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The reason for the suit is because Becker claims to have put up part (at least $684,000) of the $1,188,000 that Argyle Capital (run by director Olins) made to HDTV. Now that the stock is trading for $6 or more the loan is convertible at any time at 50 cents a share which can be sold for $6 +. Just recently the interest on the note was paid to Argyle and was redeemed for stock at 50 cents per share and it appears that Becker did not get his cut, to wit: 100,000 shares were gifted by Argyle to "an unrelated third party" and 120,000 shares were sold by Argyle on the open market in January of 2000. Maybe Becker is "upset" because he wants to convert his $684,000 into stock at 50 cents per share (1,368,000 shares) and Argyle won't let him have access to his part of the loan. At $6 per share, Becker is sitting on over $7,800,000 if he could get to it. Too bad these guys did not get their deal in writing. |
