Bragg, I forgot to say Simon ALLISON said there was a contract which had certain benchmarks. The supplier didn't reach any of them and they therefore did not pay. This guy is suing them for the gross amount of the contract, not the nett which in SIMONS view is inappropriate.
MBE are cross suing them for $4-11 million due to this supplier not fulfilling his end of the deal which cost MBE money.
They could have settled but based on the above the board believe on principal the claim has no basis and in SIMONS view they are confident of winning the case.
MBE Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
