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Pastimes : Investment Chat Board Lawsuits

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To: Mr. Jens Tingleff who wrote (1276)	3/24/2001 1:36:27 PM
From: Jeffrey S. Mitchell	of 12465

The name Thomson Kernaghan should be very familiar to regulars here. Recall in very early 1999 the company became the first in Canada to sue Yahoo! for libel, along with other John Does who attempted to point out what happened to other companies with whom they had issued convertible financing. The Financial Post article itself points out: "In addition to the Restaurant Teams lawsuit, Thomson Kernaghan has been named by about a half-dozen companies in other lawsuits accusing it and the funds it manages of short-selling stock after investing in convertible debentures in the companies." Remember we are talking over two years ago! (see: siliconinvestor.com Additionally, a related suit was filed in the U.S. by Kernaghan employees specifically named in a Yahoo chat board message about the company. To make matters worse, anyone who reposted the message, even if to point out "hey, look what this guy is saying", got named. Most of the defendants posted an apology rather than throw away money (the anti-SLAPP procedure was not available to them; see: siliconinvestor.com. One defendant, Francis Worst, refused to cave and in July of 2000 filed a Rule 11 Sanctions Motion (see: siliconinvestor.com. The sanctions were not granted but the suit did get dismissed (see: siliconinvestor.com. As a footnote, to the best of my knowledge, the true identity of the author of the message in question was never uncovered! This is not, of course, to say that IFTP will go through a similar experience dealing with Kernaghan. I only point this out for historical reference as relates to this thread :). - Jeff

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