Despite its backing by billionaire Arkansas investment banker Warren Stephens, copyright lawsuit filer Righthaven LLC of Las Vegas said Sunday it has been unable to secure a $34,045 bond to guarantee payment of a defendant’s attorney’s fees.
In an "urgent motion" filed Sunday with the 9th U.S. Circuit Court of Appeals in San Francisco, Righthaven asked the court to strike a Nevada judge’s order that it post the bond to ensure attorneys for copyright lawsuit defendant Wayne Hoehn get paid, should Righthaven lose its appeal in the Hoehn case.The article goes on to quote from Righthaven's filing, indicating that no bonding institution will issue the required bond, except for the full cash amount--which pretty well tells us that Righthaven is regarded as a poor credit risk by the bonding institutions. When someone will only issue a $34,045 bond if you give them $34,045 in cash, that indicates that the bonders believe that you are going out of business, and soon.
Fortunately, if Righthaven goes bust, this does not let Stephens Media off the hook. Stephens Media is being sued as well by victims of Righthaven's suits, and as I understand it, the incompetents who wrote the Righthaven/Stephens Media contract not only failed to actually grant Righthaven the actual copyright it needed to file the suits--but it also left Stephens Media at least half responsible for the consequences of Righthaven's action. My, a worst of both worlds contract: not enough ownership rights to win the copyright infringement suits, but enough liability that Stephens Media may get stuck with the bills for the damages that Righthaven caused.
I look forward to the day that Righthaven's CEO, Steve Gibson, is held personally liable for the actions of Righthaven, loses his fancy car, his home, and all of his other assets. After all: that's what he was trying to do to others who innocently stumbled into the Righthaven scheme. I can't think of a more deserving lawyer.