Pendrell Corp., the Kirkland patent holding firm led by former Clearwire execs, said today that it has withdrawn a petition for review with the California Supreme Court related to litigation involving its ICO Global Communications. Pendrell was initially awarded $603 million for breach of contract, fraud and tortious interference in 2008. But the California Court of Appeal reversed the decision in April, sending Pendrell’s stock into a tailspin. (The stock remains depressed down 58 percent on the year).
As a result of today’s action, Boeing has agreed to pay Pendrell $10 million
“As we previously indicated, the likelihood of the California Supreme Court agreeing to hear our case was remote. Furthermore, we anticipated several years of additional litigation with Boeing relating to its attempt to recover costs from ICO” said Bob Jaffe, the newly-appointed general counsel at Pendrell. “As a result, we believe this settlement is in ICO’s best interests.”
Pendrell is led by former Clearwire CEO Ben Wolff.