Saturday, March 6, 2010

Nu-Kote Update - Now Clover Technologies

While at the Itex 2010 Show we had an interesting elevator ride. While listening to elevator music on the way up to our room we picked up another passenger. During idle conversation we found out we were riding in the same elevator with someone from closely related to Nukote. Uh Oh! (see "Who Fired Who?" article April 20th, 2009 and "The Battle Continues") Suddenly our elevator ride turned from monotonous to interesting. Our new passenger knew who we were and knew about our article. He might have been as excited to be in the elevator with us as we were with him!  Though I must admit I was a tad more nervous at first because we didn't want him to know or ask about our inside sources about the how the relationship between Office Depot and Nukote was dissolving.

The passenger from Nukote was excited to tell the story of what the company had been through and even more excited about their new direction. Here is what we learned in our three to four minute elevator ride:

  • Nukote has DIP (debtor in possession) financing in place.
  • Nukote came out of bankruptcy at the end of February and business is moving forward.
  • Nukote is confident that they will win the lawsuit against Office Depot.
  • Nukote just filed a $100 million dollar lawsuit against Clover Technologies Group. We don't know the details of why this suite has been filed.
I might have to take this passenger up on his offer for lunch sometime this week....I prefer Mexican food?

1 comment:

  1. Are there any updates to this lawsuit story ??? Is the lawsuit still pending or has a settlement been made ??? I am following this very closely


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