I believe this poster is spot on! E-Trade wil
Post# of 11039
Posted On: 11/10/2015 11:48:08 PM
I believe this poster is spot on!
Quote:
E-Trade will most likely release the hold soon.
In COR's brief to appoint a receiver, it included a footnote stating that some of the DTCC member firms are holding the funds "pending the outcome of this motion." This language tells me that E-Trade probably knew that the motion to appoint a receiver would be filed and that the reason they imposed a hold was a precautionary measure in the event the motion would be granted.
Since the order denied the motion to appoint a receiver, E-Trade should release the hold..
I don't foresee any other possible legal remedy that would unwind the dividend from the pockets of brokers/shareholders. Further COR stated several times to the Court that the limited purpose receiver is the "ONLY" way that COR would be made whole... However, I think COR knew that there are other legal remedies available... this was just the most convenient remedy for them. It will be very difficult for COR to WIN on fraud against Signature. The level of proof necessary to prove fraud is clear and convincing evidence.. Tough burden.... At best, COR may have a shot at winning a negligence suit but again... discovery will be very expensive and may not even be worth it if the chances of winning are low... I think COR is in the process of weighing its options.
If COR proceeds to sue Signature Stock or if it even adds DTCC to the complaint, then the defendants could use COR's assertions as a defense.. COR stated many times that appointment of a receiver is the only adequate remedy...This statement is HUGE and is now part of the Court's record/order.... The statement suggests that nobody is at "fault" from a legal standpoint except for CRGP.
Sig stock or DTCC could argue "you stated on the record to the Court that the only adequate remedy was appointment of a receiver to fix CRGP's (issuer's error) , why are you now seeking a remedy from us if relief in the form of a limited purpose receiver was your only adequate remedy? This argument would diminish the credibility of the plaintiff.
(0)
(0)Calissio Resources Group, Inc. (CRGP) Stock Research Links
U.S. Constitution
"The Preamble
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
Oath
"I solemnly swear to support and defend the Constitution of the United States of America"
The Flag
"I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all."
"The Preamble
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
Oath
"I solemnly swear to support and defend the Constitution of the United States of America"
The Flag
"I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all."
Quote:
If the broker-dealer fails to deliver for 13 days, the regulation imposes a “close out” duty to purchase and deliver securities “of like kind and quantity.”
https://www.bloomberg.com/opinion/articles/20...ify%20wall
https://www.scotusblog.com/case-files/cases/m...v-manning/