Marnetics Broadband Technologies announced that the Supreme Court of New York accepted its appeal and reversed the lower court's denial of motion to vacate a default judgment of sum $725,000 entered against the company and former COB of the company, Dov Strikovsky.
In its motion to the lower court, the company argued that the default judgment was obtained by Ananda Capital Partners without proper service of process and lacked merit. The lower court's decision to deny the Company's motion to reverse the default judgment has now been reversed by the Supreme Court.
In its decision, the Supreme Court accepted the Company's arguments and ordered that the court that entered the default judgment conduct an evidentiary hearing in order to determine whether the lawsuit against the Company was properly commenced. If the company's arguments are accepted by the lower court and the default judgment is vacated, proceedings on the merits of Ananda's claims will follow.
The Company can not estimate at the moment what influence the decision of the Supreme Court will have on the financial result of the company.
Marnetics develops network capacity enhancement and Network Information solutions. The Prospera product line, which includes the MegaLink and the Expert, is a platform for IP-networks that enhance the number of concurrent sessions, performs QoS, provides panoramic views of network information, capacity planning and protection of mission-critical-applications. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
