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Thursday, May 01, 2008

Ind. Decisions - Two Indiana decisions today from the 7th Circuit.

In Mas Capital v. Biodelivery Sciences (SD Ind., Judge Hamilton), a 5-page opinion, Judge Easterbrook concludes:

The district judge was not amused, and neither are we. Tsai and his corporations take the law, and their promises, entirely too lightly. Tsai himself performed the services; any claim that MAS Financial (and thus MAS Capital) may have is derivative of his endeavors, and he has released any claim. We need not go beyond the clause in the release pledging that Tsai will not receive any further benefit from Biodelivery “directly or indirectly”. Any recovery by MAS Capital would provide an indirect benefit to Tsai, the corporation’s beneficial owner. The district judge therefore acted rightly in granting summary judgment to Biodelivery.

We will send copies of this opinion to NASDAQ and the SEC so that they may judge for themselves, in their ongoing administrative proceedings, whether Tsai’s promises are credible. We also direct MAS Capital to show cause within 14 days why we should not impose sanctions under Fed. R. App. P. 38 for this frivolous appeal.

U.S. v. Shaaban (SD Ind., Judge Tinder) is a 3-page opinion re counsel's request to withdraw as appointed counsel for Mr. Shaaban and to permit Mr. Shaaban to proceed pro se. Granted.

Posted by Marcia Oddi on May 1, 2008 12:25 PM
Posted to Ind. (7th Cir.) Decisions