The $7.7 million judgement in favor of BNT received coverage in the Tampa Tribune. According to an excerpt:
"Long-struggling Bentley Pharmaceuticals got a break in December when
it won $7.7 million in a fraud lawsuit against a former joint venture
partner, the company said Tuesday. The judgment arises from a New York lawsuit that has been pending since December 1994. There is no
certainty that Bentley will collect all of the judgment, but any
significant amount will be meaningful to the Tampa company, which
recorded $11.5 million in revenues through the first nine months of
1997, said Michael Price, the company's chief financial officer. In
December 1994, Bentley, then known as Belmac, sued Maximed Inc., its
parent Medstar Inc., and Robert S.Cohen, Medstar's chief executive, all of New York City.
In early 1994, Bentley entered a venture to sell a feminine hygiene
and birth control product developed by Maximed. Maximed said the
product had approval from the Food and Drug Administration and was ready to market.
The company's suit alleged that Bentley learned later that year that
the product was still in development, had not received FDA approval, and didn't work as advertised."
Even a fractional recovery would be a nice windfall to investors. Does anyone have information on chances of recovery? Does Maximed or Medstar have any non-cash assets that have value? |
