Can't tell if that award for $3.6M was against Gen
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Posted On: 02/06/2019 12:35:17 PM
Can't tell if that award for $3.6M was against Generex, but it does say it is trying to enforce an award against a Biotechnology Company. But the latest 10Q say:
On August 22, 2017, Generex received a letter from counsel for Three Brothers Trading LLC, d/b/a Alternative Execution Group (“AEXG”), claiming breach of a Memorandum of Understanding (“MOU”) between Generex and AEXG. The MOU related to AEXG referring potential financing candidate to Generex. The letter from AEXG counsel claimed that Generex’s acceptance of $3,000,000 in financing from Pharma Trials, LLC, in March 2017, violated the provisions of the MOU prohibiting Generex from seeking other financing, with certain exceptions, for a period of 60 days after execution of the MOU. AEXG has demanded at least $210,000 in cash and 84,000 warrants for Generex stock convertible at $2.50 per share, for attorney’s fees and costs. Generex management believes the Pharma Trials, LLC Financing was not subject to the prohibitions because the representative of Pharma Trials, LLC was a director of Generex, and for other reasons.
However this Three Brothers Trading, LLC does business as Alternative Execution Group. They have a disclosure on their FINRA report:
https://brokercheck.finra.org/firm/summary/16...resSection
https://files.brokercheck.finra.org/firm/firm_167830.pdf
Go down to page 14 of the report and you will see they were accused of a pattern or practice of displaying locking or crossing quotations in OTC stocks. (sound familiar). They got off easy with FINRA with a $13K fine. Maybe Joe needs to use this info against them since maybe they are doing it again???
On August 22, 2017, Generex received a letter from counsel for Three Brothers Trading LLC, d/b/a Alternative Execution Group (“AEXG”), claiming breach of a Memorandum of Understanding (“MOU”) between Generex and AEXG. The MOU related to AEXG referring potential financing candidate to Generex. The letter from AEXG counsel claimed that Generex’s acceptance of $3,000,000 in financing from Pharma Trials, LLC, in March 2017, violated the provisions of the MOU prohibiting Generex from seeking other financing, with certain exceptions, for a period of 60 days after execution of the MOU. AEXG has demanded at least $210,000 in cash and 84,000 warrants for Generex stock convertible at $2.50 per share, for attorney’s fees and costs. Generex management believes the Pharma Trials, LLC Financing was not subject to the prohibitions because the representative of Pharma Trials, LLC was a director of Generex, and for other reasons.
However this Three Brothers Trading, LLC does business as Alternative Execution Group. They have a disclosure on their FINRA report:
https://brokercheck.finra.org/firm/summary/16...resSection
https://files.brokercheck.finra.org/firm/firm_167830.pdf
Go down to page 14 of the report and you will see they were accused of a pattern or practice of displaying locking or crossing quotations in OTC stocks. (sound familiar). They got off easy with FINRA with a $13K fine. Maybe Joe needs to use this info against them since maybe they are doing it again???
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.
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