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Yes, the 'Secondhand Software Presentation' does sound like it might be an adverse document...

The Court of Appeal has dismissed Microsoft’s appeals in its dispute with ValueLicensing, providing guidance on copyright exhaustion in the context of the resale of software licences, and the Competition Appeal Tribunal's jurisdiction to determine copyright issues arising in competition law claims.

Tribunal to explore how £270 million reseller case intersects with multibillion-pound class action

The Court of Appeal has handed down a judgment relating to the ongoing Competition Appeal Tribunal (CAT) dispute between JJH Enterprises Limited (trading as ValueLicensing, “VL”), a seller of pre-owned software licences, and Microsoft.

Microsoft has now lost twice in a £270 million case brought by UK reseller ValueLicensing, and it is asking the Supreme Court for permission to try again. The Competition Appeal Tribunal ruled in 2025 that reselling and subdividing Microsoft's on-premise licences did not infringe its copyright. Microsoft appealed. On July 7, it lost that too. On July 21, the tribunal granted an extended stay while Microsoft prepares its Supreme Court application, but stopped short of freezing the case entirely.