In the case which was to begin today, and even before the jury heard a word, an announcement was made that the case between Michael and Prescient has been settled confidentially and no financial detail were made available.
Court documents have been made available which showed that the settlement had been signed last Friday, and the case was dismissed today, without costs or attorney’s fees to either party.
However, Judge P.Kevin Castel will keep control over the settlement to ensure that it is satisfactorily completed.
Michael denied signing any agreement with Prescient to refinance debts for the sum of 9% of the total refinanced, which, if this had been correct, would have been $48million. No documents were available to prove that Michael had made this agreement and it is thought that without any such proof, Prescient would lose this case, and therefore took the easy way out, and decided that a settlement would be more suitable!