Thaindian News

NEW YORK (BNO NEWS) – A New York resident filed a lawsuit on Friday claiming 84 percent of the social networking site Facebook. The web designer claims that a contract signed entitles him to this amount, prosecutors announced on Tuesday.

Paul Ceglia signed a two-page contract with Facebook owner Mark Zuckerberg over seven years ago. In the fore mentioned contract, signed approximately nine months before the founding of Facebook, Ceglia is entitled to an 84 percent ownership stake in the company.

Ceglia told the Court that he had not received any remuneration and that he feared that the company’s assets could be transferred out of the Court’s protection. In response the Court issued a temporary restraining order (TRO) which ordered Zuckerberg to not transfer, sell, and assign any assets, stocks or bonds.

However, Ceglia’s court documents fail to satisfy the requirements. First, Ceglia filed his application over seven years of the date of the alleged contract he is trying to enforce. That fails to clearly show the immediate and irreparable injury he claimed in his documents.

Other failed requirement of Ceglia’s application was the lack efforts to give notice to both Facebook and Zuckerberg. These two reasons are sufficient grounds for dissolving the TRO. Zuckerberg said that the contract was broken many years ago and it is almost certainly barred by the statute of limitation.

The case has been transferred to a federal court where Facebook and Zuckerberg is trying to have it annulled.