DECODE GENETICS-*DCGN Message Board

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Biotech / Medical : DECODE GENETICS-*DCGN

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To: DewDiligence_on_SI who wrote (274)	5/23/2007 6:07:25 PM
From: carranza2	Read Replies (1) of 313

Ok. For background read this: Message 23131365 And this: decode.com A four or five day hearing was held recently in which it appears fairly obvious that Hakonarson, -sp?- who was Kari Steffanson's right hand man, was plotting to take a lot of proprietary material with him to the Children's Hospital of Philadelphia (CHOP) while he was negotiating the terms of his continued work with DCGN in order to set up a competing genomics program at CHOP. Plotting with him was another major DCGN figure, Jesus Sainz, a Spanish researcher. Fairly bad and probably illegal stuff. Ugly. The hearing apparently revealed the extent of the nastiness, including fiddling with computer records after the federal judge imposed a temporary restraining order on CHOP and Hakonarson precluding any spoiling of the evidence, a step that led to DCGN filing a contempt motion. It appears that the contempt motion may have been settled, though the record does not reveal exactly how. If I am reading things correctly, the terms are likely quite favorable to DCGN. The judge also refused to set aside a default judgment against Sainz, who has a criminal case pending against him in Iceland for his role in the nastiness. Sainz is therefore bare-ass naked in the federal case since a default basically means that he cannot assert any defenses. Taking the tea leaves a bit further suggests that a settlement is probably in the making. I doubt that CHOP wants anything to do with Hakonarson and Sainz after the revelations at the hearing. The PR has to be hideous. This is why the litigation tea leaves IMO favor DCGN. I suspect that this emotionally-charged litigation has been a millstone around DCGN's and Steffanson's neck. Getting rid of it would certainly clear the air and let them concentrate on their work. Good for the share price, too.

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