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Microcap & Penny Stocks : SEXI: Mostly Fact, A Little Fiction, Not Vicious Attacks
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To: Chuck Bragg who wrote (6987)11/13/1996 12:06:00 AM
From: Joseph F. Hubel   of 13351
 
From a purely lodgical stand point, I would think only those shares given out by Charlie boy, that were of questionable payment and have not yet been traded could be recinded. Those who were given unearned and unreported shares and then sold them should have the proceeds confiscated. It would then seem that since the shares were in effect stolen from the SOE, any money or assets should go back to SOE who in turn should use it to repurchase the stolen shares to put it back where it was before pickin Charlie raided the cookie jar.

That would do three things, 1> boost somewhat the price of the stock and 2> reduce the float to a level where the stock could find it's true value level. 3> Provide collateral shares to SOE should they be needed for future funding based on what was originally authorized.

Any law suits would have to prove merit based on wrong doing by the Co. not by what Huttoe did. He as the guilty party owes monitary damages for any losses suffered by shareholders. I know in some cases a company will bear the fines handed out resulting from wrong doing by a CEO, but usually if that wrong doing was done in his capacity as CEO. That would not seem to be the case here, as surely what he did was not within his normal capacity as a CEO. In other words if he say bribed someone in an effort to obtain a sales contract, getting a sales contract is within the scope of a CEO. Stealing shares is not.

Just my thoughts

Joe
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