The next chapter in the MMTE saga is similar, but no less important. This chapter begins where my last post ended i.e., with the Overcash lawsuit. For those who do not remember, I talked to William numerous times about this lawsuit, and William posted on MMTE's face book page as well. William told me the Overcash lawsuit was without merit, and that it was frivolous. William also claimed he didn't know anything about the lawsuit, because the Overcash attorneys never notified him of anything (no subpoena was received). William sent out a press release indicating much the same, and further stated that the lawsuit would have no material impact on shareholders.
I later pressed William for more details regarding the Overcash lawsuit. William was emphatic that Overcash had no grounds for a lawsuit. In fact, William declared that if Overcash pursued this lawsuit, it would be him that would pay, and he would likely go to jail for a very long time. William then asked that I convey this information to shareholders on IFlub, which as most investors might remember, I did. I was reluctant to interject myself in a legal matter, but agreed because William had always seemed honest to me (in other words, this means I had never caught William in an obvious lie). William assured me I had nothing to be concerned about, because the lawsuit would be overturned on a simple technicality.
In the end, as most now know, the judge ruled against William. In the official court records, we learned that William borrowed around $40,000 from Joe Overcash for MMTE's change of direction from oil drilling to lithium mining after Overcash was removed as CEO of MMTE and replaced by William. You may want to re-read this last sentence, because William obviously was aware of the money Overcash borrowed him. And, what did Overcash expect for the money he loaned William? Overcash expected to get a piece of the action.
Furthermore, we learned that William refused to give Overcash anything for the money he loaned, and that William denied ever receiving the money. However, Overcash produced a receipt from William Lieberman which included a note indicating Overcash would receive a percentage of MMTE's revenue.
As you can see, the official court records indicate William lied to me about everything regarding this lawsuit, and the technicality William talked about that would get the suit thrown out. Well, William had several attorney's on retainer, and each was assigned a different task to deal with. We should be clear, all the attorneys William had on retainer did in fact work for him. So the technically William felt would get the case thrown out rested on the ridiculous point that the attorney notified about the lawsuit was working on a "different" task for Lieberman, and not the Overcash lawsuit. The judge laughed at this ridiculous assertion, and ruled against William.
While many may know the fine points regarding this lawsuit. You may not know that I was extremely upset about William lying to me, and I posted about this on the IFlub board (numerous times). You may not have seen these posts, because they were deleted and I was attacked for having an agenda. I tried to convey to all investors that MMTE would be diluted by hundreds of million of shares because of the Overcash settlement, and that this would have a big material impact on each and every one of us. Furthermore, I cautioned shareholders that we may not be able to trust William any more.
I posted this because if William simply had said he made a mistake at one point in time and now he would need to make things right. I suspect most, including myself, would have accepted this explanation and forgiven him for the hit to share prices that would likely come. You see, William simply could have repaid Overcash the $40,000 with interest, and the whole lawsuit would have gone away (in fact, Overcash suggested this). Obviously shares would need to be printed to repay the loan (dilution), but the effect would likely have been temporary as long as everyone trusted in William and MMTE continued to move forward with its plan.
But now, with William confirmed to have lied, what more might he be lying to shareholders about? How much did we really know about the concessions? What were the terms mandated for each lease? Why wasn't a NI43-101 ever done? What really happened with all the money during each of the "capital raises" William did so often? What happened to the over one billion shares William awarded himself, then no longer had, and then he awarded himself again? Did he sell all these shares for his own personal profit? Is this why share prices kept falling? When I confronted William about why share prices fell after each and every press release, why did he say to me "money can be made both when share prices increase and when they fall?" Did this mean that he shorted his own company for his own personal gain and to the harm of everyone else?
Do you remember the excuses the IFlub moderators and pumpers posted. One of the most memorable came from Rocky, who argued that when a company or corporation told investors things that were obviously untrue, it was not really a lie. You see, said Rocky, when a company says things that are deceptive and untrue, it is not a lie because it is for the good of the company. What? I mean, what did Rocky just say? Do people remember this explanation? Did anyone wonder what kind of planet this guy came from? Keep in mind, Rocky claimed he was a God fearing man who preached to his own congregation. The same congregation he took $20,000 from and invested it in MMTE (did he ever tell his congregation). I guess honesty is not in his Bible, and not in his vocabulary either.
What next in this saga? Stay Tuned.
