Vringo to Google: We Have Cash!
Vringo, Inc. (NYSEAMEX:VRNG) has apparently strengthened its position in ongoing legal battles with Google (NASDAQ:GOOG) and other companies after it announced Friday that it has raised $45 million as part of a straight equity deal.
The defendants – including Google, AOL (NYSE:AOL), IAC/InterActiveCorp (NASDAQ:IACI), Target (NYSE:TGT) and Gannett Co. (NYSE:GCI) – were denied an earlier motion for summary judgment and have now been ordered by the U.S. court hearing the case to participate in a settlement conference with Vringo. The settlement talks will take place next Tuesday, October 9.
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Vringo’s senior management, who will now enter the negotiations with $55 million in cash, believe the newly-raised funds will help bolster their company’s position against Google and the others, and hopefully result in a more favorable settlement.
If the talks prove fruitless next week and no agreement is reached, the two sides will go to trial October 16.