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Technology Stocks : Source Media SRCM -- Ignore unavailable to you. Want to Upgrade?

To: Smilodon who wrote (903)	8/14/1998 12:38:00 PM
From: Pluvia	Respond to of 3015

I have copies of the SRCM lawsuit filed against the company they claim is taking all the Brite & VNN customers they just paid $44.6 MM for (what idiots these guys are - overpay for the business then lose all the customers)... The backbone of the lawsuit against this company seems to be that the founder of the company had a non-compete with Brite because Brite bought his business from him, then SRCM bought his business from Brite. The problem with the lawsuit is this. The employee with the non-compete also had an agreement with Brite that if they sold the business to anyone else - like they did to SRCM, his non-compete would be null and void. Well Brite did sell his Biz to SRCM and his non-compete should be null and void. IMO, The employee wins the lawsuit hands down, and SRCM is screwed. The importance of this suit is huge. I have heard that a number of SRCM's remaining customers are ready to leave as soon as this lawsuit is settled. There is a motion to dismiss before the court now. I have a copy. If the case were a stock, I would be long on the side of the employee and short SRCM's case. Cheers Steve