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Court Rejects Winklevoss Twins' Facebook Appeal
angry tapir writes "A US federal appeals court has denied a request by the Winklevoss twins to release them from their settlement with Facebook over their allegations that Mark Zuckerberg improperly appropriated their idea for the social networking site. Cameron and Tyler Winklevoss, along with another Harvard classmate, agreed to the settlement in 2008 but the twins later asked a district court to let them back out, saying they were misled by Facebook about the value of the company's shares they received as part of the deal. On Monday, a three-judge appeals court panel sided with the lower court, noting that the Winklevoss twins have actually fared quite well since the settlement was hammered out because the value of Facebook, pegged recently at around $50 billion, means that their shares have more than tripled in value."
ITT: Commenters who have seen The Social Network and, accordingly, are now experts on the matter.
""The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace."
I wish judiciary was that clear and just in other cases, but this comment made my day.
On the other hand, as far as anyone can tell, they did come up with the idea, and they did have an agreement with Zuckerberg that he would implement it. Now, this business with trying to renegotiate their settlement is another matter, but I can certainly think of greedier people.
Palm trees and 8
And if you look up weasel, you'll see Zuckerberg. It's irrelevant if they're greedy. If they were lied to, and screwed that's still bad business. If they really don't have a case, as the appeals court suggests, then too bad so sad.
But being slimy, greedy, or even just a bad person doesn't make you wrong. Signing a bad agreement does.
Speaking of greed, the way that Zuckerberg is reputed to have treated Eduardo, his partner, and the one who put up all the initial investment money for Facebook is worse than the situation with the W twins.
He is reputed to have taken Eduardo's 30-some percent share down to 0 or so by issuing new stock to venture capitalists while keeping his and Sean Parker's percentages stable.
One phrase for dealing with startups: "non-dilutable shares"
I'm not a lawyer, but I play one on the Internet. Blog
Full opinion, from the 9th Circuit, here: http://www.ca9.uscourts.gov/datastore/opinions/2011/04/11/08-16745.pdf.
No statement is true, not even this one.
If you read the opinion itself the court's holding did not rest on this observation, which was made in closing.
No statement is true, not even this one.
Aha Mark, nice try posting as AC, but we KNOW your writing style. You may not think that we are talented, but we actually are. You have been figured out by this dynamic duo. Yessir, yessiree. As Darth Vader once said, all too easy!
--The Winklevoss Twins
P.S.: You owe us a larger undisclosed amount of shares.
Actually you're right, but not for the reason you think. They hired someone to do some coding for a very good idea they had. What they failed to do is manage him properly and get a proper contract signed. They had a great idea but zero business sense -- which is understandable as they were Harvard undergrads. I'm kind of surprised they're getting any money at all. That being said, Facebook guy is a douche. And the world, legal loopholes or no, would be better with less douchiness.
GP has been here for a very long time. Hell, he probably is actually a grand parent. He has years, decades even, more experience about not RTFAing than the rest of us.