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As a response to my litigation stickie, I'm adding news releases announcing the Delaware case if anyone wants to know how this news was disseminated.
Israeli Cannabis Company’s Board Fight Lands in Delaware Court
https://news.bloomberglaw.com/health-law-and-business/israeli-cannabis-companys-board-fight-lands-in-delaware-court
The Israeli Cannabis Company’s Board Fight Land goes to Delaware Court
http://tuckercannabispress.com/the-israeli-cannabis-companys-board-fight-land-goes-to-delaware-court/
You're the last person I would call a pain...lol.
Why not become a board mod and sticker it yourself? I want to keep the case link stickied.
Relief Requested by DGF and Kugelman from Delaware Chancery Court
Plaintiffs respectfully request that this Court enter an order and judgment in its favor and against Defendants granting the following relief:
(1) Declaring and confirming that the Stockholder Written Consent was valid;
(2) Declaring and confirming that David Kugelman is the duly appointed director of OWCP and has served in that capacity since February 26, 2021;
(3) Declaring and confirming that the Director Written Consent was valid;
(4) Ordering the Company to comply with the COD (Certificate of Designation) by recognizing Mr. Kugelman as OWCP’s director, providing Mr. Kugelman with access to all Company records as a member of the Board, and affording Mr. Kugelman all other rights and privileges to which he is entitled as a member of the Board;
(5) Issuing a decree of specific performance and a permanent injunction requiring Defendants to comply with the COD;
(6) Issuing a permanent injunction prohibiting the Company from further violations of the COD;
(7) Granting an order maintaining the status quo pending resolution of this action, which prevents the Company and any member of the Board from taking any action or purporting to take any action on behalf of the Company other than in the ordinary course of business;
(8) Awarding Plaintiffs all costs and expenses relating to this litigation, including, without limitation, all reasonable attorneys’ fees; and
(9) Granting Plaintiffs such other and further relief as the Court deems just and proper.
Patent applications have annual fees regardless of application status. OWC has paid them timely until Ziv Turner reappeared.
EP3270896 - PREPARATIONS OF CANNABIS EMULSIONS AND METHODS THEREOF
Reminder to pay fees was uploaded by the EPO on 05/07/21 for the above patent.
The fees were due 03/31/21.
https://register.epo.org/application?documentId=E56A7Z1S3309DSU&number=EP16764344&lng=en&npl=false
EP3307266 - NOVEL CANNABINOID COMBINATION THERAPIES FOR MULTIPLE MYELOMA (MM)
An Examination Report was uploaded for the MM#1 patent application on 05/07/21. Here's a quote:
Should the applicant overcome the objections it would appear that the current claims fulfill the requirements of the EPC
Head for the hills!!!
2016261707: Use of cannabis to treat fibromyalgia, methods and compositions thereof
The Australia Patent Office sent Exam Response Reminder Notice on 05/06/21. This second reminder is to respond to the Examination Report #1 issued 06/30/2020.
More evidence Ziv Turner didn't prioritize patent communications/fees.
What sticks with me is his claim of deep pockets, and his bank "cutting him off." Maybe this bank block is about a PPP loan that was frozen.
Wow Billy...that IS further reason not to play with fire here. Thank you again for your amazing research.
Debate? This is in the hands of the Delaware and SDNY courts. DGF/Kugelman are seeking validation of their SEC filings that will determine who is the Chairman, CEO, Director of this public company that owns valuable IP.
Doubtful based on his lack of funds. His bank cut him off. He's between a rock and a hard place.
Manipulation of a low-float stock.
Why it goes up?
Ignore the insolvency rumors. Until we know if Ziv Turner is in charge, actions taken by him since late February could be reversed.
Debt claims are unsupportable until fins are posted.
After Bignitz and Hirsch left in March 2020, they appointed replacement Zvi Riterband. Ziv Turner reappeared June 2020 and took over the Chairman/CEO roles last Summer.
In April 2020, DGF filed for Preliminary Injunction in SDNY. Upon Stipulation, Turner was Ordered by the SDNY Court to provide an unaudited financial statement. He did not report any financial information.
https://www.docketbird.com/court-cases/Discover-Growth-Fund-LLC-v-Owc-Pharmaceutical-Research-Corp/nysd-1:2020-cv-02857
As a result of defaulted 2020 DGF loan agreements (totaling $200k) by Riterband/Turner, DGF filed SEC documents in 2021 removing Ziv Turner and replacing him, in all roles, with David Kugelman. DGF/Kugelman filed Complaint in Delaware seeking authority for these 8-K/13D actions.
We are waiting on ruling(s) from Delaware, where OWCP is incorporated.
My Stickie has info on the Delaware case. My responses to the stickie provider further relevant information.
That's a side show in my view. Companies can file amended reports if/when they realize mistakes were made. Happens every trade day in America.
Waiting on the Chancery Court.
The SEC determines what is fraud. The Chancery Court is being asked to validate DGFs rights to appoint/replace Directors. If they validate, the forms are legit.
Again, just waiting on the Chancery Court, and DGFs next move in SDNY.
DGF/Kugelman are in the Chancery Court to validate their roles in the public company and its Israel subsidiary.
What application for director change? Directors are not appointed by the Israel Department of Ministry...lol. They're appointed by the public parent company.
There is a reason why historical news releases and 8-ks announcing appointments state "OWC Pharmaceutical Research Corp announces...". They do not state "the Israel Department of Ministry accepted our application to appoint..."
Obviously, they don't since that determination hinges on the Delaware Court rulings.
Israel knows who is running OWC. It is the same as it has been, any change was DENIED.
The law firm representing DGF and Kugelman is Abrams & Bayliss.
https://www.abramsbayliss.com/
The attorneys on this case are:
Kevin Abrams https://www.abramsbayliss.com/attorneys/kevin-g-abrams/
Stephen Childs https://www.abramsbayliss.com/attorneys/stephen-c-childs/
J. Peter Shindel Jr https://www.abramsbayliss.com/attorneys/j-peter-shindel-jr/
I never claimed "mandatory judgement" or a law claiming an R/S must be in a news release.
The Delaware Court will determine the majority shareholder of OWCP. OWCP owns OWC Israel.
Thanks for the confirmation that Riterband had authority in Israel to give the company as collateral.
With the $200k loan in default, Delaware should have no problem affirming DGF as the majority shareholder.
Of course Ritterband had authority to use OWC Israel's assets as collateral.
No one suggested filing insolvency is illegal. My point is we don't know who the official CEO and Director of OWCP is at this time. The Delaware Court will make that determination. We don't know how the courts will view the secured loan agreement with OWC Israel as collateral. If Ziv is out, he has no authority to represent OWCP or OWC Israel.
The snide reference to my friends is inappropriate. I do not know any of the players in this battle over OWCPs very valuable Intellectual Property.
I want to see a Cannabis Biopharma with effective leadership, and access to non-toxic capital, to buy out DGF and pay OWCP's debts. That's a relatively small price to pay.
Once the Delaware Court provides the Relief sought by DGF, Ziv should move on and focus on his private cannabis business.
Are you suggesting Riterband didn't have authority to use OWC Israel as collateral against the $200k loan from DGF? How did he not have authority to give ownership rights to DGF? He was the CEO!
How can OWC be insolvent with that September 2020 news release announcing a distribution agreement and plans for a manufacturing facility to produce OWC products? Why would Feldenkrais enter a distribution agreement with an insolvent business? This could be evidence for DGF as a creditor seeking to toss any insolvency claims.
https://www.otcmarkets.com/stock/OWCP/news/OWC-Pharmaceutical-Research-Corp-Announces-A-New-Distribution-Agreement-With-Can-It-Industries-Florida-US?id=273829
Assumptions can be shot down with facts. Turner may not be able to legally file on behalf of OWC Israel if the Delaware Court rules DGF is the rightful majority owner of OWC Israel. Turner defaulted on the $200k loan terms that held OWC Israel as collateral.
As a secured creditor, DGF can bring evidence to the Israeli Court that support his belief that Turner was trying to unlawfully move IP thru an unnecessary insolvency hearing.
Turner denied DGF/Kugelman access to the company records. Until Kugelman can assess the company's financial health, no one knows if an insolvency filing is necessary.
A request for an Injunction is pending.
Turner is in contempt of the SDNY Court Order. DGF could pull that string at any time.
Are those documents viewable in English on the Ministry's website? If so, please provide a link for the thousands of people that view this board.
TIA
Employees: 5 as of 02/09/2020
https://www.otcmarkets.com/stock/OWCP/profile
The newly introduced ‘protected negotiation' chapter includes built-in creditor protections, such as the appointment of a creditors' representative to conduct negotiations and to attend board of directors' meetings, who is entitled to information regarding the corporation other than with respect to the protected negotiation.
The creditors' representative shall report to the creditors with respect to any action of the corporation which is not for the benefit of the corporation or which may cause damage to the creditors, with its recommendation of the possible actions to be taken by the creditors.
Furthermore, a court may deny any of the protections prescribed under the law at the request of a creditor if:
there are real concerns that the corporation is trying to:
deceive its creditors;
transfer an asset illegally; or
make improper use of the protections granted; or
there is a real concern of damage to the value of an asset charged in favour of a creditor.
Under the new Insolvency Law, a public corporation may commence a process of protected negotiation as long as it is not breaching its payment obligations and can fulfil those obligations for an additional nine months. This process does not require a court process and provides protection from immediate repayment and freezing orders for six months.
This is not a mandatory pre-statutory process, but a means to encourage any such corporation to commence negotiations at earlier stages in order to increase its chances of recovery.
I'm not referring to the one that was closed. I'm referring to the internet rumor that Ziv Turner may be involved in a new filing in Israel.
Uh nope...didn't "miss" anything. Today, the Israel subsidiary is owned by OWCP. It cannot be sold without OWCPs involvement.
There are pending lawsuits in Delaware, SDNY, and, as rumor has it, an insolvency filing in Israel. Until we see court actions, it's status quo.
Nope. I didn't say ET "doesn't allow it to be traded." It has blocked on-line orders, there is a reason for this decision, and GDSI has not dealt with it.
The case is not over until it's over. The Brazil court could set aside the Judgement in full or in part.
It's been a long road, and will continue to be a long road to collection, if at all.
The topic is the block by ET, the unknown reason for the block, and the fact that it has not been addressed. This isn't about other stocks, crypto or competitor brokerage firms.
Nope. It means no one can buy this stock on E*Trade.
Speaking of meaning absolutely nothing to this stock, I apply that phrase to XRP's suspension.
...and E*Trade is still prohibiting electronic buys. Must be a reason other than the former shell risk designation.
OTC Removes “shell risk” tag.
Unfortunately, it trades like quicksand. We know Odub traders bought low and heavy. That's the only reason it sits where it is today. News isn't moving it.
He needs to R/S now and get it over with because the future IS very bright.
You are so spot on with this one. He should sell ACCA to someone that has deeper pockets, take the proceeds and pay off his debts/legal costs, etc. since his bank won't give him more money.
That's our best hope here IMO. I'm out. He could sell shares at any time plus there is a conversion due about now, if I recall correctly.
No entity can buy OWC Israel. They must buy the public parent company. Why buy into mega share structures? This one moves fast.
So once a month is the new look.