PTC Tells GE Leasing Where It Can Put its RICO Claims
The statement says PTC “intends to defend itself vigorously against claims made by GE Capital Leasing Corporation (“GELC”) in a lawsuit filed August 2, 2007. PTC’s review has found no basis for GELC’s claims.”
Speaking for the company, CFO Neil Moses says, "We deny that PTC is somehow responsible for GELC’s alleged losses. We are surprised that GELC has brought this claim against PTC and believe GELC’s claims are without merit."
Neil Moses goes on the offensive for his beloved PTC
GELC claims that an employee of Toshiba Corporation fraudulently induced GELC to provide over $60 million in financing for purchases of third party products, including PTC software, during the period from 2003 to 2006. All of these alleged transactions occurred in Japan. GELC alleges that PTC was involved. GELC claims damages of $47 million and is seeking three times that amount ($141 million).
GE Leasing intends to put some serious firepower behind its accusations.
This is a case of really big guns (GE Leasing) against your ordinary everyday big guns (PTC). If it were up to the lawyers for each side, the dispute would drag on for years until they could all buy Aruba and retire. But now that GE Leasing has made a federal case out of it, things will get settled pretty quickly. Federal court judges, by and large, don’t want stuff like this clogging up the docket.
“RICO, Smeeko. I want this settled now!”
