A Conversation With Think3 Trustee Andrea Ferri

I finally managed to sort out the communication problem that I was having with the court appointed trustee of think3 Dr. Andrea Ferri. I did a short email interview by sending a list of questions across.

Deelip: I would like to know the composition of the Creditor’s Committee. I want to know whether the committee has a person representing the Think3 customers in some way and who that person is.

Andrea: Dott. Sergio Salsedo, Avv. Fabio Patricolo, Rag. Sergio Quadri

Deelip: I understand that the short term plan is to pay the creditor’s whatever is due to them. That is a good thing. The most obvious way is to sell the IP of Think3 to someone who is interested. Is there any other option?

Andrea: Not only the IP. Think3 has several precious assets: employees, products, customers and partners. And more than 30 years of market presence and reliability. After the acquisition all these assets have been ill-treated but they are not disappeared. Many employees left, following Versata decision to close think3 offices, but they remained in the market or they are self-employee working already as consultants on think3 portfolio. The products are there, we have the competences to work on them and we (the think3 people) know – excuse the rudeness – what we’re talking about and what customers want. We are now restarting operations and recovering all the precious human resources that have been unwisely dispersed. Customers and Partners are there. They are astonished and confused but they are still there. They still believe in think3 product and people and we will work for them, they deserve it. I’m not saying think3 was healthy and solid before the acquisition, but it is crystal clear that after the “changing of the guard” with Versata we can see only price increase, reduction of customer services, poor support et cetera. Therefore even if this months of bad management left a sign, we are sure the company will be able to stand and fight again. Back to your question: we are already discussing with several major players about several and different options. Again the good point is that think3 has many assets. And I want to repeat the list, because they really count: employees, products, customers and partners.

Deelip: If the sale of IP to Versata is voided then do you need to refund Versata the money that they paid for the IP. If yes, from where are you going to get the money to pay back Versata?

Andrea: The legal procedure will consist in demand to the Court of Bologna like the others creditors of Think3 inc if the price was really paid.

I asked a few other questions as well. But understandably they were not answered due to their sensitivity because it looks like this matter is going to end up in court, one way or another.

Andrea also let me know that the court order documents have been uploaded to www.think3.com.

If any of you could leave a comment translating the court orders into English, I would greatly appreciate it.