Anyone who thinks Rossi "won" is living in fantasy land.
The only big winners were the attorneys for both sides.
Both sides submitted bills to the Court of about $7.5 million each,
hoping the judge would assess those costs to the other side. This
similarity of bills looks like collusion on their part - but there is no
reason to believe that they were paid substantially less by their clients.
That means most of the initial $11 million which Rossi got from IH was
lost to him in the filing of the lawsuit. But he is not home-free. Rossi
gets to keep his junk IP and apparently the Swedes love him, so he may
resurface over there if he can stand the winters.
Rossi was not charged with perjury for his deposition - at least not
yet. IH believes he should have been charged - and that could still
happen. No agreement with IH will protect him from perjury.
As for the legal fees of IH plus the other money they paid to Rossi up
front - that is probably over $20 million, BUT they offloaded all of
that expense and more to a British Investment firm - which has actually
gone up in value since they made the $50 million investment in IH/Cherokee.
If you are "following the buck" in all of this, here is how it stands:
1) Rossi has a net of about $4 million ($11 million minus attorneys fees)
2) Darden has a net of about $30 million ($50 million from Woodford
minus $20 million)
3) The attorneys have a net of about $15 million
4) Woodford Patient Capital Trust is up about 14% from when they
invested in IH
In a way, it looks like Darden is in fact the biggest winner here ...
but in one of the never-ending mysteries of capitalism - the big loser
is not apparent... other than the vorticians who wasted hundreds of
hours posting and reading a "show about nothing"
... with apologies to Jerry, his nothing was at least funny...
