New York judge says Irish businessman’s ‘incredible assertion’ does not warrant hearing as ‘no reasonable finder of fact could conclude that the shares are worth $15m’
NY judge says Irish businessman’s ‘incredible assertion’ does not warrant hearing as ‘no reasonable finder of fact could conclude that the shares are worth $15m’Declan Ganley: In long-running dispute with David Shuman, an investor in his telecommunications company Rivada, over $20m default judgment.
Mr Ganley had claimed in recent legal filings that the 20,000 shares sold at auction, and bought for $400,000 in a credit bid by Shuman – or $20 per share – were potentially worth $755.55 per share, or more than $15 million in total.He further argued that the shares might have an even higher valuation based on recent Rivada fundraising rounds, putting the upper end of the price range at more than $5,000 per share, or more than $100 million in total.
She added that he did not “submit any meaningful evidence of what occurred in the company since that time or any meaningful financial records from which the court could assess value”. She said Mr Ganley then “rejected a subsequent offer to buy the shares for $336,000″ – or $16.80 per share. As part of the litigation, Mr Ganley has had to turn over a significant number of personal assets as well as the shares to satisfy the default judgment. The assets have included several companies, a pub in Galway, four acres of land and several vehicles.
Separately, Rivada is raising billions of dollars to build out a private, un-hackable, satellite-based internet communications system called the OuterNet.
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