Mohamed Hadid
FIRST EQUITY PROPERTIES INC filed this 8-K on 02/25/1997
The Complaint seeks monetary damages against all defendants
other than Qualis Care L.P., Medical Resource and Nevada Sea; treble
damages and punitive damages against all RICO Defendants; punitive
damages against all defendants other than Qualis Care L.P., Medical
Resource, and Nevada Sea. Medical Resource/Nevada Sea and Qualis have
reached an agreement with respect to their competing interest to the
5,724,692 shares of Wespac stock (USREA Stock). Qualis has filed a
withdrawal of the Proof of Interest relating to said shares filed by
Qualis the 29th day of February, 1996 and has agreed to the entry of a
dismissal of Qualis from this litigation with prejudice, which bars
Qualis, Medical Resource, Nevada Sea, and Wespac from ever asserting
any claim against each other arising from the sale or purported sale
of Wespac stock to Qualis but reserves any claims Qualis may have
against other arising from such sale or purported sale. Wespac, with
Court approval has compromised the claim against Zimco and Mohamed
Hadid for the sum of $100,000.00. It is anticipated that Joel Ciniero
will be dismissed as a party defendant for his voluntary cooperation
in providing discovery and testimony as may be requested by Wespac
regarding the factual issues to be determined in that case. Wespac has
filed motions for orders of default as to the other defendants.
Wespac, in its discretion, may dismiss the District Court action, if
for example, it appears the cost of said litigation outweighs the
potential for recovery or collectability from any named defendant.
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