For anyone who thought Moore was being paid from TPL's distribution
posted on
Jan 12, 2014 02:54PM
Guess Again. Does this mean that Patriot and its shareholders now get less than 50% of PDS' net proceeds?
From
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TPL Opening Disclosure Statement 12-23-13 found in BaNosser post as follows:
http://agoracom.com/ir/patriot/forums/discussion/topics/596380-tpl-bk-documents-dec-16-17-23/messages/1870873#message
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At the time of the filing of the petition for reorganization, TPL was party to a settlement agreement with Charles Moore, Patriot and PDS resolving litigation regarding payment of royalties claimed by Mr. Moore, in the case of Moore v. Technology Properties Limited, LLC et al. Santa Clara County Superior Co urt, Case No. 1-10-cv-183613. This agreement, entered into on January 23, 2013 (the “January 2013 Settlement Agreement”), provides, among other things, that Mr. Moore is paid a percentage of funds distributed from PDS rather than be paid by TPL from TPL’s distribution. It also resulted in Mr. Moore dismissing the action against TPL with prejudice. The payment provisions in the settlement agreement take the place of the prioragreements between TPL and Mr. Moore regarding Mr. Moore’s receipt of revenue from theMMP Portfolio. PDS and Patriot agreed to accept the terms, including the obligation of PDS to pay Mr. Moore, and granted him an advisory seat on the board of PDS p.53