YA Global has been informed by the CEO of JBI, Inc., John Bordynuik, that Kidd has been selling his JBI shares though his brokerage account maintained at Maxim.
Exhibit A - OCR extract:
3. On August 20, 2010, Cornell made application for injunctive relief, both temporary and permanent, to the Superior Court of New Jersey, Hudson County, to enjoin and restrain the Debtor from any activity that would allow the debtor to sell any assets in a certain Maxim Group brokerage account, including but not limited to JBI Inc. shares held in that account. Although Debtor has never received a copy of the application, a copy of Cornell's "letter brief' in support thereof has been furnished, and a copy is attached hereto and incorporated by reference herein as Exhibit "A".
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Doc 7-1 PDF file - Exhibit A
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Exhibit A - OCR extract:
In addition, pursuant to paragraph 3 of the Settlement Agreement, YA Global has the right to "exercise all remedies available to it under law to collect the Final Judgment." See Gonzalez Aff., ~ 3 and Exhibit "B." As a result, YA Global is in the process of enforcing the Final Judgment. In those efforts, YA Global has discovered that Kidd became the owner of a significant amount of shares of stock in JBI, Inc. (uJBI") in 2009. YA Global has been informed by the CEO of JBI, Inc., John Bordynuik, that Kidd has been selling his JBI shares though his brokerage account maintained at Maxim. See Gonzalez Aff., 9. Maxim maintains an office at 246 Maple Avenue in Red Bank, NJ. See Gonzalez Aff., 9.
Pursuant to Rule 4:52, Defendants now seek to enjoin Kidd from engaging in any activities that would allow Kidd to sell the JBI stock, or any other assets in his Maxim account(s). Kidd is wrongfully refusing to honor the Final Judgment and Settlement Agreement by not making payments to YA Global. Further, he is selling and may continue to sell assets that should be used to satisfy the Final Judgment against him. Should the Court not prevent him from doing so, he will continue to avoid his obligations to YA Global.
YA Global seeks the instant relief without notice to Kidd because if Kidd fmds out that YA Global is aware ofthe Maxim account(s), he will undoubtedly transfer any and all assets to another account and YA Global will.once again be left holding the proverbial bag. Indeed, research· regarding Kidd revealed that he has twenty-eight liens levied against him including creditors such as the Internal Revenue Service, Domark International, Inc., the City of Chesapeake, the Virginia Treasurer Office, American Express, Greenbrier Country Club, and the State ofVirginia. See Gonzalez Aff., 10 and Exhibit D. Thus, considering his extensive record, it is clear that Kidd is a professional debtor, adept at avoiding payment to his numerous creditors. This is further evidenced by the fact that YA Global has been trying to collect on its Final Judgment against Kidd for over five years. Should YA Global notify Kidd of the instant application, there is no telling what measures Kidd may take to avoid the Final Judgment.
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Maxim Account
Kidd - JBI Inc – stock certificates
Certificate Date Amount
11 Mar 10...............................1,750,000
16 Apr 10.................................125,000
16 Apr 10.................................100,000
22 Apr 10..................................25,000
22 Apr 10..................................40,000
Total...................................2,040,000
JBI stock, per SEC filing.......3,500,000
Difference.........................1,460,000 |
