exactly 'WHAT' is dtc's defense ?
"Defense" of exactly "what"? You are, as usual, unclear. DTC did have this to say:
MOTION FOR ORDER TO SHOW WHY AMAZON NATURAL TREASURES, INC. AND MICHAEL SYLVER SHOULD NOT BE HELD IN CONTEMPT AND FOR SANCTIONS AND DISMISSAL OF COMPLAINT AGAINST THE DEPOSITORY TRUST COMPANY AND FOR STAY OF BRIEFING SCHEDULE
Comes now, Defendant The Depository Trust Company (hereinafter "DTC"), and moves this Court for an order to show cause why Plaintiffs Amazon Natural Treasures, Inc. (hereinafter "Amazon") and President, Michael Sylver (hereinafter "Sylver"), should not be held in contempt for giving false testimony under oath against DTC and obstructing justice during the evidentiary hearing on Plaintiffs' motion for preliminary injunction, and for sanctions against Plaintiffs Amazon and Sylver, including an award of fees and dismissal of the complaint against DTC. Further, Defendant requests an expedited evidentiary hearing on this motion at which time Defendant will produce irrefutable evidence to establish that Michael Sylver gave false testimony at the preliminary injunction hearing.
etc.
MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT OF MOTION FOR ORDER TO SHOW WHY AMAZON NATURAL TREASURES, INC. AND MICHAEL SYLVER SHOULD NOT BE HELD IN CONTEMPT AND FOR SANCTIONS AND DISMISSAL OF COMPLAINT AGAINST THE DEPOSITORY TRUST COMPANY AND FOR STAY OF BRIEFING SCHEDULE
During the evidentiary hearing on Plaintiffs' motion for preliminary injunction, Plaintiffs Amazon Natural Treasures, Inc. (hereinafter "Amazon") and Amazon's President, Michael Sylver (hereinafter "Sylver"), introduced documentary evidence and testified under oath to a series of telephone calls Sylver allegedly placed to Defendant The Depository Trust Company (hereinafter "DTC"), including the subject matter and substance of each call. The testimony was material to Plaintiffs' allegations of improper conduct by DTC in the processing and transfer of Amazon stock.
DTC has now discovered new evidence which will establish that Michael Sylver intentionally gave false testimony in regards to the aforementioned telephone calls. DTC has filed an emergency application for an evidentiary hearing to produce irrefutable evidence to establish the falsity of Michael Sylver's testimony, for an order to show cause why Plaintiffs Amazon and Sylver should not be held in contempt and for sanctions against Plaintiffs Amazon and Sylver, including an award of fees and dismissal of the complaint against DTC.
etc.
And a bit more...
...Federal Courts have inherent power to impose sanctions against both attorneys and parties in "bad faith" conduct in litigation. Chambers v. NASCO Inc. 501 U.S. 32, 43, III S.Ct. 2123, 2132 (1991); Broadway Express, Inc., v. Piper, 447 U.S. 752, 764-766, 100 S.CT. 2455, 2463-2464 (1980). The court's inherent powers "are governed not by rule or statute but by the control necessarily vested in courts to manage their own affairs so as to achieve the orderly and expeditious disposition of cases. Chambers, 501 U.S. at 43, III S.CT. at 2132. Inherent powers include powers arising from Article III, powers arising from the nature of the court, and powers arising from historical notions of the courts of equity In re Tutu Wells Contaminations Litig., 120 F.3d, 368, 384 (3rd Cir. 1997)....
More yet...
Here, Plaintiff's President Michael Sylver, has perpetrated a fraud on the court by giving false testimony under oath. There can be no greater affront to the dignity of the court and sanctity of judicial proceedings than the commission of perjury. For these reasons, DTC requests the court to find Amazon and Sylver in contempt of court and to impose severe sanctions against Plaintiffs Amazon and Sylver, including an award of fees and dismissal of the complaint as against DTC.
Because the current briefing schedule requires DTC to file its proposed findings of fact and conclusions of law on the preliminary injunction motion by February 26, 1999, DTC further requests the court to stay the briefing schedule until after the hearing on DTC's emergency application.
Dated this 23 Day of February, 1999....
I believe that what we really need to hear is AZNT's "defense".
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