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He was doing fine up until the final paragraph. LOL!
Psst... RA already lost.
Or with lying in press releases, interviews, and SEC filings.
But an effort at what, setting up an insanity defense in the event criminal charges come down?
I wonder what Gundy thinks he stands to gain by repeating claims which have been thoroughly discredited time and time again.
Nope, nobody on that list who has any interest in preventing overvalued stocks from being shorted, nope nope. ;)
Bennett knows where his campaign contributions come from.
Yes - they were unregistered and therefore not free trading.
Yeah, but when they don't show and she wins by default she can claim it's substantially collectible and pump up the share price...
oh, wait. Never mind.
Allstate - It is the SEC who sued, won, and filed in those states. I'd like to see USXP the corporation sue them too, perhaps in NY State court.
USXP should sue RA and Gundy for return of stolen funds. It's looking like the feds don't want to do their job. Hardly surprising with a president who got away with insider trading thanks to his family connections.
firebird - Here's a new ihub feature which might prove helpful. .
http://investorshub.advfn.com/boards/MyRemovedPosts.asp
I wonder why RA didn't use the proceeds from the sale of the jewelry to pay off some of the judgment.
RA issued false press releases, printed and dumped unregistered shares on those who believed the lies, then kept the money for himself and his wife. How can you support the man who stole from you?
In the 10K he said he got $650K for 2006
Oops. Looks like another SOX violation there.
"The naked shorts made me violate a permanent restraining order." is going to be a tough argument to make.
jking - Yes, it is indeed amazing how far beone and Bud can stray from the truth.
But there are still people who claim the earth is flat.
From what Bud said, it sounds like he's talking about the appeal of Judge Mahoney's decision, not Judge Lynch's. Check your facts.
Here's Mahoney's ruling:
http://www.sec.gov/litigation/aljdec/2007/id339rgm.pdf
When we see 0.0001 & 0.0002, MMs could be seeing 0.00005 & 0.00015
I hope you're right, but from what I've seen, some will refuse to accept reality forever, as it means admitting their gullibility.
re: Eventually even the most diehard supporters of Altomare should wake up to the revelation that he was and is a crook and stole from them under the guise that it was "naked shorters" who were responsible for all their woes.
He can take the fifth, and if it is for purposes of avoiding verification of his claimed inability to pay the judgment, he can be found in contempt and sent to a very scary pokey.
USXP is not a party to the appeal.
I'm surprised they brought as much as the did. They probably could have been duplicated for less.
The questions remains is why the major assets were worth so little.
291: ORDER APPROVING SUBSIDIARY ASSET SALES
[courtesy of xrayviscion]
01/22/2008 291 ORDER granting 271 Motion to Approve. Receiver's Motion to Approve Disposition of Subsidiary of Universal Express, Inc. is hereby granted to the extent set forth herein. (Signed by Judge Gerard E. Lynch on 1/22/08) (tro) (Entered: 01/22/2008)
---------------------
Doc 291
OCR extract
ORDER
THIS CAUSE having come before the Court on Receiver's Motion To Approve Disposition of Subsidiaries Of Universal Express, Inc. and being otherwise fully advised in the premises, it is:
ORDERED AND ADJUDGED that Receiver's Motion To Approve Disposition of Subsidiary Of Universal Express, Inc. is hereby granted to the extent set forth below.
The Receiver shall be permitted to sell the assets of Virtual Bellhop and Luggage Express on the terms and conditions outlined in the Asset Purchase Agreement and Bill of Sale between the Receiver and Sports Express which is attached to the Motion as Exhibit A.
The Receiver shall be permitted to sell the assets of Madpackers on the terms and conditions outlined in the Asset Purchase Agreement and Bill of Sale attached to the Motion as Exhibit B between the Receiver and Campus Logistic Solutions, LLC.
DONE AND ORDERED
At New York, New York this 22nd day of January, 2008
Gerard E. Lynch
United States District Judge
USXP's most valuable asset is the shareholder list.
Penny boileroom operators pay good money for lists of people like that.
It also appears the world is flat, but it isn't.
Maybe that's how all those nasty nekkid short people were able to cover - by buying up those cheap shares as RA's "funders" dumped them. LOL!
It was an uncontested case. Jury didn't decide anything.
Anvil - Yes, RA and Gundy want a "do-over" - new trial, starting from scratch, in front of a jury.
How they are going to get around the fact they agreed to trial by judge in the first place will take some tricky wrangling. Then there's that little matter of not having produced any evidence to contest the charges, which is why summary judgment was granted in the first place, and why it could happen again even in a jury trial.
re: "Tifford said that he did not file for a stay for "professional reasons". Not being an attorney, I think there is some meaning to not seeking the stay. "
I believe posting a bond is generally a requirement for a stay to be granted.
USXP is not a party to the appeal.
If RA and Gundy win a chance to get tried again, so what? A New York jury, after learning how RA used the 911 victims to dupe suckers into buying his paper, will certainly not let him get away with the fraud.
It matters not to USXP, who is not a party to the appeal.
No it wasn't.
you may say that RA destroyed it first but it was agoing concern until the receiver took over
"As discussed in Note 4 to the consolidated financial statements, the Company has experienced net losses since inception. The Company’s financial position and operating results raise substantial doubt about its ability to continue as a going concern."
http://www.sec.gov/Archives/edgar/data/857351/000088237706004248/p06-1891_10ksba.htm
I hope the DOJ gets involved. They may be too busy with the steroid crisis, though. Apparently lying about past steroid use is a more serious crime than theft from suckers.
The judge has been incredibly lenient so far. That RA has not yet been taken into custody attests to it.
I think the formality of the judge's signature is required for closing the sales.
Virginian, I'm curious. How can you not be outraged by Altomare's behavior? You're a shareholder. He stole from you and lived the life of a millionaire on your money? Doesn't that tick you off even a little bit?
All he has to do is pay the judgment and this will all go away.
He claims he has no money and can't afford to pay it. He can't use the fifth amendment to prevent verification of his claim.
RA claims to have spent a million dollars in the past year.
"Where'd it go, up his nose?" is, in this day an age, not a particularly odd rhetorical question.
RA has exhibited outrageous behavior by flouting the judge's rulings. What's a little outrageous language compared to that?
The judge is fed up with RA's stalling - claiming he can't pay the fine and refusing to produce the bank records to prove it, then taking the fifth to stall things further. His choice of language is, no doubt, a result of exasperation.
Many thanks to both you and anvil for the reports.
It appears the judge is *finally* running out of patience with RA.
I think you are playing softball. Next time we get no further, he had better have his toothbrush.