Waldy, Some support for my theory that we need to bear down on the big boys at every opportunity. The deep pockets CAN get us back on track but we have to squeeeeze them at the earliest opportunity. Following was sent to me by a friend.
Echo, I hope you read this.
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A fine example of what CAN happen when a tiny OTC-BB company
goes after the giant. Stock closed 1.81 the day before this news
broke and opened at $10 the next morning.
LOT$OFF Corporation Announces $151,000,000 Verdict
SAN ANTONIO, Nov. 20 /PRNewswire/ -- San Antonio based LOT$OFF Corporation (OTC Bulletin Board: LOTS; LOTSP) announced today a jury verdict in its favor aggregating $151 million obtained in a stock conversion lawsuit against Chase Manhattan Bank (NSYE: CMB) and other defendants in the United States District Court in San Antonio.
The jury awarded actual damages of $12,975,000 and punitive
damages of $138,000,000. Charles "Hop" Fuhrmann, President of the Company, commented, "We are of course elated that the jury's verdict vindicated our commitment to pursue this matter on behalf of our stockholders. I believe the jury diligently listened to the evidence and recognized the damages done to LOT$OFF Corporation and its stockholders, employees, vendors and creditors."
Barry Chasnoff, lead counsel for LOT$OFF and senior partner at San
Antonio's Akin, Gump, Strauss, Hauer & Feld stated, "A jury of eight
citizens listened carefully to the evidence for five weeks and decided
to send a message to banks around the world that the behavior engaged
in by Chase would not be tolerated."
LOT$OFF Corporation (formerly 50-OFF Stores, Inc.) reorganized in
a Chapter 11 bankruptcy, filed October 9, 1996, and emerged from
bankruptcy on June 16, 1997. The Company currently operates 44 stores
(Texas (31), Louisiana (5), Oklahoma (4), New Mexico (3) and Tennessee
(1)) operating under the Company's new store name ("LOT$OFF") and with
a close-out retailing concept. The Company's stores, historically
stocked principally with family apparel, now offer a majority of
non-apparel merchandise: housewares and giftware, home finishings,
shelf-stable food products, toys, luggage, footwear, stationery,
health and beauty aids, sporting goods, automotive, greeting cards,
jewelry, books, party goods, seasonal items, pet supplies and
hardware, among others. The Company continues to maintain a healthy
showing of basic, family apparel products in its LOT$OFF stores. The
actual merchandise mix fluctuates by category, by season and by store
based on customer needs and buying trends, demographics and the
availability of products at close-out prices. This merchandising
concept is designed to appeal to value-conscious shoppers and other
"bargain hunters." |
