Double Your Pleasure, Double Your Fun, Winklevii Need To Take The $65M & Run
Hoping to ride the coat-tails of an award winning movie, an unauthorized biopic and a graphic novel, the Winkelvoss Twins (often dubbed the Winklevii) and their law suit came up empty when they tried to get more than their original $65M settlement from Mark Zuckerberg. The 9th Court of Appeals ruled that the original ruling would stand - and that Facebook was not obligated to pay one cent more.
In the graphic novel satire, "Facebucks & Dumb F*cks," the Winklevii (aka Tweedle Dum & Tweedle Dee) share their beef about Zuckerberg (aka Z-Man) with cub reporter kidd millennium.
Harvard students Divya Narenda and the Winklevii initiated their suit against Facebook all the way back in 2004, accusing fellow student Mark Zuckerberg of taking their idea for college social network CONNECTU and transforming it into what we know today as Facebook.
While the twins case was based on what they assessed as a low valuation of the company at the time, Federal Appeal Chief Judge Kozinksi summed up this case as follows...
So I guess the boys will have to lick their wounds and move on to fresher meat. However, walking away with a cool $65 million shouldn't be all that hard to take. Particularly since - in today's market - those shares are worth at least $100 million!
UPDATE: Huffpost Tech - March 18, 2011 - Talk about not taking "no" for answer when the decision of the three-judge panel of the 9th U.S. Circuit Court of Appeals came down, the Winklevii immediately asked their lawyers to submit a filing for a special 11-judge panel to consider their appeal.