News
September 28, 2004
Hanify & King wins appeal on behalf of shareholders of Versyss, Inc.
On September 13, 2004, Hanify & King won an appeal in the Massachusetts Appeals Court on behalf of shareholders of Versyss, Inc. The Trial Court had refused to enforce a side letter with the CEO requiring him to turn back certain stock grants in the event the company failed to reach designated milestones. The Trial Court found that the letter was without consideration and part of a tax planning scheme for the CEO. The Appeals Court reversed and found that the letter was provided for valid consideration and that the shareholders were entitiled to enforce it. The case will be featured in next month's Lawyer's Weekly In-House Counsel publication.
