Another suit was filed today for patent infringement! Today!
http://docs.google.com/fileview?id=0B_ch8gAs4lCcNTdjODdiMTktZTBhNS00ZjlhLWFmNTMtNjc4NDcwZDQxOTY3&hl=en
vs Big River Resources Galva, LLC
GreenShift is asking for . . .
". . . the following relief:
A. The entry of judgment in favor of GS CleanTech and against Big River;
B. A preliminary injunction prohibiting further infringement of the ‘858 patent;
C. A permanent injunction prohibiting further infringement of the ‘858 patent;
D. An award of damages adequate to compensate GS CleanTech for the infringement that has occurred, but in no event less than a reasonable royalty for the use made of the inventions of the ‘858 patent as provided in 35 U.S.C. § 284, together with prejudgment interest from the date the infringement began;
E. An award to GS CleanTech of all remedies available under 35 U.S.C. § 284;
F. An award to GS CleanTech of all remedies available under 35 U.S.C. § 285;
G. An award to GS CleanTech of all remedies available under 35 U.S.C. § 154(d);
and
H. Such other relief to which GS CleanTech is entitled under law, and any other and
further relief that this Court or a jury may deem just and proper. "
Date # Docket Text
2/12/2010 1 COMPLAINT For Patent Infringement filed by GS Cleantech Corporation; Jury Demand. Filing fee $ 350, receipt number 0752-4526907. (Attachments: # 1 Exhibit A, # 2 Exhibit B)(Carson, Robert) (Entered: 02/12/2010)
http://www.rfcexpress.com/lawsuit.asp?id=54254
Here is Big River Resources Galva home page:
http://bigriverresources.com/index.php
Here is their last Newsletter (Sept 09)where they mention:
"West Burlington continues to produce Ethanol, DDGS and corn oil in an efficient and quality manner."
http://bigriverresources.com/Volume%203%20Issue%203p.pdf
Apologies to the entire Leinenkugel's Family, but its past 5pm on a Friday and the SkunK was still researching stuff!!
SkunK
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5 comments:
As a shareholder of GERS, I applaud the company's tough and aggressive enforcement of its patent rights. Like the early years of the settlement of Texas, when the Texas Rangers played a key role in establishing law and order and stable civilization, the early years of the Corn Oil extraction technology require equally tough enforcement of law and order & fair play.
Indeed, it is also important that GreenShift establish a record of severe punitive damages against patent infringers, in order to not only recoup rightful financial rewards but also to prevent future infringement.
Outlaws must be brought to justice!!
Hang 'em high in the public square!!!
If 20% of the industry (equal to about 2 Billion gpy of ethanol production) has been infringing COES technologies, on average, since 2005, then the damages would add up as follows:
2 Billion gallons * 7% (corn oil extracted) * $1.00 per gallon of corn oil * 4 years * 20% royalty rate = $112 Million.
Interest on $112 Million = $2-$4 Million.
Attorney Fees = ???
Net award to GERS will be in the range of $115 - $120 Million.
That would account for the period upto the date of issuance of the patents.
Subsequent to the date of issue of the patents, the damage award can be tripled. So, for the past six months, since patent issuance, the damage award:
2 Billion * 7% * $1 per gallon * 0.5 years * 60% royalty + penalty = $42 million.
The law calls for treble damages only after the date of patent issuance.
So, the total award could be as much as:
Pre-Issuance: $120 + $42 = $164 Million.
More than enough to pay off all debts and provide another $100 million for future endeavors.
To clarify:
Pre-Issuance: $120 Million
Post-Issuance: $42 Million
Total: $162 Million.
The infringers can also be "shut down" by the judge ... ie judicially ordered to cease & desist the infringing activity.
I assume that failure to comply with such a federal cease and desist order can be followed up with even tougher remedies like seizure of company bank accounts and even criminal charges against management for contempt of court.
If GreenShift were to win an award of that size, then the company would be debt free and have significant capital for growth.
By my analysis, the stock would be worth around $0.30, if it can win a $162 million judgement.
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