SEC Form 8K issued to announce Arbitration Award finding Edd Helms Group as the Prevailing Party in the matter of Edd Helms Electric v Siemens Building Technologies
Form 8-K Other Events, Litigation Filed Today with Securities and Exchange Commission
An Arbitration Award finding Edd Helms Group Inc. as the prevailing party was received in the matter of Edd Helms Electric v Siemens Building Technologies, 11th Judicial Circuit Court in Miami-Dade County, Florida, Case No. 04-8784. The Arbitration Award finds the Company is entitled to recover as damages the principal amount of $729,744 together with prejudgment interest of $347,841 for a total judgment of $1,077,585.00.
Siemens was found to be in material breach of its contract with the Company. The counterclaim filed by Siemens against the Company and its surety, XL Specialty Insurance, was denied in its entirety. The Company, as the prevailing party has 30 days to submit its claim. Siemens has 30 days from the submission of the claim to respond. Further hearings may be held to determine fees and cost.
Portions of the Award and prior rulings of the Circuit Court, upon which the Award may have been based, are subject to appeal. Both Parties have sought modification of the Award, which requests are now fully briefed and ripe for determination by the Arbitrator. The Company is uncertain as to when a final resolution will be received or the ultimate amount of the Award determined.