Looks like OWCP is abandoning the case against Sic
Post# of 15624
(Total Views: 944)
Posted On: 09/27/2017 6:49:06 PM
Looks like OWCP is abandoning the case against Sichenzia Ross Ference Kesner LLP. I took a quick look as I have to run but it appears OWCP has not been co-operative and willing to participate in discovery.
https://iapps.courts.state.ny.us/nyscef/Docum...me%20Court
I think Zomby may have more to say about this, but the bottom line is that it should not make any difference to the company's current position. The damage has already been accounted for. Below is an email I had sent to Amir and Jeff Smurlick about the issue.
https://iapps.courts.state.ny.us/nyscef/Docum...me%20Court
I think Zomby may have more to say about this, but the bottom line is that it should not make any difference to the company's current position. The damage has already been accounted for. Below is an email I had sent to Amir and Jeff Smurlick about the issue.
Quote:
When I raised the issue of the lawsuit to Amir and Jeff Smurlick, I got a reply only from Jeff:
It only matters if they can recover the money
but the damage has been done with all the extra shares.
Kind regards,
Jeff Smurlick
Boca Raton, FL
JSmurlick@Gmail.com
To this I replied as follows:
I agree the damage has already been done due to the extra shares that had to be issued, many of which were subsequently dumped. Its negative impact has already been factored in, so going forward there's only an upside to this lawsuit.
I read all the files including the claim for damages and the counter claim. After reading it here is my take on it.
In my view it's good to see that the lawsuit is on schedule and proceeding according to plan. I'm not a lawyer but it does seem to me it's a major pissing match with a lot of denying!
The part that concerns me the most is that the Plaintiff's main argument is the fact that they were not advised regarding the fact that there was a June 17, 2016 maturity date to the EPA. Not meeting this key timeline is what put them in serious default and caused the severe consequences.
The Defendant's reply, #29 and #35 blows the above argument out of the water, or at the very least it diminishes it. I haven't read the December 17, 2015 8-K which apparently spells out the terms of the EPA. So the question is why would OWCP put out an 8-K if they don't fully understand it! Puts people off because their mandatory 8-ks and their Quarter and Annual Reports have had many inconsistencies, spelling and grammatical errors. A language barrier as an excuse just doesn't cut it, at least not at this point.
The good news, the way I see it, the company's fortune does not rely on the outcome of this case. If there is a judgement in their favour it could be minimal or huge. If they lose, there is not much downside at all. I think most investors are not even aware of the lawsuit. Investors that bought before September of 2016 obviously lost. There are others on message boards that "claim" to have been investors since the $.003 days, so obviously they should be grateful for the opportunity they were afforded.
I would be much more concerned if we were the defendants being sued for $3,000,000.
Like everything there is probably much more to this story than meets the eye. Is it possible that Shmuel De-Saban in his role as CFO dropped the ball and may explain why he "voluntarily" resigned? I don't want to speculate as it is counter-productive, but I'm sure there are others including Amir and even Mordechai that must bear some responsibility for what transpired. Not suggesting for a moment that their intentions were not honourable!
ALL IS GOOD!!!
Jeff's reply this morning:
Wasnt Shmuel, he resigned to make room for a more qualified CFO to come in.
The company had 33 million shares dumped into their markets under $0.05 and got zero compensation for this not $1 !!!
The flip side to the story is because of that massive sell-off it created the attention of thousands of Penny and sub penny stock tradrrs *including me across the planet and because of that notice and because of that widespread audience enabled the stock to run to $3 on massive volume and allowed the co to raise $2 million USD..
They have a great legal team hopefully the judge will award them something
Kind regards,
Jeff Smurlick
Boca Raton, FL
JSmurlick@Gmail.com
Final thought:
As for Jim Fitzpatrick? He was obviously an opportunist that saw an easy way to make a good chunk of money. But that is another story and doesn't really have much bearing on this case. But it smells!!!
(0)
(0)