This past month has been one of legal moves and countermoves. Our group, the Ad Hoc Committee of Consignors, made a response to the adversary proceedings filed against each of our companies. Honestly, it’s one of the most enjoyable legal documents I’ve had cause to review, because our lawyer went through point by point saying (in legalese), “This is bullshit and here’s why.”
Diamond then reached out about taking this to mediation. They had previously made two offers to us that were simply absurd. Before we’d agree to mediation, we needed to know they were serious this time. Long story short, some ground rules have been agreed upon, and we are going to try mediation. While we are confident that our legal case is strong and that we would ultimately prevail, this would take more time and all the while our costs would continue to rise. Mediation gives us a chance of a quicker resolution, so we are going to sit down and try to work something out. That is happening at the end of the month. Any deal would need to be beneficial to the Ad Hoc Committee of Consignors, of course. If it doesn’t work out, we will continue as before.
Thanks,Chris PramasGreen Ronin
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