Bob, although I agree with you, in regards to lawsuits (cause for concern not panic). It appears that this lawsuit may be more than a frivolous lawsuit. The plaintiffs allege common law fraud, breach of contract, fraudulent misrepresentations (assets), and bad faith business practices. In addition, it appears that Defendant Zayed has avoided responding in a timely manner to the 144 issue, other than in press releases.
<<<more>>>On April 29, amendments to Rule 144 take affect. Instead of 2 and 3 years, the holding period has been reduced to 1 and 2 years. Which means that these shareholders (they have received stock dividends as all other shareholders of record, declared by board of directors of Genesis in 1995) will be eligible to have their legends removed from their current "restricted shares".
Like it or not there is a valid lawsuit in hand. One only has to wonder where the $75million came from. I don't understand that point in the suit>>>something about breach of contract during reverse merger. Oh by the way, this lawsuit was filed by one of the many shareholders affected by "the Rule 144 issue". From reading news releases (Genesis) Mr. Zayed names alot more people.
Just stopped by to say hello<< |
