Updated: Monday April 8, 2013
I am pleased to announce the amicable settlement of the litigation brought by Kate Paley against myself. Updating my previous blog post and public statements, I would like to share the following comments:
Ms. Paley was not responsible for the unfortunate outcome of Radar Networks. She cooperated fully and provided all required assistance in the development of the company. The sale of the company to Evri, during the worst economic recession in decades, resulted from factors completely unrelated to Ms. Paley.
Ms. Paley invested millions of dollars in Radar Networks and has every right to seek fair compensation for her share of the proceeds from the sale of the company’s assets. Her lawsuit is not frivolous, and I hope she receives an equitable outcome from the defendants that adequately resolves her grievances.
Ultimately, Ms. Paley was not treated as well as I would have liked, and I am sorry that she was forced to file a lawsuit to try to right these wrongs. Ms. Paley is an honest, innovative woman with a visionary concept as seen in the Word Diamonds website.
My actions as CEO of Radar Networks were undertaken in good faith, on advice of company counsel, and I did not willfully or intentionally act to harm Ms. Paley or her business. That being said, regardless of who is to blame, I would like to personally and unconditionally apologize to Ms. Paley for the fact that Radar Networks could not deliver a better return on her investment, and for any effects on her Word Diamonds project. I sincerely hope that Ms. Paley and Word Diamonds are able to move forward and continue with her important work. I have always believed in her vision, strong faith, and admirable cause.
I am very pleased that I was able to resolve this dispute with Ms. Paley, and I wish her the very best of success in the future.