Wednesday, March 18, 2015 8:19:52 AM
Ribotsky's NIR family of hedge funds was accused of loaning money to companies and then working to destroy said companies by e.g. shorting their stock. The contracts were written in such a way as to be iron clad in favor of NIR. Companies - there is a long list - borrowed from NIR Funds thru third parties - brokers so to speak and did so out of ignorance, desparation and/or complicity.
The complicity is from the creation of liquidity in a stock where prior there was none.
I believe that Cyberlux acted out of ignorance and there is much to read in the court documents.
Cyberlux also borrowed from another hedge fund. Chicago based St George Investments run by John Fife, another hedge fund of ill repute imo. But that's another story. Cyberlux still owes a lot of money to someone but not sure who or what.
btw - Ribotsky's NIR was liquidated because the Feds were closing in on him.
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