Facebook Owner Might have to Give up Site's Stake

We recently reported that Paul D. Ceglia pulled Facebook owner Mark Zuckerberg to court for a contract that was signed in April 2003 entitling Cegalia 84 percent ownership of Facebook. A hearing of lawsuit was held where Lisa Simpson, Facebook's Lawyer and Ceglia's attorney Terrence Conners were present at federal court in Buffalo, New York.

Facebook responded the lawsuit filed in state court by taking the matter to the federal court where its lawyer Lisa Simpson told Judge Arcara, "Whether he signed this piece of paper, we're unsure at this moment," according to a Bloomberg report. Well, that certainly is a shocker. Simpson also reportedly said the company has "serious questions" about the document's authenticity.

Conners noted that Ceglia and Zuckerberg together worked on a project which was then called 'Street Fax Database' and also on a side project that was online yearbook for Harvard students. Simpson did agree that there was a contract between Zuckerberg and Ceglia, who worked with Zuckerberg as a coder. However, she added that the stake claim was too old to pursue. 

Until the alleged contract documents aren't submitted in the court, it's difficult to say who's going to walk away smiling from court. We shall wait for any official announcement on this case so stay tuned to this space for more updates.