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NaviSite Settles Sister Company Lawsuit.
2005-10-07, HostMan.biz According to reports, Web and application hosting provider NaviSite (navisite.com) agreed this week to pay $375,000 to the creditors of former sister company Engage. The plaintiffs had sought a considerably higher sum of $3.4 million. NaviSite and Engage, an online advertising company, were previously subsidiaries of Internet holding company CMGI. Engage declared bankruptcy in 2003 and sold its assets for $2 million. But prior to going bankrupt, it paid a reported $3.4 million in cancellation fees to NaviSite for a series of cancelled Web hosting contracts. Engage's creditors, the report says, allege that the $3.4 million Engage paid to NaviSite was not a legitimate transaction and was arranged by CMGI in order to save NaviSite. The settlement jumps to one million if the $375,000 is not paid in full by the end of the year. |
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