Hat tip to Richard S. Meisner (Berman, Sauter, Record & Jardim) for blogging  “409A Valuation is Key Issue in Facebook Litigation.” Quoting from All Things Digital:

“First, the ConnectU Founders try to leave this Court with the impression that the only valuation figure they knew was the $15 billion figure from the Microsoft press release, and that they, therefore, had reason to enshrine it as gospel. They also portray the one 409A valuation on which they rely here as some seismic event in the life of the company, as if an unexpected bolt of lightning from on high emblazoned $8.88 onto a couple of tablets. Both the impressions are false.”

Read the original post “When Facebook Bought ConnectU From the Winklevii (Or, Parsing Legal Filings for Fun)” for the story.