BIRMINGHAM, AL / ACCESSWIRE / March 10, 2020 / Kaiser Group Holdings, Inc. (OTCM:KGHI) announced today that the lawsuit (Case Number: 2:11-cv-03577-RDP) filed by Alabama Aircraft Industries, Inc. (OTCM:AAIIQ), formerly known as Pemco Aviation Group, Inc., against The Boeing Company, claiming that Boeing breached its agreement to team with Pemco for the KC-135 Recompete Competition and subsequently used Pemco's proprietary information in its bid for the work, was won by Pemco on February 28, 2020 with a unanimous jury verdict.
Michael E. Tennenbaum, Chairman of Kaiser Group Holdings, Inc., said, "The long and expensive litigation with The Boeing Company resulted in a jury verdict on February 28 that was totally in favor of Alabama Aircraft Industries, but limited damages to $2.1 million. We expect Boeing to appeal this verdict, but we will be appealing the damages limitation set by the Court. We think that we should have had the opportunity to claim at least $100 million in losses.
He continued, "We expect that the 11th Circuit U.S. Court of Appeals will agree with us and believe that a second trial for higher damages will be held. We believe we deserve to win, but the result remains uncertain."
Shareholders of Kaiser Group Holdings, Inc. and Alabama Aircraft Industries, Inc. are encouraged to study the AAII bankruptcy record, as well as the terms of the Litigation Trust. Litigation costs to date are well over $20 million.
This press release contains forward-looking statements as defined by federal securities laws. Statements contained in this press release which are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. A number of factors could cause actual results to be materially different from any future results. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Kaiser undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, Kaiser, through its senior management may make from time to time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of Kaiser's senior management based upon current information and involve a number of risks and uncertainties, and are subject to the factors described herein.
CONTACT:
Doris Sewell
Chief Executive Officer at Kaiser Aircraft Industries, Inc.
[email protected]
205-914-9832
SOURCE: Kaiser Group Holdings