This legal document was filed by the attorney for
Post# of 2217
This legal document was filed by the attorney for the CEO asking that the sale of the CEO's stock be set aside. Does this mean the stock was sold?
IN THE COURT OF COMMON PLEAS OF THE STATE OF DELAWARE
IN AND FOR KENT COUNTY
HAROLD & BETTE WALLACE, :
Plaintiffs :
v. : C.A. No. CPU5-09-000438
GECKOSYSTEMS INTERNATIONAL CORP. & :
R. MARTIN SPENCER, :
Defendants. :
MOTION TO SET ASIDE FI FA SHERIFF’S SALE
COME NOW, the above captioned Defendants, by and through their undersigned Counsel, Donald L. Gouge, Jr., and hereby Move this Honorable Court for an Order to set aside the stock sale that took place on Friday, May 31, 2013 at the offices of the New Castle County Sheriff’s office at 10:00 a.m. on the following grounds:
1. This is a debt action with a long history before the Court. A prior motion to quash the fi fa was filed on January 27, 2012, which is re-incorporated by reference.
2. The only bidder who appeared at the sale was Neil T. Wallace, son of the plaintiffs’, an attorney barred in two states and admitted pro hac vice in this matter.
3. Mr. Wallace opened the bidding at $1000, and, being the only bidder, was the high bidder.
4. The defendants do not claim any irregularity or defect in the sale or in the tasks performed by the NCC Sheriff. Rather, the sale should be set aside due to inadequacy of price. That is, the $1000 bid was so grossly inadequate that the sale must be set aside.
5. The common stock that was sold totaled 44,600,000 shares. The preferred stock amounted to 2937 shares, convertible to common at 1:71,313. Therefore, the preferred shares equaled 209,446,281 shares of common stock. The total shares of common stock sold at the sale was 253,646,281.
6. The stock price for Geckosystems closed at $.003 on Thursday, May 30, 2013 (Exhibit 1). The total value of the stock sold by the Sheriff was $760,938.84 (roughly 35% of the company). The closing price was $.0039 on Friday, May 31, 2013, the day of the sale, therefore the value of the stock sold was $989,220.50.
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