I wonder what ever happened with this? In November 2010, the Company and South Atlantic Traffic Corp., a former wholly owned subsidiary of the Company, received a lawsuit from two of the former owners of SATCO, Mr. Jesse Joyner and Mr. James Stewart Hall. Mr. Joyner and Mr. Hall have subsequently resigned from their positions with the company. On December 17, 2010, EGPI Firecreek Inc. filed its answer to the claim and filed a counterclaim against Mr. Joyner and Mr. Hall. As of August 2011 and through April 2012, the Company then in settlement negotiations resolved the matter for less than the amount currently accrued and included in notes payable and accrued interest, and the subject of the lawsuit. SATCO was sold to Distressed Asset Acquisitions, Inc. in March 2012. On July 2012 the case was settled for $177,000 on scheduled payments over three years. The Company has made eleven payments of just under $5,000 each, is current through June 2013 with a partial payment made for July per negotiations on August 30, 2013. Having requested further extensions for 30-60 days in late September and early October, the Company was notified by counsel for Joyner and Hall that the request for additional time was not accepted and further instructed to submit a consent Judgment to the court. On October 10, 2013 the Company was notified that Joyner Hall counsel that a motion per an October 2012 order to reactivate the case and entry of consent judgment had been requested to be filed against the Company and Billy V. Ray Jr. in the amount of $288,674.60 and was calculated by using the default trigger increased settlement amount of $400,000 less twice the cash paid by the Company prior to default or $111,325.40 leaving the final increased settlement amount pre entry of consent judgment at $288,674.60. The Company will again now consider its rights including to vigorously defend by potentially filing a second lawsuit in the matter of Mr. Joyner and Mr. Hall.
