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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: Jim Bishop who wrote (70982)	11/14/2000 5:45:59 AM
From: Taki	Read Replies (1) of 150070

BAD news PRAV.Paradigm sued by investor for $89 million WILMINGTON, Del., Nov 13 (Reuters) - Paradigm Advanced Technologies Inc. (OTC BB:PRAV.OB - news), a wireless communications company, and its director Eduardo Guendelman were sued for $89.1 million by investor Triple Five Financial LLC. In papers filed in the U.S. District Court in Delaware late on Thursday, Triple Five alleged that Paradigm failed to deliver securities and share options it had promised in return for a $1 million loan. Triple Five said Paradigm described the loan as one ``urgently'' needed to acquire an unspecified technology asset. Following the loan in July, Paradigm's share price rose from $1.81 to $4.55, court papers said. Triple Five alleged Paradigm then ``repudiated its obligations'' as a ``bad deal,'' and that Guendelman directed the company to do so. Las Vegas-based Triple Five, a private, closely-held company, recently expanded its investments in shopping malls and commercial development to include venture capital and technology. The company seeks a jury trial on its demand that Paradigm meet its contract obligations and, in addition, pay damages of $22.0 million and punitive damages of $66.1 million. Paradigm is the exclusive worldwide licensing agent for a broad-based wireless location patent. A call to its Toronto, Ontario offices was not immediately returned.

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