Wednesday, January 12, 2011

Judges Grill Winklevoss Lawyer in Facebook Case - NYTimes.com

A very big gamble – for the twins, if they win this round…

Judge Wallace noted that the father of the twins, a former professor at the Wharton School and an expert in valuations, was also advising them during the mediation. “It wasn’t like an individual without help,” he said, adding that with all these sophisticated help, it would be hard to say that the twins “were taken advantage of.”

[…]

Expect a ruling in the next few months. A loss for the Winklevosses would mean they get to keep the settlement, which may be worth even more by then. Facebook was recently valued at more than $50 billion, after a $500 million financing round. A win would mean they have to give back what they got but that their original claims that Mr. Zuckerberg stole their idea to create Facebook would be subject to a trial. That would force Facebook to decide whether to settle for more money or take its chances in court.

Judges Grill Winklevoss Lawyer in Facebook Case - NYTimes.com

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