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Microcap & Penny Stocks : PowerTel USA (PTUSA) was Nevada Energy (NNRGA) -- Ignore unavailable to you. Want to Upgrade?

To: charles messick who wrote (286)	3/10/1998 12:18:00 AM
From: Thomas Stanton	Read Replies (1) \| Respond to of 303

Found this on the QDRX thread. To: +Jim Mills (3507 ) From: +s martin Monday, Mar 9 1998 1:16PM EST Reply # of 3511 If you plan to pursue a law suit, information concerning the former CEO , who is apparently notorious for his fraudulent dealings may or may not be helpful to the attorney, esp if Hayton is in anyway currently involved with QDRX. wired.com There is much more information about Hayton in the 3 other articles about Zulu at the wired site. Would suggest you copy them and send to the attorney for his files. ________________________________________________________ Mid-1994: Hayton's investment firm, Conagher & Co., acquires significant interest in two companies, Apogee Robotics of Fort Collins, Colorado, and Quadrax Corp. of Portsmith, Rhode Island, a developer of thermoplastics. Hayton is appointed chairman of both. Late 1994: In the months after Hayton assumes Apogee's chairmanship, trading volume in the company's stock skyrockets while the price plummets - down from 75 cents per share to less than 20 cents. Apogee files for bankruptcy. Hayton resigns his chairmanship, threatening to sue Apogee for "massive fraud and misrepresentation as to [its] business and financial condition." Apogee later sues Hayton, winning an award of nearly $3.7 million from a Colorado court, although the company has not been able to collect the damages. Early 1995: Hayton quits his chairmanship of Quadrax after presiding over losses exceeding $8 million. In an article in the Providence Journal-Bulletin, the incoming Quadrax management fingers Hayton as the main agent behind the losses, releasing a document stating, "(Hayton) directed substantial resources away from the company's core business and into activities that the current management was either unaware of or did not endorse and does not consider indicative of the company's ongoing operations." Late 1995: Hayton files a defamation suit against Quadrax for accusations made in the Providence Journal-Bulletin, claiming harm to his status as an international businessman. The case is later settled out of court. Neither party paid damages. c 1996: Two former directors of Nevada Energy Corp., a Delaware-based alternative-energy company, file suit against the company's new president and board for allegedly diverting $1.2 million in funds for non-corporate purposes. Hayton, though not a board member or named as defendant, is described as the person who orchestrated the diversion through two holding companies he controls, Waterford, based in Ireland, and Golden Chance, on the Isle of Man. According to court documents, Hayton "makes all of Nevada Energy's material business decisions and dominates or controls ... [the defendants] through his control of Waterford and Golden Chance." The case is decided in favor of the plaintiffs on 17 February 1998. Judgment will be made 18 May 1998.