Facebook Asset Freeze Struck Down In Federal Court

Facebook’s assets are no longer on legal lockdown since a New York Judge struck down a temporary restraining order against the company on Friday. It was pretty unbelievable news that surfaced last week: a man claimed to have signed a contract in 2003 with Facebook owner Mark Zuckerberg to build a “live functioning yearbook with the working title of ‘The Face Book.'”

Pursuant to the poorly worded, typo-ridden agreement and a $1,000 check, Paul Ceglia claimed he was owed 84% ownership of Facebook, Inc. In what seemed to be a rash decision with little legal basis, New York Judge Thomas Brown issued a temporary restraining order freezing the company’s assets for the time being while the case was advancing.