Monday, November 02, 2015 2:33:21 PM
In the Playsafe case (vs United Medical) the appellate court upheld the following statement from the trail court:
"In granting the motion, the trial court concluded that “the evidence that Hawatmeh and Nora abused the corporate structure of [PlaySafe] to, in effect, operate it as their personal bank account is overwhelming. They effectively looted the corporation by taking out more than $1 million in loans over a 13 month period rendering Play[S]afe effectively insolvent. Indeed, Play[S]afe had only been capitalized with a total of $700,000. The suggestion that these loans were approved by ‘independent directors’ is belied completely by the evidence.”
I will trust the Trial Court judges.
btw, the stock price has not been $.01 since 2009. Wishful thinking since Circ has no operations.
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