updated 08:20 pm EST, Wed December 5, 2012
Plaintiff open to 'settlement with an interesting number'
Carlos Bazan-Canabal, who says he is a partner in both of the firms that recently earned a $2.7 billion judgment against Internet giant Yahoo in a Mexican court, says that he and his partners would be willing to accept a legal settlement for less than the initial judgment. Bazan-Canabal is named as strategic planning director in both Worldwide Directories S.A. de C.V and Ideas Interactivas S.A. de C.V., and he says the two firms are prepared to listen if Yahoo makes them an offer. Bazan-Canabal says that "if we can reach a settlement with an interesting number, we would go for it."
Bazan-Canabal tells Reuters that he is a former Yahoo employee, who joined the company in 1999 and helped to launch Yahoo Mexico. He says the current dispute arises from agreements Yahoo Mexico signed with Ideas Interactivas between 2002 and 2004. Those agreements covered an online business search function, Yahoo! Paginas Utiles, as well as printed volumes.
When the venture initially succeeded, Yahoo and Ideas Interactivas, according to Bazan-Canabal, agreed to expand their operations into Puerto Rico, Central America, Australia, and Japan. The deal was slated to extend to 2009, with options for further extension, but Yahoo unilaterally stepped out of the deal. Yahoo's departure from the deal, Bazan-Canabal says, caused Ideas Interactivas to go bankrupt.
The other plaintiff company, Worldwide Directories, is a holding company for Ideas Interactivas.
Yahoo representatives have maintained that the case and the $2.7 billion judgment were handled in a questionable manner. The company has already signaled that it intends to appeal the decision.