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Hi, I also have query with ZSUN shares. Have you manage any solution on this matter? much appreciate if you can share some information. Regards.
From the Support Queue:
I am the investor relations contact for thinkorswim Group Inc. (NASDAQ: SWIM), the successor to ZiaSun Technologies (ZSUN). In visiting your Web site today, I noticed two old postings to the ZiaSun message board that indicate investor confusion regarding their investments in ZSUN and the ultimate succession of ownership in SWIM. Please take a moment to reach out to both JANAK1 and MARS_1946 and invite them to contact me at investor.relations@investools.com. (alternatively via ICR, Inc. at frank.milano@icrinc.com or (001) 203-682-8343). Thank you, Frank Milano
I have 1750 shares in ZSUN and have been approached twice to sell them by companies acting as brokers for de-listed shares. Problem is they ask for 10% deposit. It seems the shares cannot be traded in the USA. The current offer is for 45% of their value. Offer is $8 per share. I do not want to front up with 10% as from New Zealand I cannot verify if it is a con. Any comments
Does anyone know if ZiaSun Technologies is still a listed company on any recognized stock exchange and if so, what exchanges and what is the value of the shares
ZiaSun, Former President Anthony Tobin, and Promoter Bryant Cragun Drop Lawsuit and Agree to Pay Opposition Thousands
WEDNESDAY, OCTOBER 25, 2000 2:52 AM
- BusinessWire
SAN DIEGO, Oct 25, 2000 (BUSINESS WIRE) -- Plaintiffs in two closely watched
"cyberexpose" lawsuits have agreed to drop all of their charges against a
group of online message board posters and have also agreed to pay one of the
defendants $60,000.
ZiaSun Technologies Inc. (OTCBB:ZSUN), a San Diego-based company, sued
unrelated Internet posters George Joakimidis, Michael Morelock, Floyd
Schneider and Stephen N. Worthington in mid-1999 for allegedly waging a
cyberexpose campaign against them in Internet chatrooms.
ZiaSun, its former president Anthony Tobin and a ZiaSun promoter and
fundraiser, Bryant Cragun, alleged that the defendants disseminated false
information linking them to criminal behavior, pornography, improper
financial interests, false corporate disclosures and illegal business
practices.
Plaintiffs sought court injunctions against further posting by defendants.
They also demanded $500,000 in lost earnings and earning capacity,
reimbursement of their costs and attorneys' fees, a public apology and that
defendants retract all of their postings.
Defendants contended that everything they posted about plaintiffs was
absolutely true and therefore, as a matter of law, they could not be held
liable. One of the defendants, George Joakimidis, cross-sued ZiaSun, Tobin
and Cragun for fraud.
In a settlement agreement reached by the parties, plaintiffs dismissed all of
their charges against defendants, dropped all of their demands for monetary
compensation, dropped their demands that defendants apologize and retract
their postings and agreed to pay George Joakimidis $60,000. Except for one
news release per side, the parties agreed to make no future publications
about one another.
George Joakimidis stated: "I am relieved that it is all over. It is perhaps
unfortunate that the cases did not go to trial, where I would have been given
the opportunity to prove that everything I posted on the various message
boards was true.
"Cragun and ZiaSun, on the other hand, would have been compelled to
substantiate their allegations against me. So why did I agree to an
out-of-court settlement? To save time, effort and money and to put this
lawsuit behind me."
Michael Morelock stated: "I was looking forward to my day in court, but this
settlement was too good to pass up. I view this lawsuit as an attempt to
stifle free speech that backfired."
Floyd Schneider stated: "I feel vindicated. For the same reasons that
companies use the Internet as a promotional vehicle, it has also provided the
individual investor with the tools to seek out the facts and to be heard."
Stephen N. Worthington stated: "This is, in no uncertain terms, a victory for
free speech. If you know your facts, you should not be afraid to stand up and
fight for the truth. The suit appeared to be an attempt by ZSUN to silence
those who have raised questions concerning the operational and valuation
issues associated with the company.
"The securities markets require full and open discussion of information,
including all viewpoints. A public company should not be using its power to
sue those with opinions different from the company's, since that would chill
the exercise of free speech protected by the First Amendment and thwart the
goals of the securities laws."
James A. Shalvoy, the defendants' lawyer, noted: "We are seeing more of these
cases as the Internet's role in securities transactions increases. Honest
posters have nothing to fear. The Internet may be the New Frontier, but the
rule of law still applies."
For additional information, contact: James A. Shalvoy, attorney for George
Joakimidis, Michael Morelock, Floyd Schneider, and Stephen N. Worthington, at
310/796-0447 or jshalvoy@earthlink.net.
CONTACT: Law Offices of James A. Shalvoy
James A. Shalvoy, 310/796-0447
jshalvoy@earthlink.net
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2000 Business Wire. All rights reserved.
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: INTERNET
LEGAL/LAW
ZiaSun Technologies Settles Groundbreaking Lawsuit Over Internet Stock Manipulation
SOLANA BEACH, Calif., Oct. 25 /PRNewswire/ -- ZiaSun Technologies, Inc. (Nasdaq: ZSUN - news), along with its former president, Tony Tobin, and consultant Bryant Cragun, today announced the settlement of two groundbreaking cybersmear lawsuits against four individuals accused of manipulating ZiaSun's stock by disseminating false statements and ``press releases'' over the Internet. Through this settlement, ZiaSun, Tobin and Cragun succeeded in stopping a pattern of derogatory statements that harmed the company and drove down stock prices.
The lawsuits involved conduct beginning in early 1999. ZiaSun and Tobin learned that an anonymous group of apparent short sellers were using Internet bulletin boards to post negative statements the company and Tobin concluded were false. ZiaSun and Tobin filed a lawsuit in Seattle federal court to stop the practices. ZiaSun succeeded in uncovering the identities of these anonymous Internet users and the action was transferred to federal court in California, where one of the defendants resides.
When Cragun, a consultant for ZiaSun, learned that many of the same individuals were making similar statements about him personally, he sued them in California state court. Cragun's lawsuit accused the defendants of working in conspiracy to manipulate stock prices of several companies including ZiaSun to enhance their profits on short sales.
Both cases made headlines in January 2000 when the federal court in the ZiaSun case issued the nation's first known preliminary injunction against Internet defamation, and the state court in the Cragun case issued the nation's first known temporary restraining order against Internet market manipulation. The judge in the Cragun case also ordered defendant Floyd Schneider to post a retraction on the Internet of ``press releases'' he had issued recommending that ZiaSun investors sell their stock.
In earlier interviews and releases, ZiaSun and Cragun made clear they were suing primarily to enjoin the defendants' practices, which they believed to be unlawful and damaging to markets and investors. In fact, in the state court action, Cragun did not sue for monetary damages, instead asking the court only to enjoin the defendants' conduct and order them to return to investors their alleged profits from short sales.
After the injunctions issued in January, the cases were vigorously litigated. Late this summer, the state court granted a series of motions brought by Cragun. Cragun had asked the defendants to produce evidence supporting contested statements they had made on the Internet. When they failed to produce any evidence to support their statements -- instead raising numerous objections -- Cragun asked the court to intervene. After a series of contested motions, the court overruled the defendants' objections, ordered the defendants to produce all disputed evidence, including trading records, and issued harsh monetary sanctions of almost $19,000 against the defendants and their attorney. The sanctions were a penalty for their attempts to conceal evidence or their lack of evidence.
At about the same time, ZiaSun filed a motion asking the federal court to find defendant Floyd Schneider in contempt for violating the January preliminary injunction. Shortly after the discovery and sanctions orders in the state court, and as Schneider was due to defend his alleged contempt in federal court, the defendants agreed to cease and desist from their actions, broadly agreeing to refrain from publishing, on the Internet or otherwise, statements about ZiaSun, Cragun, Tobin, and a variety of other related individuals and companies protected under the settlement agreement.
ZiaSun and Cragun very pleased with the defendants' agreement to refrain from such wide-ranging conduct. According to ZiaSun President, Al Hardman, ``This settlement is a great victory for ZiaSun. The defendants have agreed to far broader restraints than we ever hoped to obtain in court.'' ZiaSun's attorney, Christopher Howard, labeled the restraint provisions of the agreement as broader than any restraint a court would have the power to order. ``The defendants have agreed to waive any First Amendment claims they may have regarding the types of statements covered in the agreement,'' said Howard. ``That's something you can obtain only through an agreement. No court in the country can order a party to waive First Amendment protection.'' Howard also pointed out that the First Amendment would not afford protection, in or out of court, for the defendants' alleged market manipulation activities. ``The First Amendment does not protect all speech,'' said Howard, ``and false statements intended to manipulate the prices of publicly traded stocks have been enjoined by the courts since at least 1934.''
Under the terms of the settlement, the defendants agreed
``to refrain from publishing to any third party, directly, indirectly, or through any third party intermediary, any statement, opinion or other communication ... about ... Bryant Cragun; ZiaSun Technologies, Inc.; Anthony Tobin; Loraca International, Inc.; Chequemate International, Inc.; Titan Motorcycles of America, Inc.; Asia4Sale; Online Investors Advantage; Dynatech International, Inc.; any plaintiff or cross-defendant in [either of the lawsuits]; any member of Bryant Cragun's or Anthony Tobin's family who defendants know or reasonably should know is related to Cragun or Tobin; any individual or entity who defendants know, reasonably should know, or ever have suggested is related to Bryant Cragun or Anthony Tobin; any person defendants know or reasonably should know is an officer, director, employee, agent, subsidiary, or shareholder of any of the companies identified above; or any person defendants know or reasonably should know is an employee, agent, attorney, accountant, heir, successor, assign, or representative of Bryant Cragun, ZiaSun, or Anthony Tobin.''
The defendants also agreed to cease all postings on any Internet bulletin boards related to any of the companies or individuals protected under the agreement.
The defendants also agreed to waive any First Amendment protection to make such statements, to the extent the First Amendment protects them, and to submit to jurisdiction of both the federal and state courts to enforce the restraint provisions including by injunctive relief. In fact, as of this release, Cragun has filed a motion asking the state court to enter judgment against the defendants to enforce the settlement.
To accommodate the settlement, the plaintiffs similarly agreed not to post such statements about the defendants, although the plaintiffs had not engaged in such conduct and none of the defendants had accused them of doing so.
Under the settlement agreement, both cases will be dismissed as to the settling defendants and all parties will bear their own attorneys' fees and expenses. No money will change hands. In a separate but related agreement, Bryant Cragun purchased an assignment from defendant George Joakimidis of Joakimidis' claims in a cross-complaint. In that cross-complaint, which was filed in state court, Joakimidis claimed to be due payment on an agreement to purchase certain stock holdings he had liquidated. Cragun purchased an assignment of those claims from Joakimidis for $60,000. The assignment will give Cragun all rights to pursue whatever value those claims have.
According to Cragun, he expects to completely make back the cost of the assignment in short order. ``I always felt that the claims against me in the cross-complaint were nothing more than a nuisance,'' said Cragun. ``I had nothing whatsoever to do with the transactions described in the cross- complaint and it was always my opinion that Mr. Joakimidis named me in the cross-complaint only because I had sued him. But it looked like the claims could have some negotiated value against other parties and it was well worth it to buy the assignment in order to help pave the way for the kind of broad relief we obtained in the settlement of the real cases.''
Shortly after purchasing the assignment from Joakimidis, Cragun filed suit against PT Dolok Permai dba International Asset Management, one of the other cross-defendants and a party who Joakimidis alleged to be at the heart of the transaction described in the cross-complaint. According to Cragun, it appears PT Dolok Permai is the party behind Joakimidis' claims. ``I don't know much about PT Dolok,'' said Cragun, ``although I have been accused publicly of being part of their operations. Based on Mr. Joakimidis' complaint and the investigation we have done both in the litigation and in our recent efforts to assist the Wall Street Journal in a related investigation, it looks like PT Dolok is behind the transactions that caused Joakimidis to sue. I intend to pursue them to recover the full value of the claims I purchased.''
ZiaSun will continue to pursue its claims against two other defendants in the federal case and, according to company president Al Hardman ``ZiaSun will continue to take whatever steps are necessary to protect the interests of its shareholders and will vigorously defend itself against any further manipulation tactics.'' Cragun previously settled his claims on similar terms with the only other defendant in the state court action.
For further information please contact Michelle Cutting, Shareholder Services of ZiaSun Technologies, Inc., 858-350-4060, mcutting@pinmail.com.
SOURCE: ZiaSun Technologies, Inc.
i meant: I wish theM luck. eom
That out of court settlement with the Z8s was a must and it is good that it is happening. Now it is all up to OIA. They are Ziasun's the only chance, imo. I wish the luck.
Investor....Just noticed that ZSUN was here. Nice to see you investor.
This is the best news that has happened to Ziasun since the company was formed IMO:http://www.mckenna-group.com/happenings/.
Ziasun Finalizes The Venture Fund Agreement With The McKenna Group And Anticipates Selling Its Subsidiary MII
SOLANA BEACH, CALIF – August 2, 2000 (PRNewswire) – ZiaSun Technologies Inc. (OTCBB: ZSUN) (www.ziasun.com), a diversified Internet-based holding company, today announced it has finalized the Agreement with The McKenna Group to create MKZ, a new venture fund, which is structured to make highly selective investments in early-stage, primarily business-to-business (B2B) Internet technology companies. The Company also announced it is negotiating the sale of its subsidiary, Momentum Internet Incorporated (MII), back to the original owners, Vulcan Consultants Inc.
In the sale of MII back to Vulcan Consultants, Vulcan will exchange 725,000 shares of ZiaSun stock, which Vulcan currently holds, for total ownership of MII. Consummation of this sale is contingent on finalization of mutually agreeable terms and conditions for both parties, and is currently expected to be completed by mid August
In completing the sale of MII, ZiaSun would no longer have an interest in the following subsidiaries of MII: Momentum Associates Ltd, Momentum Internet (Phils.) Inc., AsiaEnet Ltd., Graphia International, Swiftrade Inc., or the following websites of MII: “Momentum Internet” (www.momentumplus.com), “PinMail” (www.pinmail.com), “MediaHits” (www.mediahits.com), “Swiftrade” (www.swiftrade.com), “Working Mouse” (www.workingmouse.com), “AsiaEnet” (www.asiaenet.com), “TigerTooth” (www.tigertooth.com), “TigerHits” (www.tigerhits.com), “Search Dragon” (www.searchdragon.com), “M-Finance” (www.mfinance.com) and “Ming Stores” (www.mingstores.com).
Allen D. Hardman, President and CEO of ZiaSun stated, “We believe the sale of MII will prove quite positive for ZiaSun as MII has not met earnings expectations. Whereas, the Venture Fund Agreement with the McKenna Group will provide ZiaSun with desirable, early equity positions in emerging, high-tech companies with market-leading technology. Additionally, management anticipates its investment in the newly-formed venture fund will provide favorable returns on investment, which should effectively bolster the Company’s operating strategy.”
Hardman further commented “This new strategic relationship with The McKenna Group is very significant for ZiaSun, and it is intended to help accelerate the Company’s business growth by providing the Company access to global market opportunities to which it could not otherwise cost-effectively gain exposure on its own. Equally important, the Agreement gives ZiaSun early access to Class-A start-up opportunities working jointly with other seasoned venture investors, who have many years of demonstrated successes. Management believes this is an exciting major step forward in fulfilling ZiaSun’s vision to become a world-class business incubation and holding company with unlimited growth opportunity, and one which is intended to provide a positive future impact on shareholders’ equity.”
Geoff Mott, the Managing Partner of The McKenna Group observed that “ZiaSun has successfully built businesses with compelling value propositions in several areas of the ‘Internet’ economy. Our venture accelerator works with technology- oriented start-ups that are building business infrastructure and services for this new economy. We believe the relationship with ZiaSun will yield a series of business initiatives that leverage our complementary skills and ZiaSun’s existing success model to outstanding effect.”
About ZiaSun Technologies, Inc.
ZiaSun Technologies, Inc. is a leading Internet technology holding company focused on international investor education and e-commerce. It specializes in online support services within North America, Asia and other international markets. The Company's portfolio *currently includes: Online Investors Advantage (www.i-advantage.com), Momentum Asia, Inc. (www.momentumasia.com), ServiceLive (www.servicelive.com), Momentum Internet, Inc. (www.momentumplus.com), PINmail (www.pinmail.com), MEDIAhits (www.mediahits.com), Swiftrade (www.swiftrade.com), AsiaEnet Ltd. (www.asiaenet.com), Tigertooth (www.tigertooth.com), Search Dragon (www.searchdragon.com), M Finance (www.mfinance.com - a top-100 financial Web site), and a 19 percent equity position in Asia4Sale (www.asia4sale.com).
*NOTE: It is anticipated that certain holdings are going to be sold back to Vulcan as set forth in paragraph three of this Press Release
Welcome FM. Lets hope we can get this stock moving in the right direction again. The AMEX listing would be very helpful.
Welcome, Investor!
I was once a shareholder in ZSUN with FG...
made 150% in one week..It was awesome!
Welcome to iHub.
IT should get pretty fun around here soon!
FM
Welcome new posters to the newly formed Ziasun Technologies message board. This board has been created to view positive opinions on Ziasun as well as input from posters who have negative but informative information about the company. Spaming, bashing,and personal attacks on other posters or corporate members of Ziasun will not be tolerated. I look forward to an ongoing chat about the future of Ziasun. WELCOME.
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