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Microcap & Penny Stocks : OILEX (OLEX)
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To: Steve who wrote (3173)3/31/1998 10:08:00 AM
From: OFW  Read Replies (2) of 4276
 
Here's a question for any attorney who may be out there:

Assuming that Caye Chapel acquires Oilex and that Oilex ceases to exist as a separate legal entity, does Caye Chapel assume the legal liability or responsibility for any lawsuits which may be pending which involve Oilex or any financial judgments which may have been previously entered against Oilex?

As you may remember, Oilex in the past has chosen not to disclose to the SEC and to its investors certain lawsuits in which the company was involved. As I recall, when I brought undisclosed pending legal actions to light earlier on this thread, the company claimed that the lawsuits were not "material". So, just in case there are such lawsuits pending, material or not, I was hoping someone with legal knowledge far beyond mine (which wouldn't take much) could clarify what happens to potential legal liabilities of companies which cease to exist as a result of an acquisition.

Offie
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