iValue Group, Inc. Announces Appeal to Texas Supreme Court to Affirm $10.2 Million Judgment Against M&A Technology, Inc.
AUSTIN, Texas, Oct. 26 /PRNewswire/ — Feazell-Tighe, LLP today announced that iValue Group, Inc. will file an appeal to the Texas Supreme Court to affirm the $10.2 million judgment it was awarded against M&A Technology, Inc., a Carrollton-based computer manufacturer and hosting services provider currently run by its founder and President, Magdy Salah Elwany, a native of Egypt. iValue fully expects the Texas Supreme Court to overturn the El Paso Court of Appeals and affirm the unanimous jury verdict against M&A Technology, returned by a Dallas jury in a lawsuit brought by the Plaintiff, iValue Group, Inc. in November 2002 against M&A Technology. On August 6, 2007 the jury in the 44th District Court of Judge Carlos Cortez returned a $9 million verdict against M&A Technology. On September 10, 2007 Judge Cortez entered the judgment for the $9 million plus $1.2 million in pre-judgment interest. M&A Technology’s motion for a new trial was overruled on November 27, 2007, and was ordered to pay the entire $10.2 million to the plaintiff, iValue Group, Inc.
In the lawsuit, iValue Group alleged that M&A Technology intentionally unplugged iValue Group’s servers, crashing all its websites, and refused to return their servers and other web infrastructure, thereby intentionally destroying iValue Group’s business. The causes of action in the lawsuit included Breach of Contract, Conversion and Tortuous Interference. After a 2-week trial, the jury unanimously found in favor of iValue Group. By its unanimous verdict, and by the measure of the punitive damages awarded against M&A Technology, the jury found that M&A committed a criminal act, and that all its allegations against iValue and Julian Ross, its Chairman were completely bogus, unfounded and fabricated. “In my opinion, the allegations made by M&A were an attempt to distract from its own criminal conduct as found by the jury,” Mr. Vic Feazell, lead attorney for Plaintiff iValue Group said. .
The evidence admitted during the trial suggested that Mr. Elwany, M&A’s President, directed the unplugging and related criminal acts. Mr. Elwany refused to take the stand during the trial. The case brought by iValue is one of several cases brought against M&A Technology in recent years, including a case brought by a former employee to recover commissions not paid, and a case brought by a Florida company alleging various acts by M&A, including “Gross Malfeasance.”
Mr. Ross, who is Chairman of iValue Group, Inc. and currently serves as Chairman & CEO of OxySure Systems, Inc. stated: “iValue is confident that the Texas Supreme Court will uphold the $10.2 million verdict and overturn El Paso. iValue believes the El Paso Court of Appeals erred and we are confident that the 80 stockholders that were harmed by M&A will be made whole.” Said Feazell: “In all my years in the legal profession, I have never seen a more egregious case than this one. The jury found that M&A committed a crime, stole iValue’s equipment, and wiped the servers clean to hide the evidence of their wrongdoing. Beyond that, they tried to go after the integrity of the founder of the company, Julian Ross, with lies and fabrications, hoping that the case would go away. Well, it didn’t, and we believe strongly that the Texas Supreme Court will affirm M&A’s guilt in their criminal and wrongful conduct.”
About Feazell-Tighe, LLP
Feazell-Tighe, LLP is an Austin-based trial law firm focused on Commercial and Business Disputes, Class Action Lawsuits, Sexual Harassment & Discrimination, Whistleblower & False Claims Act Lawsuits, Insurance Litigation and Personal Injury. Founded by alumni of larger firms, Feazell-Tighe, LLP offers the flexible and cooperative atmosphere of a small firm while engaging in a statewide, and in many cases nationwide, practice involving substantial and challenging legal issues more typically associated with larger firms. www.Feazell-Tighe.com
SOURCE iValue Group, Inc.