10 companies have settled, 1 just agreed to settle, but I am confused on the agreement concerning the date to complete it (?) and 15 to go in CO.
From Doc 330:
Plaintiff e.Digital and Defendant Summit have been engaged in confidential settlement negotiations which both parties anticipate are likely to lead to resolution of the lawsuit as to Summit. The settlement resolution as currently contemplated is contingent upon Summit’s business performance during the next few months. Summit is one of twenty-eight defendants in the above-captioned litigation. Accordingly, e.Digital and Summit jointly request that the Court stay the case as to Summit only for the period of four months, ending April 15, 2011 (the “Stay Period”) to enable these parties to attempt to resolve the litigation as to Summit.
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In my layman opinion, this request was made by both parties to simply save Summit some legal expenses. Like doni said, they wanted to “stand in the corner” for a few months while the court proceedings continued with the other defendants. The judge said they could have all the settlement discussions they want but they can’t stand in the corner for 4 months.
EDIG and Summit wrote that their settlement resolution is contingent upon Summit’s business performance during the next few months. Again in my layman opinion, sounds to me like EDIG said, “We want $XX million and Summit said, “OK, give us a few months.” What are other opinions on that language?
