Last updated on November 28th, 2014 at 07:46 pm
Today, Ryan Kennedy, of Moolah was ordered to appear in the Royal Courts of Justice about MooPay vs. Wasyluk.
Mr. Kennedy did not show up to the ordered court case but his attorneys did and presumably they are aware of his current location. The judge in the case His Honor Judge Seymour seemed mildly annoyed with several of the arguments presented by the attorneys representing MooPay and Ryan Kennedy.
As many will remember Kennedy is involved in the ongoing saga of the MintPal explosion an unfortunate incident that has proven extremely costly for the SYSCoin team who were represented by Wasluk this morning.
Kennedy is demanding a £100,000 securities payment before the case proceeds to cover any potential legal costs he might suffer. This type of request is known by many in the legal world to do several things. It typically is used not only as a stall tactic before an actual trial takes place but also as a system to prevent lawsuits as many simply do not have large levels of cash liquid to place in what equates to a state of escrow and becomes illiquid. It can also add more burdens to the plaintiff in the case (SYSCoin) to have to expend more resources to defend themselves from having to pay the securities payment.
In a report from dogecoin subreddit user lleti the judge nearly immediately denied the request from Kennedy’s attorneys for the £100,000 securities payment. The judge also noted that the paperwork from Kennedy’s attorneys was not properly filled out, incomplete, and did not articulate the need for such a large securities payment nor what the funds would be used for.
While Kennedy and his attorneys may make another request for the payment of £100,000 it would require they go back to a fortification hearing and begin once again with all the proper paperwork and a breakdown about what the funds would be covering.
Eventually the judge determined a securities payment of £4,000 would be acceptable after the attorneys for Kennedy continued negotiating with the judge.
Ultimately the judge found that Kennedy has until the end of business today to return 750 BTC to SYSCoin or the trial would continue as planned.
Speculation runs rampant that Kennedy is no longer in possession of the coins after liquidating large levels via various exchanges.