Totally agree Cornish but it's kinda like having tried to divorce the wife by pointing out all her flaws you have to move back in and co-habitate again! Awwwwwkward ;-)
Rye, Agree with your comments. It will be interesting to see what AXS BOD now do. They have said their lawyers will examine the decision and what rights of appeal may be open to them. Normally an Arbitartion decsion is final and binding unless the Arbitartor has made a fundemental legal mistake or has been mislead. On the later the submissions would have been sent to both sides to comment upon. In regards to a legal mistake if the Arbitartor is unsure about a clause or its definition he has the right to obtain independant legal advise. Thus I am of the opinion AXS will have to accept the decision. The best case is that the two sides make up and start to produce the product for sale in China and other parts of Asia. Huge market potential.As always money talks. The BOD should now just accept and get on with making the Company as profitable as can be.
Well Diamond Wood may be pleased, can't say I am....still the whole play was down to them doing basically nothing for what seems like the best part of a decade!! IF they get their finger out and actually do what they were meant to then I suppose all is good but it's hardly the foundation to build a long term working relationship on is it... On the plus side at least it puts to bed the potential losses/damages but to me it would appear that's another £1m that DW has cost us and we are still no closer to getting production up and running in the Far East.
Please can someone remind me why there was a dispute in the first place?
Diamond Wood seem to be upbeat about their future relationship with Accsys according to the DW website - http://www.diamondwoodchina.com/English/News/2014/2014-07-25-diamond-wood-accoya-wood-licence-confirmed.html
My previous comments were correct in that DW could not claim loss of future profits. Dissapointing over DW License still being in effect but now Accsys will have to work with them and hopefully a factory etc can be built. The legal document was obviously not well drawn up but one assumes in is not open in perpituity. If both sides take a sensible view this could be a win win situation. and at least it takes away the claim for E100m. Accys should now move on and concentrate on a good partnership with DW and creating turnover and profits. Big future for this Company IMO. The BOD's next actions will be very interesting but hopefully we will not have the draining effect of legal fees.
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