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Siti-Sites.com, Inc. Announces Dismissal of Antitrust Suit It Brought in Southern District of New York Federal Court
Dec 31, 2010 (12:12 PM EST)
NEW YORK, Dec. 31, 2010 /PRNewswire/ --
"OPINION AND ORDER: The defendants' September 30, 2010 motion to dismiss is granted. The Clerk of Court shall enter judgment for the defendants and close the case. So Ordered (Signed by Judge Denise L. Cote on 12/29/2010) (js)"
Siti-Sites.com, Inc. (CUSIP 829981), now in liquidation, previously Pink Sheets: SITN.PK, was formerly named Spectrum Information Technologies, Inc. and was called "Siti" in its various SEC reports 1999 through 2006. Cessation of trading and December 20, 2006 as the Record Date for Future Liquidating Dividend installments, was established in Siti's Plan of Liquidation that became effective by a stockholder vote in 2006. The antitrust lawsuit was filed May 6, 2010, and the subject of two motions to dismiss since its filing. The defendants therein are several large wireless telecom corporations. The District Court's complete opinion and order is available online at the WWW.Justia.com web address: "http://dockets.justia.com/docket/new-york/nysdce/1:2010cv03751/362434/ 12/31/2010".
Siti has remained in continuing existence after 2006 solely for purposes of collecting on its contractual share of all future Gross Proceeds derivable from its former patents/IP. The statutory period was extended by Siti, with court approval, through 2014, and is subject to further extension as required. No obligations are presently known to exist which have not been paid or provided for by Siti. The procedure for dissolution and winding-up is embodied in the Delaware General Corporation Law, and was explained in the 2006 proxy statement for Siti's liquidation, now continuing for the primary benefit of former shareholders, with no material amount of stock known to be trading. Other details of the liquidation are in such proxy statement, including tax treatment of liquidating distributions, as of October 20, 2006, and are still available on the internet as an SEC document filed by Siti.
SOURCE Siti-Sites.com, Inc.