Posted by Walter on RB regarding the lawsuit against Impressive Products:
OT: TO THE BOARD..REGARDING THE TRIAL..
THIS IS MY SYNOPSIS,NOT I REPEAT NOT REPRESENTED AS FACT,
JUST A NARRATIVE OF WHAT I LEARNED IN COURT ON WEDNSDAY
16 AUG. 2000.........
Nov. 3 , 1999 CVIA and IP made an agreement..CVIA
supplied 48,000 shares of stock to IP to finance an
advertising campaign...
CRUX: did CVIA loan or give the stock to IP..
IP insist that the stock were unrestricted..
IP encumbered the stock to Gordon and Marcum of Denver..
for $25,000........(48,000 x 4.00 = $192,000)(?????)
CRUX: did IP sell or encumber????
now it gets messy..
dec. 30 ,1999 aprox CVIA split 3:1
CRUX:who owns the 96,000 shares...(for that matter who
owns the 144,000 shares)
I think sometime in Feb. 2000 Gordan and Marcum attempted to sell..could not sell..
here is where the 'he said-she said' shows up
IP insist shares were unrestricted..CVIA produces paperwork otherwise...including a statement that CVIA
had first buy back privelege..
somewhere about this same time IP relinquished its 'rights'
in the stock..{CRUX: is this legal?}and shortly after the President of IP resigns. leaving L.Porter with the company...apparently the adv. campaign was a bust and IP was unable to pay back the "loan"..
Now CVIA institutes a suit to retrieve the 96,000 shares
by having a restraining order issued on their sale..
somewhere along the line CVIA offers $35,000 to pay back the "loan" and retrieve the stock.. not accepted by
Gordan and Marcus..
Please note that IP is not mentioned in in latest decisions
by the court.....bb #29199 & 29578
the whole thing rest on did CVIA have a claim on the original 48,000 shares ????
did IP represent the shares as unresstricted..(this is why Transfer Online is involved..(representing the stock as unrestreicted))...when did Gordan and Marcum find out their scheme wasnt working...($25,000 for $192,000 stock then)
Gordan and Marcus are some type of brokers from denver
and CVIA did not want 144,000 shares dropped on a down market especially since gordan and marcus 'may' be shorting the stock.
There it is for what it is worth..the trial is not over
and these last two or three days were working around a motion...judge seems to think both sides on thin ice
and wants a setlement outside the court-room..
HEY I'M NOT A LAWYER..SO DONT ASK ANY LEGALEeS..
walter |
