My name is Elizabeth LaVance and I'm a director in the Shareholder Advisory Group at SRS Acquiom. Prior to working at SRS Acquiom, I worked in a private litigation firm. I litigated for about 10 years before working here.
This matter concerned a transaction that had over a billion dollars in value. There was about $800 million that was due for payment to the former shareholders of the company through milestones. There were eight milestones to be exact. When we were informed that buyer was not planning to make the milestone payment and that buyer had terminated the program that would've resulted in the achievement of milestones two through eight, their shareholders were very frustrated because they had a huge stake in the achievement of the milestones, and they had worked from the ground up at this company.
So one of the things that SRS Acquiom can provide is that we have attorneys on staff that help look at these complex milestone issues from the very beginning. The shareholders were very thankful to have SRS Acquiom on their side in helping to navigate the post-closing process.
It's a very complicated and scientific process behind the scenes, which can be rather opaque, and it's very difficult to navigate if you don't have a lot of experience in being able to pick up on the legal issues and where the most successful claims may lie.
The former shareholders of the company were extremely happy with the result. Not only did they receive this huge damages award with the potential for more, but they were vindicated in their lawsuit against buyer.
With SRS Acquiom leading the way, an efficient path forward was eminently clear. Problem solved.