Winston
Lorenzo von Matterhorn
- Joined
- Jan 31, 2009
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Lockheed Martin allegedly violates patents. Investors withdrawn Vector funding. Lockheed Martin gets Vector for fire sale prices.
Vector isn’t eager for legal fight with Lockheed Martin
April 10, 2019
https://spacenews.com/vector-isnt-eager-for-legal-fight-with-lockheed-martin/
COLORADO SPRINGS — Even though Vector Launch filed a patent infringement lawsuit against Lockheed Martin, the Arizona startup is not eager to spend millions of dollars fighting the aerospace giant.
“We don’t want to be in lengthy litigation with Lockheed Martin,” Shaun Coleman, Vector co-founder, told SpaceNews. “We were forced into this situation and would love to resolve it.”
Vector filed a complaint April 5 in the U.S. District Court for the Central District of California, alleging Lockheed Martin infringed on three patents related to GalacticSky, Vector’s software-defined satellite technology.
Lockheed Martin declined to comment on the pending litigation.
Vector files for Chapter 11 bankruptcy
December 13, 2019
https://spacenews.com/vector-files-for-chapter-11-bankruptcy/
WASHINGTON — Small launch vehicle company Vector filed for Chapter 11 bankruptcy Dec. 13 as part of an agreement that could see some of its satellite technology assets sold to Lockheed Martin.
Vector had been one of the leading companies in the small launch vehicle market until August, when the company said that a “significant change in financing” led it to pause operations and lay off nearly all of its more than 150 employees. Jim Cantrell, Vector’s chief executive, also left the company at the time. That announcement came just two days after the company won an Air Force launch contract.
According to industry sources familiar with the company, the August layoffs were triggered when one of the company’s major investors, venture fund Sequoia, withdrew its support for the company because of concerns about how the company was managed. That came as Vector was working on a new funding round, and Sequoia’s decision had a domino effect, causing other investors to back out. Sequoia didn’t respond to a request for comment in August about any role it played in Vector’s problems.
The company is currently being funded through “debtor in possession” financing from Lockheed Martin, according to a resolution by Vector’s board of directors included in the filing. Under a Nov. 20 agreement, Lockheed provided Vector with a $500,000 secured loan and proposed purchasing Vector’s assets associated with a satellite program called GalacticSky for no more than $2.5 million.
Vector isn’t eager for legal fight with Lockheed Martin
April 10, 2019
https://spacenews.com/vector-isnt-eager-for-legal-fight-with-lockheed-martin/
COLORADO SPRINGS — Even though Vector Launch filed a patent infringement lawsuit against Lockheed Martin, the Arizona startup is not eager to spend millions of dollars fighting the aerospace giant.
“We don’t want to be in lengthy litigation with Lockheed Martin,” Shaun Coleman, Vector co-founder, told SpaceNews. “We were forced into this situation and would love to resolve it.”
Vector filed a complaint April 5 in the U.S. District Court for the Central District of California, alleging Lockheed Martin infringed on three patents related to GalacticSky, Vector’s software-defined satellite technology.
Lockheed Martin declined to comment on the pending litigation.
Vector files for Chapter 11 bankruptcy
December 13, 2019
https://spacenews.com/vector-files-for-chapter-11-bankruptcy/
WASHINGTON — Small launch vehicle company Vector filed for Chapter 11 bankruptcy Dec. 13 as part of an agreement that could see some of its satellite technology assets sold to Lockheed Martin.
Vector had been one of the leading companies in the small launch vehicle market until August, when the company said that a “significant change in financing” led it to pause operations and lay off nearly all of its more than 150 employees. Jim Cantrell, Vector’s chief executive, also left the company at the time. That announcement came just two days after the company won an Air Force launch contract.
According to industry sources familiar with the company, the August layoffs were triggered when one of the company’s major investors, venture fund Sequoia, withdrew its support for the company because of concerns about how the company was managed. That came as Vector was working on a new funding round, and Sequoia’s decision had a domino effect, causing other investors to back out. Sequoia didn’t respond to a request for comment in August about any role it played in Vector’s problems.
The company is currently being funded through “debtor in possession” financing from Lockheed Martin, according to a resolution by Vector’s board of directors included in the filing. Under a Nov. 20 agreement, Lockheed provided Vector with a $500,000 secured loan and proposed purchasing Vector’s assets associated with a satellite program called GalacticSky for no more than $2.5 million.
