The Supreme Court of Gibraltar has reversed its decision to freeze 542 million gaming tokens in a legal battle between two companies linked to the web game creation platform.
In a judgment of April 17, the judge of the Supreme Court of Gibraltar, John Restano, defined his fellow freezing of the tokens, noting that this could have harmed the value of the tokens and that the proofs deposited were insufficient to continue the frost.
“Although there may be many reasons for the drop in the value of the tokens, the evidence in court suggest that these procedures are a factor in this regard,” he wrote.
The manufacturers of Ready based in the United States, which operate like Ready Games, and its founder, David Bennahum, have filed a legal dispute against its subsidiary based in Gibraltar, Ready Maker (Gibraltar) Limited, and its CEO, Christina Macedon. The costume claims to have taken over the company and its gaming token which is used as a reward on the game network.
Ready Games won a chip gel in February, with the manufacturer Readytar Ready based in Gibraltar, operating as Play Network, putting them back to a goalkeeper appointed by the court.
The 542 million gaming tokens are almost two -thirds of its food in current circulation and earned approximately 2.6 million dollars. The price of the token has dropped more than 97% since its launch in December, according to Coingecko.
The Judge Restano said that the evidence filed by the Games ready for the frost were “far from being impressive and raise more questions than they answer”.
He added that it “did not consider it to be a case where the order should be re-grave in all cases”, and quoted the non-divulgation of Ready Games to disclose that he was in administrative dissolution at the time of the deposit for the gel of the token, that he called “a significant omission”.
Bennahum de Ready Games told Cointtelegraph that he had appealed to an appeal alongside “an urgent request to the Gibraltar Court of Appeal asking them to remain in the discharge of the initial injunction or to grant a new injunction” so that the tokens can be frozen again while waiting for the result of the call.
He added that his company did not agree with the court’s decision to lift the token, saying that the company based in Gibraltar was in an “alarming state”.
Ready Maker is only a “launch vehicle for tokens” – the founder of Ready Games
Bennahum reiterated a previous statement that the Games Loans in the United States created Ready Maker in Gibraltar with the intellectual property of the American company and funded “specifically to serve as a launch vehicle”.
“We argue that Ms. Macedo and the associated parties have wrongly took control of this entity and its assets,” he said. The Judge Restano declared in his judgment that Macedo had challenged Bennahum’s complaint and that regulatory documents allegedly show that it is the only controller and ultimate owner of the company based in Gibraltar.
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Ready Games had declared in a February statement that his legal action was to “recover” the company Gibraltar.
He added that a Delaware labor court has made a temporary ban prescription which obliged Ready Gibraltar to restore access to Ready games to the company’s technological battery, such as “GitHub standards, cloud systems and domain accounts”.
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