Paul Hastings Obtains $117 Million Writ of Attachment and Preliminary Injunction on Behalf of New World TMT Limited
Los Angeles, CA (April 5, 2006) Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, obtained a $117 million writ of attachment on behalf of their client, New World TMT Limited (New World) against defendant PrediWave Corporation (Prediwave). Paul Hastings was also victorious in winning a preliminary injunction on behalf New World against PrediWave and other PrediWave related defendants. The writ of attachment was based on a specific contract for video on demand set top boxes and the preliminary injunction sought to restrict PrediWaves and other defendants dissipation of corporate assets.
The parties dispute arose out of a number of agreements between New World and PrediWave beginning around May 2000 as part of a single transaction whereby New World invested $291 million in PrediWave and other PrediWave related companies, and also purchased $381 million in products from PrediWave and other PrediWave related companies. New World contends that PrediWave failed to deliver any products that were not defective and therefore not merchantable. As a result, New World brought suit in Santa Clara Superior Court. The case is currently set for trial on June 19, 2006.
The Paul Hastings team, led by Los Angeles partner Dennis Ellis, also includes partner Ron Oster and associate Joshua Hamilton.
About New World TMT Limited: New World TMT is the Telecommunications, Media and Technology (TMT) flagship of the New World Group, one of Hong Kongs leading conglomerates. New World TMT has developed a wide range of holdings in the technology and media sectors. As an owner and operator of TMT companies New World TMT aims to use its innovative technology to serve the Greater China marketplace.
Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.
# # #