Tuesday, November 24, 2015 3:46:36 AM
As previously posted the appellate court upheld the following statement from the trial 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 PlaySafe effectively insolvent. Indeed, PlaySafe 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.”
Such an assessment of looting and abuse seems to coincide with the past 15 years of management by Mr. Iehab as CEO at Cirtran. I would expect that to continue in the future as well.
I think that I will trust the trial court assessment of Mr. Iehab.
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