Strategic Asset Leasing Inc (LEAS)

[jeagerboy]

Just the tip of the iceberg

Here is a link to the original lawsuit filed on July 18, 2011 by M&A Advisors, LLC and Dominic Martinez against William Lieberman, Izzy Goldreich, and Mammoth Energy Group, Inc (MMTE):

https://viewer.zoho.com/docs/dNdDdf

http://phrozencharts.com/etc/MMTE_Filed_Complaint_071811.pdf

The Complaint alleges fraud, breach of contract, unjust enrichment, breach of fiduciary duty, conversion, break of the covenant of good faith and fair dealing, imposition of constructive trust, manipulation and conspiracy to manipulate, all arising out of the continued failure of the defendants to have transferred stock to the Plaintiffs in spite of consideration and numerous promises to do so as detailed in the Complaint.

The Plaintiffs are asking for Lieberman and Goldreich to issue to them 400,000,000 shares which they claim they were promised in exchange for financing they provided to the Defendants.

People mentioned in the Complaint as having knowledge of the situation or past or current involvement with MMTE include Frank Morelli, Dominic Martinzez, Dan Starczewski, Izzy Goldreich, William Lieberman, Joe Overcash, Thomas Pierson, Tony Katz, Don Rose, Andy Austin, Richard Roon, and Louis Bounocore.

A little background on the some of the individuals involved in this case:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65246408


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On Friday, October 7, 2011, the defendants filed an answer to the claims and a counter claim against the Plaintiffs. Here is a link to that response and counterclaim:

https://viewer.zoho.com/docs/uAAbe

The Defendants claim that at the time of the negotiations to issue MMTE shares in exchange for money borrowed the Plaintiffs failed to disclose that they were named in administrative orders and/or proceedings institued by the SEC and FINRA and NASD.

The Defendants claim that entry into any transaction with the Plaintiffs would have been damaging to the reputation of MMTE. They further claim that failure by the Plaintiffs to disclose the foregoing constitutes fraud.

The Defendants went on to file a second counterclaim against the Plaintiffs claiming that an individual named in the original complaint, Louis Buonocore, who is a convicted felon having been convicted of one count of conspiracy to commit securites fraud and three counts of securities fraud in 2005 was posting on message boards on behalf of the Plaintiffs with the intent of causing harm to MMTE and the MMTE share price.



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Interesting stuff.

William Lieberman and Izzy Goldreich were obviously well aware of the past of the individuals they were dealing with as control of the MMTE shell was passed from those individuals to Lieberman and Goldreich. The two sides have a long standing relationship that goes back at least to 2008.

Izzy Goldreich was making debt Note arrangements with Joe Overcash in 2008 when Overcash was the CEO of MMTE before MMTE got passed on to William Lieberman.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65247643

My personal opinion is that both sides are dirty and the fact that Lieberman and Goldreich have now taken the gloves off could really make this lawsuit interesting. I look forward to seeing what information about both sides gets exposed in the future.