I can only assume CDY's legal advisers gave management competent legal advice - which culminated in words to the effect of ..."we are very confident, based on the facts, evidence & sound legal precedent etc etc, that you are in a very good legal position to successfully pursue IKON for negligence and hence, we recommend to that action".
Given the scant information we have on the IKON legal matter and the actual outcome of the case, I am now wondering whether CDY's legal team may have breached their fiduciary duty towards CDY. Most shareholders have concluded it should never have gone to court and, if that is indeed the case, then who were working in whose best interests?
In any event, if the legal fees are indeed circa $1,000,000 - then someone should be answering some serious questions. I'm outraged by this level of legal fees/costs. In fact, I will go further and say, if it was my Company - (given the facts we are aware of) I would have had the lawyers sign an undertaking to hugely discount their fees if the case is lost. If they refused - that would tell me enough to know not to bother going to court!!
It just continues to go on - doesn't it?
CDY Price at posting:
27.5¢ Sentiment: None Disclosure: Held
