The SkunK has wondered out loud how far ICM will go covering the potential risk to the companies who have installed the ICM Corn Oil Extraction System. This article seems to have answered that question.
Big River CEO Raymond Defenbaugh said April 12 that his company is confident in the case.
“We feel like we’re in safe territory, but should they (courts) decide against us, ICM has signed off to hold Big River harmless,” Defenbaugh said. “They’re covering us completely. If there is any recourse, they’re standing behind it completely.”
See it Here
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The SkunK welcomes The Galva News to the story - who learned of the lawsuit last week. I'm sure that since this lawsuit has the potential to affect the local economy of their readers - they are likely to independently investigate the claims of both sides. They might want to start with this. Last paragraph - bottom of page six. (page 13 of the PDF)
Here is ICM's original News Release where Big River directs all further inquiries to ICM.
SkunK
Thursday, April 22, 2010
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3 comments:
If ICM loses the infringement case, it may not be able to pay all the damages. They underpriced the COES installations. So, their profit on them may have been lower than the damage awards. Besides that, they will probably have paid out all the profits to shareholder.
My opinion is that, if GERS wins these infringement cases, then the indemnity agreements issued by ICM will not hold up.
Courts can pierce through things like indemnity agreements & corporate shields in certain circumstances.
I believe that if GERS wins the infringement cases, then those indemnity agreements will not hold up.
After all, the real benefits of the technology are accruing to the plants, not to ICM, on an annual basis. That's where the value of the technology is being created. So, that's where GERS' damages should come from.
The industry needs to be taught at lesson about pirated technology. One component of that lesson is that vendors of pirated technologies cannot protect their customers with these indemnity agreements.
Of course, the whole industry might just die on the vine, if we don't get these tax credits renewed!
Write your congress-people to support the tax credits!
http://www.chooseethanol.com/page/speakout/futurefuel
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