John McAfee asks court to block Intel’s security spin-out
From PC World: Intel’s plan to spin out its security business under the McAfee name could run into rough weather with security expert John McAfee asking a court in New York to order an injunction on the deal until a dispute over the use of his personal name for another company is resolved.
In a court filing on Tuesday, John McAfee and MGT Capital Investments claimed that there is a high likelihood that Intel intends to sell the rights to the use of his full name to the new venture. “Should the sale go forward any judgment awarded to Plaintiffs will be ineffectual,” it added.
John McAfee and MGT informed the court that they will be seeking a preliminary injunction that would prevent Intel from “selling, trading, assigning, leasing or otherwise transferring any alleged rights, in whole or in part, relating to any marks, names, trade names, or entities containing the word ‘McAfee’” until the resolution of the dispute.
By allowing Intel to go ahead with the transaction before judicial resolution of the issues surrounding the use of John McAfee’s personal name, the “litigious issues and costs associated with the underlying claim will be compounded,” according to the filing.
The chip company said in September that it had signed an agreement with TPG to spin out its Intel Security business as a separate cybersecurity company, called McAfee. Intel shareholders would hold 49 percent of the equity with the balance held by the investment firm, while Intel would also receive US$3.1 billion in cash.
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