The demand letter was sent by OWCP lawyer, Lawrenc
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Posted On: 06/24/2017 1:09:55 AM
Re: GreenMachine84 #9566
The demand letter was sent by OWCP lawyer, Lawrence R. Lonergan, on November 28, 2016. According to the 10-Q filed on April 17, 2017 the action filed in the Supreme Court of the State of New York, "is now in the pleading stages".
I agree with you that in reading the demand letter it appears that all OWCP is asking for is a refund of the $55,000 fees they paid to the law firm. Meanwhile they claim that because of the alleged incompetence of the law firm they retained, they suffered damages of $2,000,000.
To be honest I have a hard time following what transpired. Zombywolf may have a better grasp of what went on and he can correct me if what I'm saying is incorrect. From what I gather there was an original EPA agreement involving 9,000,000 shares for $750,000. Because of the law firm's negligence and failure to properly advise OWCP, the number of shares that OWCP was ultimately forced to issue almost quadrupled. At the time, to say the least, it had a very negative impact on the company and its stock price.
I sent an email earlier to management asking for the status of the lawsuit that was filed. I also asked for a coles notes summary, if they have it, of what transpired.
I agree with you that in reading the demand letter it appears that all OWCP is asking for is a refund of the $55,000 fees they paid to the law firm. Meanwhile they claim that because of the alleged incompetence of the law firm they retained, they suffered damages of $2,000,000.
To be honest I have a hard time following what transpired. Zombywolf may have a better grasp of what went on and he can correct me if what I'm saying is incorrect. From what I gather there was an original EPA agreement involving 9,000,000 shares for $750,000. Because of the law firm's negligence and failure to properly advise OWCP, the number of shares that OWCP was ultimately forced to issue almost quadrupled. At the time, to say the least, it had a very negative impact on the company and its stock price.
I sent an email earlier to management asking for the status of the lawsuit that was filed. I also asked for a coles notes summary, if they have it, of what transpired.
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