Wenzel Downhole Tools Ltd T.WZL

Litigation

[Zola2]

From their presentation they indicated that the litigation

Wenzel - N.Oilwell Varco that a decision is expected

in mid to late 2012.

What might be the financial implication or is this even

a material item?

[TheRock07]

I recall that WZL is asking for about $3.6 million owed it by Varco which filed a counterclaim for about $2.5 million. WZL ,s opinion is that Varco's claim is without merit but that also Varco does not have the fiscal capacity to pay and is prepared to write off the amount due...............really not very material.

[beenburntb4]

The suit with dreco goes back quite aways.  It was alledged that a principle in a company purchased by dreco used sale proceeds to assist WZL (a loan) contrary to a non compete.  Im pretty sure the individual settled with dreco but WZL was drug into the mess.  Allegation was at tie that WZL would not currently exist and that damages to dreco (NOV) resulted in lost sales etc It's