complaints/counterclaims.

The most notable difference in the amended filings is that Jay Westerdal has dropped most of the allegations he made against Thought Convergence (TCI) in his counterclaims. Gone are claims that TCI didn’t pay his salary, that TCI misrepresented the condition of its business, and that it participated in the “banned industry practice of arbitrage”, among other claims.

Instead, Westerdal’s brief amended counterclaim (pdf) basically alleges TCI failed to pay on time and didn’t properly set up an Equity Incentive Plan prior to execution of the acquisition agreement.

TCI’s second amended complaint (pdf) is similar in nature to its first amended complaint. It includes more detail on some of its initial allegations against Westerdal. For example, to back up its claim that Westerdal “used company assets as his own personal bank account, loaning himself money and giving himself raises without authorization”, TCI alleges that Westerdal said that this was to “bolster his application for a bank loan to purchase his primary residence”.

A second mediation date is scheduled for January 27.


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Related posts:

  1. Thought Convergence Amends Lawsuit Against Westerdal
  2. Jay Westerdal Launches Counterclaims Against Thought Convergence
  3. Jury Trial Date Set in Thought Convergence v. Jay Westerdal

Thought Convergence and Jay Westerdal Settlement May Be in the Works

January 12, 2010Domaining, Domainnamewire, domaintools, jay westerdal, lawsuit, Policy & Law, thought convergenceComments Off on Thought Convergence and Jay Westerdal Settlement May Be in the Works

TCI and Westerdal getting closer to resolution.

A settlement between Thought Convergence and Jay Westerdal over the former’s acquisition of DomainTools’ parent Name Intelligence is closer to reality, court records show. As a result, both parties have requested a postponement (pdf) of deadlines and the trial date.

The parties held a mediation session with the Hon. George P. Schiavelli (Ret) on January 6, of which Schiavelli wrote (pdf):

“…during the mediation, I found The Parties’ counsel to be exceptionally realistic concerning the strengths and weaknesses of the case and able to work well to seek resolution.”

Schiavelli noted that amended pleadings with narrower claims will be filed this week. He believes a brief discovery is necessary to reach a potential settlement:

“Though the case did not settle, I believe the Parties made substantial progress identifying the issues and obstacles to settlement and seeking solutions to them. I agree with the parties that further discrete discovery is needed on key issues before a further attempt to reach resolution would be practical.”

In his sworn statement to the court, Schiavelli notes that a settlement is a “realistic possibility”.

A second mediation date is set for Jan 27. If the court grants the extension and a settlement isn’t reached, the new court date will be May 11, 2010.


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Related posts:

  1. Jury Trial Date Set in Thought Convergence v. Jay Westerdal
  2. Thought Convergence Answers Jay Westerdal’s Complaint
  3. Jay Westerdal Launches Counterclaims Against Thought Convergence

Jury Trial Date Set in Thought Convergence v. Jay Westerdal

November 17, 2009Domaining, Domainnamewire, jay westerdal, Policy & Law, thought convergenceComments Off on Jury Trial Date Set in Thought Convergence v. Jay Westerdal

Date set for trial over troubled acquisition.

A jury trial date of April 6, 2010 has been set for the lawsuit between Thought Convergence and Jay Westerdal et al.

Thought Convergence (TCI) filed the lawsuit against Westerdal on May 1 over TCI’s purchase of Westerdal’s company Name Intelligence. Name Intelligence is best known for its DomainTools web site, but it also owns web hosting company Spry. In the suit, TCI claimed alleged breach of securities exchange agreement, breach of employment and non-compete agreements, breach of fiduciary duty, breach of covenant of good faith and fair dealing, and accounting.

Westerdal responded with a number of counterclaims, alleging a “Myriad of deliberate misrepresentations made by TCI during the negotiation process and execution of the agreement.”

Both parties have denied each others’ allegations.

The discovery cut-off is February 16, 2010 and the final pre-trial conference is scheduled for March 8, 2010. It’s rare that a case like this actually makes it to trial; it is likely the case will be settled before then.


© DomainNameWire.com 2009.

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Related posts:

  1. UPDATED: Jay Westerdal and Thought Convergence Part Ways
  2. Jay Westerdal Launches Counterclaims Against Thought Convergence
  3. Thought Convergence Sues Westerdal