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Doc,
I don't know. The man(BIBIYAN) has broken every rule in the book.If you read the courts hearing, you will see what a low life this guy is. They should put him in Jail and throw the key away.Looks like the judge was really perturbed with some of the stuff he pulled during trial.
So does the SEC go after tom now?
I, for one, am thrlled that Mr Toledo won this case.MR. Toledo has not been able to say anything because of the courts. This good news sure made up for that.
com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Thomas Bibiyan
SAN DIEGO, Sept. 16 /PRNewswire/ -- Ramon Toledo is pleased to announce a successful default judgment in a lawsuit brought by him against Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the United States District Court for the Southern District of California, Case No. 07cv0695 BEN (BLM).
Toledo sued Bibiyan and his corporate alter egos personally, and derivatively, on behalf of Searchguy.com, Inc. (the "Company"), for violations of federal and California securities laws, breach of fiduciary duties, fraud, constructive fraud, and breach of contract. The federal court found that the claims arose out of a fraudulent scheme under which Bibiyan and others issued numerous false press releases and other statements to induce investors, including Toledo, to purchase shares. The court determined that this fraudulent conduct created an artificially inflated stock price, and determined that as part of the scheme Bibiyan would dump shares for which he had paid no adequate consideration. Furthermore, the court determined that Bibiyan breached his fiduciary duties to the Company through gross mismanagement, issuing millions of shares of Company stock without consideration, self-dealing, directing corporate assets to himself, and trading on non-public information.
From May to July 2004, the court determined that the evidence showed that Bibiyan caused the Company to issue 18,500,000 shares to a number of entities for no consideration, and then allowed such entities to sell those shares in the public market. In addition, in accordance with the unrefuted evidence the court determined that Bibiyan improperly controlled the Company and under Bibiyan's control, the Company never had a bank account, prepared financial statements or tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually owned 2,336,862 shares. After Toledo became aware of Bibiyan's improprieties he tried to get Bibiyan to deliver all corporate documents of the Company and return all shares of the Company in order end Bibiyan's involvement with the Company with the hopes that the Company could be properly operated by a legitimately elected board of directors. Bibiyan did not turn over the corporate documents, shareholder lists, or return his Company shares. Instead, Bibiyan actually issued himself an additional 1,800,000 shares of unrestricted Company stock.
On August 8, 2010, the Court issued a judgment against Bibiyan and his alter ego companies. The court awarded the Company $11,892,000.00 in damages for the securities frauds, an additional $100,000.00 in breach of contract damages, with ten percent pre-judgment interest on the contract damages, and $16,646.29 in attorney fees solely for the contract damages claims. Furthermore, the Court awarded Toledo and his co-plaintiff damages in the amount of $219,578.00 for their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following statement:
"I am extremely pleased with this judgment. I feel vindicated that a court has entered judgment against Thomas Bibiyan for egregious breaches of his fiduciary responsibility to both Searchguy.com, Inc., and its shareholders. I believe it was necessary to bring this action against Thomas Bibiyan, so that he would not be in a position to defraud other investors in the future. I believe that Searchguy.com can still become a great company under the right management, and as a shareholder of the Company, I hope to see it succeed in the future."
About Ramon Toledo
Ramon Toledo is the President and CEO of Busca Corp., an entity unrelated to, and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of INMUEBLES Y DESARROLLOS ARNAIZ SA de CV, a real estate development company established in 1970 (family owned). With 20 years of experience in international management and business development, Toledo has numerous recognitions as one of the most respectable businessman and entrepreneurs to bring business into Mexico. In October 2008, Levelup.com a branch of Busca Corp., was named Best Web 2.0 Site in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp. is a leading Mexican company in technology innovation and videogame content. It has signed deals with top online companies: MSN, Yahoo, Terra Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
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Well with the good news maybe we will see something good after all.
thanks oltimer,
I agree. He's a classy guy.
I do think the company should be more publicly transparent as to their intentions now that the legal dispute is settled. Without any information we're left with only wild speculation and building discord.
Thanks, for the contact info. I'll put in a call.
half full
I talk to Mr. Toledo on a regular basis. He is a man of the highest integrity. I don't think i have ever talked to a more honest person. Here is the number I contact him at 619-778- 1958. I know he would be more than happy to talk to you.
I have tried unsuccessfully to contact Mr Toledo through Busca Corp.
I have had correspondence with him in the past and he always left me with a good impression.
It's my feeling that Mr Toledo, due to the misdeads of Bibiyan, does not hold a controlling interest of SHGY as he was led to believe when entering the agreement to purchase. Now that it is apparently 20 mil shares outstanding, if he were to roll Busca into SHGY, he would be a minority shareholder like the rest of us.
So what's fair?
Busca Corp was built out of the SHGY, no matter how crummy that base was, and is therefore tied to SHGY. A public corporation can't for a spin-off without compensating the shareholders.
Mr Toledo has invested more time and money than any of us towards the development of Busca Corp and should be rewarded for the success propotionately.
In my view, Busca should be rolled into the SHGY shell, possibly a reverse split to shrink the number of shares issued, a new issuance of shares to Toledo and his large cash investor allowing them majority control.
I don't know if such a proposal is possible because there it would take a majority of shareholders to approve something like this.
Without any response from Mr Toledo, we'll be left to wonder what's happening and grow angrier that we hold worthless shares in a successful business.
Over time this will lead to a class action suit against Busca Corp, especially as the business becomes more successful and continues to develop.
That's my rambling thoughts on the situation. I think Toledo had planned on using SHGY as a vehicle to Nasdaq, but never really had control of it. Now he has a successful business that has shareholders looking to be part of it and no way to bring them together without losing his, and his investors share.
My guess they will go after all his properties Just like Madoff and other fraudsters.
At least Mr Toledo can go forward now.
The judge has issued his order granting default judgement and the case is closed.
The default judgement includes:
1)Plaintiff awarded $219,578 in damages against Bibiyan.
2)Awards Searchguy $100,000 in breach of contract damages, plus 10% intrest on the damages.
3)$16,646.29 in attorney fees
4)Awards Searchguy $11,892,000 in damages against Bibiyan
Great!
Where does this leave us? Heck if I know.
bibiyan wishes he was PRINCE POPPYCOCK
Simple, yet sometimes unreliable, google searches.
We all leave traces, even the mysterious Tom Bibiyan. Most important will be to follow the money. All those sales came with a check. All those checks got deposited somewhere. We're talking millions of dollars. Yours and mine! Where is it now?
I'm sure much of it has been blown on Tom's fantasy life as a player in Los Angeles. Spending his nights chasing celebrities with "246 Entertainment" and trying desperately to make a name for himself in the film and music industry.
Hey,half=full,
You are pretty genius in how you search for your information. Do you have any idea what position Bibiyan's father has at the bank and which city the Union Bank is where he works? Maybe you could tell me how to find out. Thanks, oltimer
Just public info. Farhad Bibiyan. Employed by Union Bank.
Same address as Thomas Bibiyan. Tom got his values(or lack of) from someone.
half-full
Could you give us a run down on Bibiyan's father? It might be interesting.
Thanks, old timer
Still a long way from any resolution. The judge has to approve the judgement. Collecting? Something happened to the money that Bibiyan stole. I would lean on his father, the banker.
There also has to be a plan to unify SHGY and Busca Corp. This has been made more dificult due to the fact that Toledo doesn't own a controlling intrest in SHGY. I would suspect there will need to be a shareholder vote on any proposed plan, but as of right now I would guess that there is still a question as to who's running SHGY.
Thanks half, this thing could start to move. I'll start getting the word out to some of the IHub lotto players
100 mil shares authorized. 21 mil shares issued.
The filing went in today detailing the claim against Bibiyan.
It includes an individual claim by Schudel and Toledo for $219,578 for their personal loss on SHGY stock and another $27,850 for software development that Toledo paid for.
There is a derivitive claim also which includes $11,892,000 for issuance of SHGY stock for no concideration (free). There is a $100,000 claim for breack of contract and finally $16,646.29 for attorney fees.
the judge will have all entities put in Ramones name.
the dust will settle soon and maybe something good will happen.
Well lenny must have given all the info over to Mr Toledo.
its just a formality
I think this is where we will see Toledo go after the illegitimate shares sold after the date of the intial agreement with Bibiyan and Ratchisky.
New filings available:
05/13/2010 143 ORDER Striking Defendant Bibiyan's Answer and Counterclaims and Entering Default Judgment Against Defendant Bibiyan. The Court grants Plaintiffs leave to file a motion to prove damages on or before June 11, 2010. Signed by Judge Roger T. Benitez on 5/12/2010.
05/13/2010 144 Clerk's DEFAULT JUDGMENT in favor of Ramon Toledo, Sabine Schudel against Thomas Bibiyan.
Who owns the searchguy.com website now?
Who owns the searchguy.com website now.
Tom is one of those people who thinks he is above the law.
a total loser in the business world.
he will have stick to his transgender life and live as a women.
and besides, what's up w/ this tom guy...
is his record clean, did he ever catch a felony charge?
Hi all,
I bought most of my shgy stock back in 2004! And never sold out. I figured I would just go down with the ship. I really haven't been following this stock or the court case during the last 4 or so years. So...what are the chances that the legitimate shareholders who actually saw a future in this company 6 years ago will get their money back? Maybe Toledo will merge shgy with busca and we will get Busca stock? That would be nice. I hope this works our right for the honest people.
And I really can't believe that there are still people posing as other people on these message boards with fake information. What's the point???? Honestly, give up already.
I would think the reasoning would be the same in either case.
Pink Sheets not quoting it means nothing as Pink Sheets is paid promotion (pay them $3000 and file some BS and they remove the warning). I am talking about the market maker pulling his 211.
Try this link for pink sheet info.
http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=shgy
Pink OTC Markets has discontinued the display of quotes on pinksheets.com for this security because it has been labeled Caveat Emptor (Buyer Beware) and because adequate current information has not been made available by the issuer of the securities. It has been labeled Caveat Emptor for one of the following reasons:
Questionable Promotion — The security is being promoted to the public, but adequate current information about the issuer has not been made available to the public.
Spam — The security is the subject of spam promotion having the effect of encouraging trading of the issuer's securities.
Investigation of Fraud — There is a known investigation of fraudulent activity involving the company, its securities or insiders.
Suspension/Halt — A Regulatory Authority has halted or suspended trading for public interest concerns (i.e. not a news or earning halt).
Disruptive Corporate Actions — The security or issuer is the subject of corporate actions, such as reverse mergers or serial stocks splits and name changes, without adequate current information being publicly available.
Unsolicited Quotes — The security has only been quoted on an unsolicited basis since it entered the public markets and the issuer has not made adequate current information available to the public.
Other Public Interest Concern — There is, in Pink OTC Markets' view, a public interest concern.
HAHA, GOOD ONE SABINE EVEN WHEN YOU LOSE YOU STILL BANG YOUR MONKEY
Success ! We beat toledo
The Court hereby orders that Ramon Toledo's answer be stricken from the record and orders that default be entered against defendant and cross-claimant Ramon Toledo.
Maybe he was there dressed as a women and they missed him/her/it.
The no-show tells the whole story. The State Police were probably waiting in the other room waiting for the weasel to poke his head out and they were gonna seize him, and he knew it.
We Win! Yippeeeeeeeeeeee.
Minute Entry for proceedings held before Judge Roger T. Benitez: Status Conference held on 5/4/2010. Defendant and Cross-Claimant Thomas Bibiyan failed to appear to his Court-ordered deposition that was to take place 9:30AM 5/4/2010 in U.S. District Court for the Souther District of California, Courtroom 03, 940 Front Street, San Diego, California 92101. The Court hereby orders that Thomas Bibiyan's answer be stricken from the record and orders that default be entered against defendant and cross-claimant Thomas Bibiyan. Court to issue Order.(Court Reporter Deborah O'Connell). (Plaintiff Attorney Donald Trembley). (Defendant Attorney No Appearance). (gxr) (Entered: 05/05/2010)
Wow, now that is funny. Pure entertainment. Its a good thing the court proceedings are there to jolt us back to reality.
half he said > un bi assed. hmmmm
half did tb show for his deposition
the updated shareholders blog
which is really the only unbiased source of information
http://sueramon.wordpress.com/
lol, looking at it that way, it sure is.
Thanks half. I figured 12000 shares@.ooo2 was worth the $10 risk.
Hey Doc,
I would be very careful if your trying to buy. The lawsuit is for shareholders of record on a certain date, can't remember it right now. It was the date that Toledo handed over a big check for the corporate documents.
I don't know how the court is going to deal with the fraudulent shares sold after that date. The issue is that Toledo purchased controlling interest on that date. With millions of shares issued fraudulently after that, everyone's interest in the company was diluted illegally. Those issued shares are all illegitimate.
I don't think that any shares purchased after that date will fall under the court ruling, whatever that may be.
This is definitely just an opinion.
Ha Ha.What an Idiot, sold out his 1oo shares at .ooo1.
the broker made more money!
I tried too buy some a liitle higher and no action.
Here comes the judge ... ... Sock It To Me .... .... ....
I live for these types of stocks. The potential is unknown.
Sorry. I give up. I sold out.
I'm taking my penny elsewhere.
HaHaHa, we get positive news and the stock awards us with a 97% drop. NICE!!!!!
This is all but over.
We know bibiyan has no cards left to play.
Thanks half
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RAMON TOLEDO was arrested in Miami Dade County, FL on June 10, 2011 for Criminal Trespass and Burglary, Battery, Assault
http://www.jailbase.com/en/arrested/fl-mdc/2011-06-10/ramon-toledo-110040781
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