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From: StockDung

3/4/2017 11:16:27 AM

of 12465

Overstock.com's Byrne pays $1.45M to advance appeal

2017-03-03 18:15 ET - Street Wire

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by Mike Caswell

The libel battle between Aly Nazerali and Overstock.com Inc.'s Patrick Byrne looks to be headed for the Court of Appeal for British Columbia after a $1.45-million security deposit by Mr. Byrne. The court had given Mr. Byrne until Feb. 28, 2017, to hand over the money or face the dismissal of his appeal. The fate of the money will be determined by the appeal's outcome.

The deposit means that the courts will once again hear about statements that Mr. Nazerali claimed were wildly defamatory. The statements appeared on a website that Mr. Byrne operates called Deep Capture. In 2011, the site published a series of chapters that associated Mr. Nazerali with mafia figures and accused him of running a pump-and-dump on the TSX Venture Exchange with a company called Imagis Technologies Inc. The judge hearing the case found the statements to be defamatory, and awarded Mr. Nazerali $1.2-million in damages.

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Aly Nazerali

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