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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: afrayem onigwecher who wrote (18724)	2/7/2007 10:10:13 AM
From: StockDung	Respond to of 19428

Mangapets' Hamouth settles Canaccord suit 2007-02-07 09:57 ET - Street Wire by Mike Caswell West Vancouver promoter Rene Hamouth has agreed to pay Canaccord Capital Corp. to settle an unpaid loan lawsuit. The brokerage sued Mr. Hamouth and others in B.C. Supreme Court in 2005 when they apparently defaulted on a $257,000 promissory note. Canaccord said Mr. Hamouth did not come up with a $50,000 payment on the agreed date, but Mr. Hamouth denied he was in default. The promoter complained the brokerage was wrongfully keeping him from trading shares he held in an OTC Bulletin Board company, Mangapets Inc. Canaccord's suit named Mr. Hamouth, his wife Leona and another Mangapets shareholder, Richard Specht, as defendants. It appears to have come at an unfortunate time for Mr. Hamouth, who complained Canaccord stopped him from averaging down on Mangapets because of the dispute. The stock, which had been trading around $1, hit a $3.80 high one month later. Mr. Hamouth is the chief executive officer of Mangapets, and owns 2.5 million shares. He said Canaccord could have sold some of his shares to cover the debt instead of freezing his account and taking him to court. It now appears Mr. Hamouth has settled the case, with the court closing it by consent order. A brief filing only says he and the other defendants agreed to pay Canaccord $257,000, which includes interest and costs. Mangapets rising Mr. Hamouth's company, Mangapets, has seen big gains in recent months. The stock went from 70 cents in November to a $4.10 high last month. It closed Tuesday at $3.85, up 35 cents. Mangapets has a deal for a holographic projector product, which apparently can make images "float" 30 inches in front of a viewing screen. Evidently no special goggles or glasses are needed. Investors may be hoping it does better than the company's last product, a now-defunct website for virtual pets. The stock went to nearly $4 on that deal, in which the company said it would create a community of users with Japanese-inspired characters and environments. Mangapets did not entirely finish the site, and the stock retreated under $1 as the company decided to pursue on-line gambling. It later abandoned that idea too, after U.S. authorities started arresting gambling executives. Mangapets has working capital of negative $1-million according to its most recent financial results, and it has not reported any revenues.