Well, so much for paying for that horse farm.
It will be interesting to see if the first check announced today clears or bounces.
Reading the Gillaspie complaint, it appears that the plaintiff claims that sometimes LFT checks are good, and sometimes they are not. Here's where it refers to the latter:
29. Plaintiff and her representatives have made repeated demands upon Defendants Sansea, Ponikvar, Suber, Life Foundation Trust and Wilcher to return Plaintiff?s $3,300,000 principal investment, but they have failed and refused to do so. Instead, all requests and demands have been referred to Wilcher, who has provided various, conflicting excuses why Plaintiff's $3,300,000 cannot be returned; who has tendered various, worthless checks from her personal account and from the account of Life Foundation Trust to partially repay Plaintiff; who has repeatedly given unfulfilled promises of repayment 'next week;' and who has offered virtually worthless stock security arrangements involving internet stock of Hitsgalore.com.
The Gillaspie complaint makes it appear that after the Plaintiff gave the defendants her $3.3 M, and after this went to LFT's bank account in New York, that LFT wrote some good checks at first, but later it turned into the situation #29.
Here are some various scenarios:
(1) Today's $3.5 M check is good. All the other checks for the $20 M total are written on time and they are all good too.
(2) Today's check is good, but subsequent checks are perpetually postponed 'a week' for various reasons, or they bounce. A story like Gillaspie's, basically.
(3) Today's check bounces. Hitsgalore shuts down.
If scenario (1) materializes, I'll eat my hat. |
