Seems it’s easier to make money via litigation these days than it is via designing/marketing/selling an e-commerce solution. I refer to my former employer, iP3 Systems, who hit the headlines about a month ago with it’s $48 million damages claim against Victoria University. The ironic thing is that I also worked at VU for about 3+ years before joining iP3 Systems.
This is actually old news now, but I thought I’d blog on it anyway. Check here for press releases regarding the damages claim. Was quite amusing when the news originally broke on radio/tv/newspaper given my former involvement with iP3 (worked there for 3+ years).
I can’t comment too much on the topic, due to matter still being in the courts, but I personally think the damages claim is excessive. Apparently VU thinks so as well, given a recent letter I received from them regarding the claim (I am a shareholder of iP3). Fighting all the way was the basic outline of their letter – can’t blame them, $48 million is not a small sum of money.
Only time will tell regarding whether the courts agree with iP3s damages claim. I hope some money is rewarded to pay back all the investors who put money into iP3 – heaven knows it’s the most likely ROI scenario at the moment…