... Filed in the Supreme Court in New York's Allegany County last month, the lawsuit details how Paul Ceglia signed a contract with Facebook in April 2003 to design and develop the website TheFacebook.com for an agreed $1,000 (£665) fee and a 50% stake in the site.
The contract stipulated, Ceglia claims, a further 1% stake for each day until the site was finished on 4 February 2004. Facebook is valued at an estimated $6.5bn, so an 84% share would be worth around $5.46bn.
Following Ceglia's lawsuit, acting New York Supreme Court justice Thomas Brown issued a temporary restraining order that blocks Facebook from transfering assets. That means that the company cannot raise any more venture capital by selling shares until that order is lifted. The case has now transferred to a federal court and Facebook is trying to have it annulled. ...



