Hi Fred,
Old news regarding the lawsuit.
STARPOINT GOLDFIELDS INC.
2323C Dollarton Highway
North Vancouver, B.C. V7H 1B2 Canada
email: sts@Starpoint.com
Tel:
604-929-7182
Fax: 604-929-7152
* * * N E W S R E L E A S E - February 23, 1999 * * *
STS:VSE
On February 16, 1999, Chairman of Global Securities, Art Smolensky, released a statement
relating to Starpoint's counterclaim and the expert report supporting it by Shikaze Ralston,
Chartered Accountants, but denying one of the conclusions of that report, namely that Global
employed other VSE-member firms as jitneys to execute short sales on price downticks. Exchange
rules prohibit such sales.
Starpoint's experts stand by the conclusions of their report of Global's trading and
short-position records, obtained under Court order, namely that:
i. Global engaged in a pattern of trading and other actions and omissions
that were detrimental to Starpoint and its ability to raise capital
ii. Global, its associates, or its clients earned more than $200,000 from such
trading
iii. Global's pattern of trading and other actions and omissions appears
inconsistent with the rules and policies of the Vancouver Stock Exchange
(VSE) as well as with the B.C. Securities Act (BSCA).
The above report, provided from Global's own records (obtained by way of a Court order),
supports Starpoint's belief that Global had engaged in a pattern of trading activity which
attempted to both weaken Starpoint's position in the marketplace and to restrict Starpoint's
ability to complete the required financing.
The central conclusion of the report supports Starpoint's allegations as outlined in the
counterclaim.
ON BEHALF OF THE BOARD OF DIRECTORS
STARPOINT GOLDFIELDS INC.
I wouldn't hold my breath on this elephant versus the flea action but stranger things have happened. Has anyone heard anything about this case or will I be old and grey by the time it's resolved. Come to think of it I already am :)
Regards
Bruce |
