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[b]Spacehab dismisses RDM claim with NASA[/b] SPACEHAB, Incorporated, a leading provider of commercial space services, today announced that the Company has filed for a formal dismissal with prejudice of all litigation against NASA relating to losses incurred by SPACEHAB as a result of the 2003 Space Shuttle Columbia accident. In January 2004 the Company initiated a formal proceeding against NASA in which the Company was seeking damages in the amount of $87.7 million for the loss of its Research Double Module (RDM) as a result of the Columbia accident. In October 2004, NASA responded to this claim with the determination that its liability was $8.2 million, including interest, and paid SPACEHAB this amount. SPACEHAB subsequently filed an appeal with the Armed Services Board of Contract Appeals and over the past two years, the two parties have proceeded with preparations for a court hearing planned for July 2008. The Company also filed a tort claim in November 2004, seeking damages of $79.7 million for the loss of the RDM, to which the court granted a motion in June 2006 to stay the case until resolution of the Company's contract claim appeal. Based upon the information available to the Company, SPACEHAB believes that the potential benefits that may be achieved by dismissing the claim against NASA, who is the Company's largest customer, outweigh any potential benefits that may be achieved by continuing the litigation of claims against the agency. The company intends to focus its limited resources on current market opportunities and new business initiatives. "I believe that the dismissal of claims against NASA is in the best interest of the Company and am very pleased with SPACEHAB's pragmatic business decision in resolving this complex matter," said SPACEHAB President and CEO Thomas B. Pickens, III. "SPACEHAB is proud to press on in support of NASA and commercial customers worldwide." As a result of the claim dismissal, the Company will pay Lloyd's of London, the insurer of the RDM, $0.5 million.
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