Crownbutte Wins Suit Against Centre Square

On September 23, 2008, a Philadelphia-based company, Centre Square Capital, LLC, announced that it had initiated legal proceedings against Crownbutte Wind Power, Inc., with the American Arbitration Association. Centre Square sought compensation of $3 million for its alleged services. On March 16, 2009, Judge Judy Weintraub of the American Arbitration Association dismissed all claims made by Centre Square Capital, LLC, and ordered the Philadelphia company to pay all attorney fees, and any associated costs of the arbitration to Crownbutte. This amounts to nearly $140,000. In addition, the ruling directed Centre Square to pay 6% interest per annum on any outstanding fees and costs until completely paid. Tim Simons, President and CEO of Crownbutte, commented that “this type of frivolous lawsuit is to be expected when a successful company like Crownbutte is going through an S1 filing. Predatory groups hope that Crownbutte will simply settle rather than allow the litigation to delay the SEC filing. Instead, as we expected, Crownbutte has won the arbitration and has completed the S1 filing as planned.”