01/16/2009 382 MANDATE of USCA (Certified Copy) as to 185 Notice of Appeal filed by Chris G. Gunderson, Richard A. Altomare, Universal Express, Inc. USCA Case Number 07-2407-cv. It is hereby Ordered, Adjudged and Decreed that the judgment of the District Court entered April 2, 2007, be and hereby is AFFIRMED.
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OCR extract
Altomare and Gunderson argue two points on appeal. They contend first that they did not violate section 5 of the Securities Act because the shares they issued to various consultants were exempt from registration pursuant to sections 1125(e) and 1145 of the Bankruptcy Code. They assert next that there were genuine issues of fact as to their state of mind so as to make summary judgment with respect to the fraud claims inappropriate. Having carefully considered the record, we find these arguments to be without merit. Substantially for the reasons stated in the district court's thorough and thoughtful opinion and order, SEC v. Universal Express, Inc., 475 F. Supp. 2d 412 (S.D.N.Y. 2007), the judgment of the district court is AFFIRMED.
FOR THE COURT:
CATHERINE O'HAGAN OLFE, CLERK |
