VQ » Topics » Personal Injury Claim

This excerpt taken from the VQ 10-Q filed Aug 13, 2007.

Personal Injury Claim

On March 31, 2006, a complaint was filed in District Court in Madison County, Texas against a subsidiary of the Company by the widow of an individual who was fatally injured while working as a gauger/pumper at a well operated by the subsidiary. The case as it relates to the Company and its subsidiary was settled in July 2007 for an amount that was covered by the Company’s insurance. The Company paid an immaterial deductible in connection with the settlement.

This excerpt taken from the VQ 10-Q filed May 15, 2007.

Personal Injury Claim

On March 31, 2006, a complaint was filed in District Court in Madison County, Texas against a subsidiary of the Company by the widow of an individual who was fatally injured while working as a gauger/pumper at a well operated by the subsidiary. The case is scheduled to go to trial in August 2007. The Company plans to vigorously defend this action. The Company believes that it has legitimate defenses to all allegations in the suit. The Company also believes that it has insurance coverage with respect to the accident. It does not currently believe that it is subject to material exposure in association with this lawsuit. No related liability has been recorded in the Company’s condensed consolidated financial statements.

This excerpt taken from the VQ 10-K filed Apr 2, 2007.

Personal Injury Claim

        On March 31, 2006, a complaint was filed in District Court in Madison County, Texas against a subsidiary of ours by the widow of an individual who was killed while working as a gauger/pumper at a well operated by the subsidiary. The case is scheduled to go to trial in August 2007. We plan to vigorously defend this action and believe we have legitimate defenses to all allegations in the suit. We do not currently believe that we are subject to material exposure in association with this lawsuit and no related liability has been recorded in our consolidated financial statements.


ITEM 4. Submission of Matters to a Vote of Security Holders

        No matters were submitted to a vote of stockholders during the fourth quarter of the fiscal year covered by this report.

42



PART II

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

This excerpt taken from the VQ 10-K filed Apr 5, 2006.

Personal Injury Claim

        On February 23, 2006, a complaint was filed in Santa Barbara Superior Court against the Company on behalf of a boy who was severely injured after falling from a cliff located on property jointly owned by the Company and another company. The complaint asserts that the Company is responsible for the boy's injuries and that the boy is entitled to damages, including reimbursement of past medical expenses, future expenses, loss of earning capacity and general damages, which plantiff's counsel has previously asserted total between $10 million and $21 million. The Company believes that it has no liability in this matter and intends to defend itself vigorously. The extent of the Company's liability with respect to the claim, if any, cannot be predicted at this time but the Company does not expect it to be material. In accordance with SFAS No. 5, Accounting for Contingencies, the Company has not accrued for a loss contingency related to this claim because it believes that, although an unfavorable outcome may be possible, they are not considered by management to be probable or reasonably estimable.

This excerpt taken from the VQ 10-Q filed Nov 22, 2005.

Personal Injury Claim

In August 2004, a 14-year-old boy fell off a bluff property jointly owned by the Company and another company. The boy sustained head injuries, the extent of which are not fully known at this time. An attorney hired by the boy’s family contacted the Company in November 2004. The Company believes that it has no liability in connection with this accident.

In addition, the Company is subject to other claims and legal actions that may arise in the ordinary course of business. The Company believes that the ultimate liability, if any, with respect to these other claims and legal actions will not have a material effect on the Company’s consolidated financial position or results of operations.

This excerpt taken from the VQ 10-Q filed May 16, 2005.

Personal Injury Claim

        In August 2004, a 14-year-old boy fell off a bluff property jointly owned by the Company and another company. The boy sustained head injuries, the extent of which are not fully known at this time. An attorney hired by the boy's family contacted the Company in November 2004. The Company believes that it has no liability in connection with this accident.

        In addition, the Company is subject to other claims and legal actions that may arise in the ordinary course of business. The Company believes that the ultimate liability, if any, with respect to these other claims and legal actions will not have a material effect on the Company's consolidated financial position or results of operations.

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