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Tegal Settles Fee Dispute With Former AttorneysPETALUMA, CA | Posted on January 22nd, 2008
On January 16, 2008, Tegal Corporation (the "Company") and its wholly owned subsidiary, Sputtered Films, Inc. ("SFI"), received a Notice of Acceptance of Written Offer to Compromise from Keker & Van Nest LLP ("KVN"), one of the two law firms that had represented SFI in its lawsuit against Sergey Mishin, Advanced Modular Sputtering ("AMS"), Agilent Technologies, Inc., Avago Technologies U.S., Inc., Avago Technologies Wireless (U.S.A) Manufacturing, Inc. and other defendants, which was settled in November 2006 (the "AMS Settlement"). As previously disclosed in the Company's SEC filings, KVN and Gonzalez & Leigh LLP ("G&L") claimed they were entitled, as a result of the AMS Settlement, to receive contingent fees from the Company and SFI. KVN had claimed it was owed fees in the amount of approximately $6.72 million; G&L had claimed that it was owed approximately $2.25 million. As previously disclosed in a Form 8-K filed with the SEC on August 20, 2007, the Company executed a Mutual General Release and Settlement Agreement dated August 15, 2007 with G&L and paid G&L $995,000 pursuant to that agreement. In connection with KVN's acceptance of the Company's Written Offer to Compromise and the execution of a mutual general release, dated as of January 18, 2008, the Company has paid KVN $3.8 million.
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