Rocky Mountain Internet Inc (RMI) says it intends to countersue its one-time acquisition target Internet Communications Corp (ICC) for a lot more than the $30m ICC sued RMI for in mid- October, according to RMI chief executive Doug Hanson. ICC sued RMI for damages after the latter aborted the acquisition in mid- October because it says it discovered material difference in ICC’s finances that it had not seen earlier and exercised its right to pull out of the deal. RMI is yet to reply to that suit, but it’s working on the details now. Once it has done so, it will countersue, Hanson confirmed yesterday. Hanson also explained more about the charges in its third quarter results reported earlier this week. The charge of $4.6m, which represents a mid-point between what RMI estimates the final costs of the aborted acquisition of ICC to be also includes the $2.7m non-cash charge. It is not in addition to the $4.6m, as we understood it to be (11/18/98). Hanson also clarified that the additional S/1 filing made Monday with the SEC included the registration of stock he had purchased when he bought into RMI earlier this year.
