Wayne Chang Awarded Day In Court To Make Case Against Winklevoss Twins
When I first wrote about Wayne Chang in December 2009, he was in the process of suing the Winklevoss twins. The Winklevoss twins was initially given a $65 million settlement with Facebook and Chang believes he is entitled to a cut of that. Chang argues that his former company i2hub Organization was blocked from receiving money from the 2008 settlement Facebook made with the Winklevoss twins.
Chang said that he has a “memorandum of understanding that gave him a 15% share of ConnectU for integrating i2hub’s peer-to-peer file-sharing software and ConnectU’s website.” ConnectU is the social network company that the Winklevoss twins started when they were attending Harvard University at the same time as Facebook CEO Mark Zuckerberg. Zuckerberg allegedly “stole” ideas from ConnectU and implemented them into what is now Facebook.com.
Chang said that he formed the Winklevoss Chang Group partnership with the twins to own and operate ConnectU jointly. He says that his 50% stake in the Winklevoss Chang Group entitles him to 50% of the 2008 ConnectU settlement or he is due a 15% share based on the memorandum of understanding with ConnectU.
Judge Peter Lauriat in Suffolk County Superior Court had issued a court order on April 28th that gave Chang’s lawsuit a chance in court. However Chang can only sue ConnectU, the company owned by the Winklevoss twins, Howard Winklevoss, and Divya Narendra.
The Winklevoss twins filed a petition with the U.S. 9th Circuit Court of Appeals to overturn a court ruling that the twins cannot get out of their 2008 settlement with Facebook. Supposedly the Winklevoss twins believe that Facebook lied to them about their valuation at the time of the settlement.
[LA Times]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry