Facebook and the infamous Winklevoss twins are back in court today.
Confused? Thought this thing was over already?
Here’s a ~100 word summary of how we got here:
The Winklevosses sued.
All parties settled and agreed the Winklevosses would get 1.25 million Facebook shares and $20 million cash.
The Winklevosses thought they were getting stock worth $35.90/share, because that’s what Microsoft paid for 1.6% of Facebook.
But Microsoft bought preferred shares. The Winklevosses got common stock, valued at $8.88 per share.
The Winklevosses say Facebook did not make this distinction clear.
Facebook says the Winklevosses should have asked.
Now the Winklevosses want a San Francisco appeals court to do undo the settlement.
Today, Facebook lawyers will ask the appeals court to throw out the case.
So now what?
IF FACEBOOK WINS: The Winklevosses will walk away with Facebook stock worth between $30 million and $82 million, as well as $20 million cash.
IF THE WINKLEVOSSES WIN: The court will throw out the settlement and we’re back to square one.
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