Summary Judgment paperwork was filed today in Magn
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Posted On: 06/18/2022 2:46:37 AM
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Summary Judgment paperwork was filed today in Magna case. May explain the 50% gain, much of which came late in day after posting. Some notes:
-Magna, Hanover and MGP stopped doing business and operating in or
around 2018-2019
-Magna et al are looking for summary judgment to dismiss without prejudice counts 3, 4, and 8. In sum, they're basically admitting to violations of exchange act but not the securities act.
-We will see SEC response and summary judgment filed in late July
A reminder that Magna is a part of this debt deal we're supposed to close at the end of this month. $5M of that deal.
-Magna, Hanover and MGP stopped doing business and operating in or
around 2018-2019
-Magna et al are looking for summary judgment to dismiss without prejudice counts 3, 4, and 8. In sum, they're basically admitting to violations of exchange act but not the securities act.
-We will see SEC response and summary judgment filed in late July
A reminder that Magna is a part of this debt deal we're supposed to close at the end of this month. $5M of that deal.
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