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During the three and six months ended November 30, 2016, PDS entered into a licensing agreement with a third party, pursuant to which PDS received proceeds of $3,000,000.
https://www.sec.gov/Archives/edgar/data/836564/000168316817000100/patriot_10q-113016.htm
The debtor is responsible for payments to the attorneys for the creditor's committee.
I don't know if they are stepping down because they did not get paid by debtor; I did not review the required business operating reports.
16-Aug-2016
Entry into a Material Definitive Agreement, Financial Statements and Exhi
Item 1.01 Entry Into a Material Definitive Agreement.
On August 10, 2016, the joint venture of Patriot Scientific Corporation (the "Company") and Technology Properties Limited LLC ("TPL"), known as Phoenix Digital Solutions, LLC, a Delaware limited liability company ("PDS"), entered into an Agreement (the "Agreement") with MMP Licensing LLC, a California limited liability company ("MMP Licensing LLC"), and Alliacense Limited LLC, a Delaware limited liability company ("Alliacense").
Pursuant to the Agreement, MMP Licensing LLC will provide commercialization services to PDS for commercialization of the Moore Microprocessor Patent portfolio (the "MMP Portfolio") with respect to certain companies (the "Project"). PDS also granted a license to MMP Licensing LLC for the commercialization of the MMP Portfolio.
Alliacense agreed to cooperate with reasonable discovery requests and provide support to litigation counsel through the provision of properly produced and protected materials in connection with patent infringement litigation currently pending in the United States District Court for the Northern District of California. Additionally, PDS agreed to pay Alliacense $84,000 within 24 hours after Alliacense delivers certain materials to Dominion Harbor Group, LLC, another company providing commercialization services to PDS, and an additional $84,000 out of subsequent recoveries under the Project. PDS and Alliacense have agreed to cause the arbitration between such parties to be dismissed with prejudice and provide mutual releases within 48 hours after PDS's first payment of $84,000 to Alliacense.
The Agreement will terminate six years after the last-to-expire patent in the MMP Portfolio; provided that either party may terminate the agreement in the event of a material breach by the other party that is not cured, if capable of being cured, within 60 days after written notice of the breach.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Agreement, a copy of which is attached hereto as Exhibit 10.1.
Supreme Court Upholds US Patent-Invalidation Procedures.
Reuters (6/20, Hurley) reports the Supreme Court on Monday unanimously upheld the US Patent and Trademark Office’s invalidation of Cuozzo Speed Technology’s vehicle speedometer patent. The New Jersey company had appealed a lower court’s decision in favor of GPS device maker Garmin, which sued Cuozzo in 2012. The focus of Cuozzo’s appeal was whether the patent and trademark agency’s procedures made it too easy for patents to be voided. According to Bloomberg Politics (6/20), the agency’s review procedures have in the past given tech companies including Google and Apple nonlitigious means to invalidate disputed patents. Justice Stephen Breyer, who wrote the court’s opinion Monday, explained that the public is better protected when a patent claim is construed “according to its broadest reasonable construction.” Additionally, the justices ruled 6-2 to affirm that the agency’s patent-review process is equivalent to a court hearing.
The Wall Street Journal (6/20, Kendall, Subscription Publication) says the court’s primary ruling bolsters tech companies but is likely to harm the pharmaceutical industry, which relies on highly detailed, very specific patents. In the AP’s (6/20) estimation, the decision will strengthen companies’ legal ability to “fight so-called patent trolls,” who buy patents with the sole intention of forcing companies to pay royalties.
I was downtown with one of my sons; the emotion was indescribable - EPIC night; best Father's Day ever.