Estate of Eric Emanuel V Comodo Holdings

Eric Emanuel, a substantial shareholder of Comodo (owning over 40% of the Company with over 110 million shares) and who served as Chairman and the provider/arranger of capital to the Company, was killed in a car accident in 2006. Shortly thereafter, Comodo confirmed in writing that Eric Emanuel was a shareholder and worked with his Estate to establish values and to complete the Estate's financial statements and tax returns. Subsequently, his name and shares were wrongfully eliminated from the shareholder record.

In December 2014, the Estate won summary judgment, but the appeals court reversed that decision on a technicality in May, 2016. 

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In 2016, the Estate commenced another action against Comodo (and its principal/CEO) in New York to determine issues involving Tech IP, Inc., a NY corporation that Emanuel formed to purchase the shares of Comodo. At the time of Emanuel's death, Comodo's CFO informed the Estate in writing that Tech IP owned 47 million shares of Comodo, and he also stated that Tech IP was owned equally by the Estate and the Comodo CEO

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Galactic Entered the case in 2016. Purchasing additional portions of the estate shares as the settlement talks wore on. At settlement, Galactic owned 90% of the Estate share of the case.

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Galactic received $60 million in cash as well as stock shares in Comodo valued at over $40 million.

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