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IO > SEC Filings for IO > Form 8-K on 8-May-2014All Recent SEC Filings

Show all filings for ION GEOPHYSICAL CORP

Form 8-K for ION GEOPHYSICAL CORP


8-May-2014

Other Events


Item 8.01. Other Events.

On May 7, 2014, the presiding judge in the United States District Court for the Southern District of Texas signed and entered a Final Judgment in the previously-reported lawsuit of WesternGeco L.L.C. v. ION Geophysical Corporation, in the amount of $123,836,193.89. The final judgment is consistent with the Order issued by the Court on April 30, 2014, which ION Geophysical Corporation (the "Company") disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on April 30, 2014.

Also, as previously described by the Company, the Final Judgment included an injunction that enjoins the Company, its servants, agents and anyone acting in concert with it, from supplying in or from the United States the DigiFINŽ product or any parts unique to the DigiFIN product, or any instrumentality no more than colorably different from any of these products or parts, for combination outside of the United States. The Company has conducted its business in compliance with the Court's orders in the case, and the Company has reorganized its operations such that it no longer supplies the DigiFIN product or any parts unique to the DigiFIN product in or from the United States.

As previously disclosed, the Company has taken a loss contingency accrual of $123.8 million related to this case. Additional interest will continue to accrue until this legal matter is fully resolved. The Company's assessment of its potential loss contingency may change in the future due to developments in the case and other events, such as changes in applicable law, and such reassessment could lead to the determination that no loss contingency is probable or that a greater or lesser loss contingency is probable.

The Company intends to appeal the trial court's Final Judgment to the United States Court of Appeals for the Federal Circuit.

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