TK sued many, many times but doesn't lose
He's been sued by many, many companies which he shorted through his holding companies via his Cayman strawmen. Here are some old notes I just dug up.
Mark Valentine controls at least 10% of Thomson Kernaghan sometimes spelled Thomason or Thompson Kernaghan which is a Canadian brokerage house. They invest money for clients and have analysts which recommend stocks. They also have investment funds which include hedge funds and funds for private placement into public companies.
Valentine also controls TK Holdings with his partners Stephen Hicks and others. He also controls other holding companies such as the Calp II fund, Dominican fund, Dominion fund, Southshore, Sovereign fund and other holding companies. Notice also that he and his partners seem to control Southridge Capital which is out of Conneticut.
One of the things Valentine does to make money is toxic convertible death spiral financing. He generally preys upon small otcbb companies or penny stocks who could get no other type of financing. The CEO's of these companies sign agreements that allow him to short the shares for profit. He agrees to give them say $15M in cash in exchange for $15M worth of shares. The companies start by giving him say $1.2M worth of shares at say a 10% to 25% discount which he then sells instantly on the open market through a Cayman strawman. He gives the $1.2M to the company and keeps the discount amount. He also shorts the shares through his strawman which drives the price down so he can get more shares on the next round of the financing. He has done this with many companies including but not limited to ASTN, NPCT, MBPT, IFTA, FONX, Internet Law Library, Restaurant Teams International...
Some of these companies chose to sue him such as npct, mbpt, Internet Law Library, Restaurant Teams, .. and they have not won. When these companies sue him for stock manipulation and fraud, he counter sues for slander and libel. MBPT settled with them. I also think he pressures the CEOs to settle as they signed contracts which make what he did legal as per the contract. CEOs have been sued for agreeing to toxic funding. When these companis settle with him, they must state publicly that he did no wrong. MBPT made such a statement in a press release and SEC documents.
Some information on Valentine.
mary.cc
A lawsuit by one company he funded.
mary.cc
A few lawsuit dockets
1 SOUTHRIDGE CAPITAL nysdc 1:1998cv06116 08/28/1998 190 03/05/1999
CLARKE vs. FONIX CORPORATION
2 SOUTHRIDGE CAPITAL casdc 3:2001cv00779 05/04/2001 190 06/08/2001
MOBILE PET SYSTEMS vs. SOUTHRIDGE CAPITAL
3 SOUTHRIDGE CAPITAL nysdc 1:2001cv04880 06/04/2001 190
SOUTHRIDGE CAPITAL vs. LOWRY
4 SOUTHRIDGE CAPITAL nysdc 1:2001cv06600 07/20/2001 850
INTERNET LAW LIBRARY vs. SOUTHRIDGE CAPITAL
5 SOUTHRIDGE CAPITAL MANAGEMENT LLC txsdc 4:2001cv00300 01/26/2001 850 06/15/2001
INTERNET LAW LIBRARY vs. SOUTHRIDGE CAPITAL
6 SOUTHRIDGE CAPITAL MANAGEMENT LLC codc 1:2001cv00790 04/27/2001 850 07/27/2001
NANOPIERCE TECH INC vs. SOUTHRIDGE CAP MGT
7 SOUTHRIDGE CAPITAL MANAGEMENT LLC codc 1:2001cv01940 10/02/2001 850
NANOPIERCE TECH INC vs. SOUTHRIDGE CAP MGT
8 SOUTHRIDGE CAPITAL MANAGEMENT LLC txsdc 4:2001cv02895 08/24/2001 160
BREWER vs. SOUTHRIDGE CAPITAL
9 SOUTHRIDGE CAPITAL MANAGEMENT LLC txsdc 4:2001cv03197 09/18/2001 850
HOAGLAND vs. SOUTHRIDGE CAPITAL
10 SOUTHRIDGE CAPITAL MANAGEMENT LLC nysdc 1:2001cv04880 06/04/2001 190
SOUTHRIDGE CAPITAL vs. LOWRY
11 SOUTHRIDGE CAPITAL MANAGEMENT LLC nysdc 1:2001cv06600 07/20/2001 850
INTERNET LAW LIBRARY vs. SOUTHRIDGE CAPITAL
12 SOUTHRIDGE CAPITAL MANAGEMENT, LLC nysdc 1:1998cv06116 08/28/1998 190 03/05/1999
CLARKE vs. FONIX CORPORATION
13 SOUTHRIDGE CAPITAL MANAGEMENT, LLC casdc 3:2001cv00779 05/04/2001 190 06/08/2001
MOBILE PET SYSTEMS vs. SOUTHRIDGE CAPITAL
17 VALENTINE, MARK txndc 4:1998cv00452 05/22/1998 850 01/19/1999
SOVEREIGN PARTNERS vs. LONE STAR INTERNATIO
18 VALENTINE, MARK azdc 2:1998cv00497 03/18/1998 850 03/23/1999
INFOPLAN PARTNERS vs. THOMSON KERNAGHAN
19 VALENTINE, MARK txedc 6:1998cv00679 11/06/1998 190 05/20/1999
RESTAURANT TEAMS INT vs. DOMINION CAPITAL
20 VALENTINE, MARK nysdc 1:1998cv08457 12/01/1998 190 05/04/2000
SOVEREIGN PARTNERS vs. CONSYGEN, INC.
21 VALENTINE, MARK nysdc 1:1999cv00342 01/18/1999 850 10/09/2001
GLOBAL INTELLICOM vs. THOMSON KERNAGHAN
22 VALENTINE, MARK nysdc 1:1999cv04138 06/09/1999 190
RESTAURANT TEAMS vs. DOMINION CAPITAL
23 VALENTINE, MARK cacdc 2:2000cv04828 05/08/2000 440 05/16/2000
24 VALENTINE, MARK txedc 2:2001cv00168 08/10/2001 370
AIGNER vs. HICKS
25 VALENTINE, MARK casdc 3:2001cv00779 05/04/2001 190 06/08/2001
MOBILE PET SYSTEMS vs. SOUTHRIDGE CAPITAL
26 VALENTINE, MARK txsdc 4:2001cv02895 08/24/2001 160
BREWER vs. SOUTHRIDGE CAPITAL
27 VALENTINE, MARK A. flsdc 1:1990cv01686 07/17/1990 152 09/24/1990 |
