Robertson Loses Motion in Shareholder Lawsuit.
As I had reported back in September, Michael Robertson and Larry Kettler were sued in a derivative lawsuit, alleging misconduct by Robertson and Kettler which harmed the Linspire corporation and its shareholders. (Linspire had millions of dollars in the bank just months prior to its demise, but Robertson remains silent as to what happened to the corporation and Linspire's cash and assets, leaving minority shareholders in the dark.)
You would think with all the attention Robertson has been getting by ignoring the Linspire investors and shareholders, that he would be doing all he can to come clean to them as to what happened. Instead, Robertson's tossed out a legal maneuver which I believe was simply a ploy to try and intimidate the plaintiff who had sued Robertson on behalf of the company and shareholders. Robertson filed a motion to force the plaintiff to come up with a $50,000 bond before they could continue with their case against Robertson and Kettler.
Robertson and Kettler Lose Motion
This week the court denied Robertson and Kettler's motion requiring the bond, which means the case can continue to discovery and eventually to trial.
Even though Linspire minority shareholders still remain in the dark as to what happened, this is at least a small victory for them to see that Robertson will eventually have to explain himself in court.
It says a lot about Robertson when it has taken this type of lawsuit to get him to explain to shareholders what happened and that he continues to fight the process rather than just being forthright with the shareholders.
The question remains: What is he hiding?