Science & Technology
Mon, April 16, 2012
KIRKLAND, Wash.--([ BUSINESS WIRE ])--Pendrell Corporation (NASDAQ: PCO) (aPendrella or athe Companya) announced today that the Court of Appeal of the State of California, Second District (athe Courta), has overturned the 2008 California Superior Court jury verdict in the litigation between Pendrellas subsidiary, ICO Global Communications (Operations) Limited (aICOa), and The Boeing Company and certain of its subsidiaries (aBoeinga). The Court also awarded Boeing its appellate costs.
"We are clearly disappointed with the courtas decision and we are evaluating our options for further review"
ICO was awarded $603 million in October, 2008 by a jury following a lengthy trial in California Superior Court. The jury had found that one of Boeingas subsidiaries had committed fraud and breach of contract, and that Boeing hadtortiouslyinterferedwith ICOascontractual rights in connection with a$2 billion construction and launch agreement for a worldwide satellite communications network. Judgment on the $603 million verdict was later entered and affirmed by the Superior Court with post-judgment interest of ten percent. Boeing appealed the verdict in early 2009. The proceedings before the California Court of Appeal were significantly delayed, most recently by the highly unusual recusal of two appellate justices without explanation.
aWe are clearly disappointed with the courtas decision and we are evaluating our options for further review,a commented Ben Wolff, chief executive officer of Pendrell.
About Pendrell Corporation
Pendrell is headquartered in Kirkland, Washington. For more information about Pendrell, visit [ www.pendrell.com ].