License and Settlement Agreement with Elpida relating to Qimonda's patent portfolio

MUNICH - Wednesday, June 1st 2011 [ME NewsWire]

(BUSINESS WIRE)-- Dr. Michael Jaffé, the insolvency administrator over the estate of Qimonda AG, reached a settlement and license agreement with the Japanese memory chip manufacturer Elpida Memory, Inc., Tokyo.

Insolvency proceedings over the estate of Qimonda AG were opened on April 1, 2009 at the Munich District Court and Dr. Michael Jaffé was appointed insolvency administrator. Qimonda AG markets one of the largest semiconductor IP portfolios in the world including some 4,500 patent families.

The settlement and license agreement allows Elpida to use Qimonda's patents world wide. Elpida will withdraw from litigation pending in the U.S. between Qimonda's administrator and several semiconductor and information-technology manufacturers.

This settlement is the first resolution of claims brought by licensees of Qimonda AG's patent portfolio. After a U.S. Bankruptcy Court recognized Qimonda AG's German insolvency proceedings as a foreign main proceeding under Chapter 15 of the US Bankruptcy Code, a group of licensees, including Elpida, Samsung Electronics Co., Ltd., Intel Corp., Infineon Technologies AG, Micron Technology Inc., Hynix Semiconductor Inc., IBM Corp. and Nanya Technology Corp., asserted that the U.S. Bankruptcy Court should order that licenses shall continue with respect to Qimonda's U.S. patents under U.S. law, despite the insolvency administrator's election of non-performance under German law. That proceeding - from which Elpida will now withdraw as an objector - is still pending.

The terms and conditions of the license and the settlement amount are confidential.

Further Information: JAFFÉ Rechtsanwälte Insolvenzverwalter (Lawyers & Insolvency Administrators) is one of the leading German law firms in the domain of insolvency administration as well as the conduct of related proceedings. The law firm, founded by Dr. Michael Jaffé, specializes on handling complex insolvency proceedings, often involving groups of companies operating internationally and the worldwide exploitation of intellectual property assets. JAFFÉ Rechtsanwälte Insolvenzverwalter operates out of seven offices across Germany. Dr. Michael Jaffé gained international acclaim as insolvency administrator of KirchMedia, one of the largest European media groups.

Insolvency administrator Dr. jur. Michael Jaffé Lawyer Specialist in Tax Law Specialist in Insolvency Law Franz-Joseph-Str. 8 80801 Munich / Germany

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