MTEI - Mountain Energy - No BASHING Allowed Message Board

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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed

MTEI 0.00470

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Nov 28 9:30 AM EST

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To: Mr.D who wrote (8409)	8/13/1998 6:56:00 PM
From: BRANDYBGOOD	Read Replies (3) of 11684

Yet more info from RB thread: [ Message Board Home \| Member Home \| Login \| Logout \| Free Registration ] Mountain Energy Post #2260 of 2265 Mountain Energy (MTEI) Message List: [Most Recent] [Previous 60] [Next 60] Zack's BigCharts FreeRealTime < Previous Respond Next > By: jcdilbert Reply To: None Thursday, 13 Aug 1998 , 6:22 PM EDT Post # of 2265 I just got off the phone with Jack and he is scheduled to meet with his attorneys tomorrow. He did admit that he asked two board officers (Winston Overstreet and Quentin Moore) to resign from the board in order to protect them from possible liability. They still work for the company but no longer sit on the board for their protection. He says that he no longer knows if his company ever existed in the first place. When I asked about the share holders that bought into a company which might never have existed, he said that they would still own shares in MTEI or whatever name the SEC reverted back to (e.g., ICVI). Basically, we would own shares in ICVI which would be worthless. Jack and gang are suing Christenson et al for the sale of around 14 million unauthorized shares of ICVI after the reverse merger. They are also suing for damages on 4 accounts of existing and pending law suits on the former management of ICVI which were non-disclosed at the time of the reverse merger. Had they been disclosed Jack never would have pursued the reverse merger with ICVI. Jack's not sure what will come of his company and stated that he's lost many long time friends over this deal and wishes he never even started this whole thing. When asked if a press release would be posted to inform investors Jack stated that he would post only what his attorneys advised. Which at this time I would expect to be nothing. IMO, If they determine that Jack's company never legally existed then we're all screwed. Jack and gang will back out, cut their loses and move on. Then we'll be stuck holding the bag. Maybe Jack will sue for his damages but we'll be left to fend for ourselves. If it turns out that Jack is liable then he'll be forced to press on with a law suit against ICVI former management to clear himself of liability. If this is the case then I think all work will cease since there's no reason to invest more of his own money and that of other principles (should there be any) if it all might be swept away in some law suit against the former company for which they are now liable. It's all a huge mess and I think we're screwed either way you look at it. JC Former long, recently screwed.

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