It has been a while since we last heard from the Syscoin legal proceeding against MooPay LTD & Ryan Kennedy. A court date had been scheduled a few days ago, and we have now received the full details on how things went. Let’s do a quick recap.
As is always the case when it comes to legislative issues in the United Kingdom, it is imperative to not reveal any information to the public in the first 24 hours after a court date. While this may be a bit of an annoying rule, it is something that needs to be taken into account regarding this matter.
First of all, Ryan Kennedy demanded that Syscoin put forward GBP100,000 in securities as to cover any potential legal costs suffered by him. An odd request, sure, but it also serves as a stalling tactic in court. Furthermore, these tactics increase the legal costs for Syscoin as well, as they need to prepare an argument against those costs.
By making such a ludicrous request, you would at least expect Ryan Kennedy to actually show up in court in person, but that didn’t happen, as only his solicitors were present. Personally, I very much doubt this made any good impression on His Honor Judge Seymour, who presides over this case in court.
Either way, the asking for that amount in securities was laughed off, as his legal case is not prepared correctly, thus there being no reason to warrant the asking of such a high amount. Ryan Kennedy does have the right to request a ‘fortification hearing’, and he would have to prepare all the necessary paperwork and evidence of costs accruing GBP100,000 in costs.
However, Ryan Kennedy’s solicitors decided to take the different road, and tried bargaining down the costs of securities. Suggestions of GBP13,000 and GBP4,000 were thrown out the windows as well, as His Honor Judge Seymour lowered the required securities to GBP2,000, which he still deemed “overly generous”.
Assuming Ryan Kennedy would maintain possession of the 750 BItcoin owed to the Syscoin team, he had to pay up by the end of Friday (two days ago). By failing to do so, the court case would continue forward as planned. Ryan Kennedy has always claimed he no longer possesses these 750 Bitcoin due to a “security exploit”, so don’t hold your hopes up of him paying the funds.
All in all, stalling tactics and attempts to drain legal funds from Syscoin have utterly failed, thanks to His Honor Judge Seymour taking swift actions against these kind of actions. A repeat of stall tactics will clearly not fly, so it will be interesting to see if and when Ryan Kennedy stands trial.