aleta, I assume you saw this message.To: charles messick (286 )
From: Thomas Stanton Tuesday, Mar 10 1998 12:18AM EST
Reply # of 291
Found this on the QDRX thread.
To: +Jim Mills (3507 )
From: +s martin
Monday, Mar 9 1998 1:16PM EST
Reply # of 3511
If you plan to pursue a law suit, information concerning the former CEO , who is apparently notorious for his
fraudulent dealings may or may not be helpful to the attorney, esp if Hayton is in anyway currently involved
with QDRX.
wired.com
There is much more information about Hayton in the 3 other articles about Zulu at the wired site. Would
suggest you copy them and send to the attorney for his files.
________________________________________________________
Mid-1994: Hayton's investment firm, Conagher & Co., acquires significant interest in two companies,
Apogee Robotics of Fort Collins, Colorado, and Quadrax Corp. of Portsmith, Rhode Island, a developer of
thermoplastics. Hayton is appointed chairman of both.
Late 1994: In the months after Hayton assumes Apogee's chairmanship, trading volume in the company's
stock skyrockets while the price plummets - down from 75 cents per share to less than 20 cents. Apogee files
for bankruptcy. Hayton resigns his chairmanship, threatening to sue Apogee for "massive fraud and
misrepresentation as to [its] business and financial condition." Apogee later sues Hayton, winning an award of
nearly $3.7 million from a Colorado court, although the company has not been able to collect the damages.
Early 1995: Hayton quits his chairmanship of Quadrax after presiding over losses exceeding $8 million. In an
article in the Providence Journal-Bulletin, the incoming Quadrax management fingers Hayton as the main
agent behind the losses, releasing a document stating, "(Hayton) directed substantial resources away from the
company's core business and into activities that the current management was either unaware of or did not
endorse and does not consider indicative of the company's ongoing operations."
Late 1995: Hayton files a defamation suit against Quadrax for accusations made in the Providence
Journal-Bulletin, claiming harm to his status as an international businessman. The case is later settled out of
court. Neither party paid damages.
c
1996: Two former directors of Nevada Energy Corp., a Delaware-based alternative-energy company, file suit
against the company's new president and board for allegedly diverting $1.2 million in funds for non-corporate
purposes. Hayton, though not a board member or named as defendant, is described as the person who
orchestrated the diversion through two holding companies he controls, Waterford, based in Ireland, and
Golden Chance, on the Isle of Man. According to court documents, Hayton "makes all of Nevada Energy's
material business decisions and dominates or controls ... [the defendants] through his control of Waterford
and Golden Chance." The case is decided in favor of the plaintiffs on 17 February 1998. Judgment will be
made 18 May 1998.
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