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Microcap & Penny Stocks : MIDL .... A Real Sleeper -- Ignore unavailable to you. Want to Upgrade?


To: Ga Bard who wrote (2148)7/9/1998 10:54:00 AM
From: Almost Blue  Read Replies (3) | Respond to of 7039
 
I think everything Binder posted is correct regarding Fisher and the timeline of events. However, and I know you dont want to hear this but, the company does have some responsibility here. I cant believe you are trying to say they have none. All that said, it looks like the only upside I have left in this deal is watching Fisher pay for what he has done. I would like to know what Binder thinks about the part all the others played in this deal. Like Spriggs and the others. Didnt Spriggs know the condition of the patents? Why didnt the board correct any of Fishers PRs? on and on....

DW



To: Ga Bard who wrote (2148)7/9/1998 11:23:00 AM
From: Binder  Read Replies (2) | Respond to of 7039
 
LOL...no lie! Seems like I am in court at least once a week for one thing or the other. The problem with our legal system today is that it is flooded with civil action, some legit, and some ridiculous.
I went to a workshop on tort reform a couple of months ago, and the stats are absolutely amazing!

The sad thing about it is that there are so many fraudulent cases out there, that the legitimate cases are often looked upon with cynicism and doubt. Of course, the attorneys add fuel to the fire by encouraging frivolous lawsuits. If you ever watch television during the daytime, when most people are at work, you will notice that the majority of the advertisments are by lawyers, encouraging people to sue someone for their circumstances. Personal responsibility has become a thing of the past. It seem that it is always someone else's fault. Even in the criminal cases, you often hear how the accused was "abused as a child", so someone else is to blame for the crime. It is enough to make one's stomach turn, because when people have indeed been legitimately wronged, they have to work twice as hard to win their case.

Probably the biggest element I personally run into in the process is establishing the burden of proof. In our system, the burden of proof almost always lies with the plaintiff in an action. The plaintiff must prove that the defendant commited the "wrongdoing", also referred to as a tort.

Now, as this relates to Midland, it is my opinion that this is where the problem will lie. A lot of people are angry because they did not receive the split, and want to bring legal action against the company, or more specifically stake a claim to any assets that may be recovered by the shareholder liquidating trust. In order to do that, they would have to bring action against the beneficiary, or in this case, the "Shareholders of Midland". The burden of proof would be a major factor here, because it would be up to the person bringing the action to prove that he was wronged by the "Shareholders of Midland, Inc. " Since the shareholders committed no tort, it would be hard to win this one.

Another thing to consider is the legal language used in the trust. More and more often you see trusts which are from inception "unable to indemnify", which means that they cannot pay out to anyone other than the beneficiary and/or trustee(s). Even if a legal action were brought, and won, (again, not likely), and a judgment made, the trust still could not pay out to anyone other than the beneficiary and/or trustee(s). I do not know if this particular trust was set up this way or not, but it is a possibility.

You often hear people say that although it is flawed, our legal system is still the best around, and I have to agree with that. However, I firmly believe that it is the frivilous lawsuits that bring a bad name to the entire system, and make it more difficult to process the legitimate cases.

I certainly feel that the shareholders of Midland were wronged, regardless of whether they sold their shares or not. However, the question they need to be pondering is not who to sue, but rather if they should do it at all. They could probably fork out $2500 to have a lawyer process it, but they have a very slim chance of ever recovering anything.

Again, they should focus on who committed the wrong-doing, and direct their suit(s) there, as the burden of proof becomes much, much easier.

I am not an attorney, but I am VERY familiar with the system through the course of my work.

:-)
Binder