The Company's former attorneys commenced an action in the state court in New York
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in January 2003 seeking unpaid legal fees in the approximate amount of $300,000. The Company's answer denies the complaint's material allegations and alleges as defenses that it was over-billed in unreasonable amounts and otherwise damaged by the law firm's failure to advise properly in the shareholder litigation brought by Sturm et al. The case is in the discovery stage.
As of December 31, 2002, it is not possible to estimate the liability, if any, in connection with these matters. Accordingly, no accruals for these contingencies have been recorded.
From time to time the Company has been involved in other disputes and legal actions arising in the ordinary course of business.
In management's opinion, none of these other disputes and legal actions is expected to have a material impact on the Company's business or cash flow.
Filing Date: 3/31/2003 Form Type: 10-K
Since May 2002, the Company has retained the services of the law firm of
Budin & Partners, with which Steven Stein, Esq., the father of Mr. Daniel Stein,
the Company's Chief Executive Officer and President, was affiliated until March
2003. The Company paid to Budin & Partners during 2002 in the aggregate $70,305
in respect of services rendered. As of November 2002, the Company retained the
services of the law firm of ReedSmith LLP, to provide on-going legal services to
the Company and, in March 2003, Mr. Steven Stein agreed to serve as counsel to
ReedSmith LLP
TTR TECHNOLOGIES INC filed this 10-K on 03/31/2003. |
