Late November 2007 we told you about i-vu who had inked a deal with the Broadband Learning Corporation [1] for the latter to supply the former with technology to run their US network.
Well it didn’t take long for it all to end in tears with i-vu instigating legal proceedings against BLC hours before BLC were to do the same with i-vu…
Broadband Learning in Arbitration Proceedings With i-vu
SALT LAKE CITY, UTAH–(Marketwire – Sept. 10, 2008) – Broadband Learning Corporation (“Broadband Learning”) (TSX VENTURE:BLC), a participant in the rapidly expanding distance learning market, reports that yesterday it received a demand for arbitration from attorneys representing its business partner, i-vu usa inc. (“i-vu”) which seeks termination of the Definitive Collaboration Agreement between Broadband Learning and i-vu. Broadband Learning denies the basis of this claim and was already in the process of preparing its own demand for arbitration claiming very significant monetary damages from i-vu based on i-vu’s failure to generate any revenues to date on this project and its failure to make a number of payments due to Broadband Learning. The arbitration will proceed in Utah.