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As a matter of Fact. (DE 190) Funding was not withdrawn for the Rontan transaction (SPA) until AFTER Rontan had already Breached and failed to fulfill its contractual obligation.
Brazilian Codes enacted May 2016.
“Recognition” and enforcement of foreign court orders and judgements
Foreign judgment directly enforceable. Brazilian law provides that certain types of contracts and negotiable instruments take a speedier route in civil proceedings, going straight to the enforcement stage. These are called enforceable certificates, and are divided into judicial (court and arbitration proceedings) and non-judicial (negotiable instruments and contracts that contain the signature of two witnesses). The new Code expressly states that foreign interlocutory judgements are deemed to be judicial enforceable certificates which should allow for a quicker enforcement.
Urgent relief. The new Code enshrines as law the right to enforce foreign judgements providing for urgent relief where the foreign court expressly decides on its urgency and the request for urgent enforcement of the order is made via letter rogatory. The new Code also provides that urgent relief may be enforced via ex parte proceedings.
Hope this helps those wondering how the Brazilian courts handle international disputes of claim. There is no special court action required, the code sets out what rulings/orders are “recognized” by the Superior Court of Justice, Brazil
Brazil is part of the New York Convention, so enforcement of foreign awards is assured under existing law.
Grupo Rontan Electro Metalurgica, a division of Global Digital Solutions.
Has a nice ring to it.
Indeed it is on the docket. DE193,194.
Brazilian Codes put in force May 2016.
“Recognition” and enforcement of foreign court orders and judgements
Foreign judgment directly enforceable. Brazilian law provides that certain types of contracts and negotiable instruments take a speedier route in civil proceedings, going straight to the enforcement stage. These are called enforceable certificates, and are divided into judicial (court and arbitration proceedings) and non-judicial (negotiable instruments and contracts that contain the signature of two witnesses). The new Code expressly states that foreign interlocutory judgements are deemed to be judicial enforceable certificates which should allow for a quicker enforcement.
Urgent relief. The new Code enshrines as law the right to enforce foreign judgements providing for urgent relief where the foreign court expressly decides on its urgency and the request for urgent enforcement of the order is made via letter rogatory. The new Code also provides that urgent relief may be enforced via ex parte proceedings.
Hope this helps those wondering how the Brazilian courts handle international disputes of claim. There is no special court action required, the code sets out what rulings/orders are “recognized” by the superior Court of Justice, Brazil
Brazil is part of the New York Convention, so enforcement of foreign awards is assured under existing law.
It’s in the filing. I’m willing to bet that the judge knows more about the law and the rules than you do.
I was a court advocate in my state for several years. Council often ask judges for guidance when a respondent does not reply/respond
This is by default an Ex Parte event and is perfectly within the judges discretion to participate without violating any rules, standards or laws.
GL
Same reason they bought at .02. It’s going up. Like it’s been doing since Rontan folded. It’s all in the Docket.
Rontan Lost all their motions to kill the litigation. Then their Lawyer quit. And now they have failed to comply with the court.
Default Judgement against Rontan
Brothers probably won’t respond to the call tomorrow and neither has filed the required discovery so they’re in default also.
Specific Performance and damages Incident to specific performance to be awarded
My guess is a settlement agreement will be worked out. Bolzan’s don’t have the energy or time to keep fighting. Better to let Max and GDSI take over and keep the company going, for the employees and creditors, than to let the company die.
That’s why they would buy at .0190.
That’s why there is a current bid to buy at .0190.
There are no sellers at this level and rightfully so with an annual revenue of .18 a share ($128m) the current pps is 1/10th of that.
With a modest PE of 6 this will be trading at $1.09 under the share structure currently in place. ( I used 700m shares for my calculations actual is 640m)
This is why investors buy at .0190
GLTA
It would have said by “Teleconference” if that were the case.
They have referred to “teleconferences” by name in all the other filings. It is a legal document, I’ll just go by what it says “ By Phone” and not assume it says something it does not.
I wonder what the story is now that it’s back @ .02?
Entertaining if nothing else.
To bad someone “dumped” their 12k shares @ .0128 this morning could have cleaned out the house at .0190.
Not unexpected at all.
It’s a formality to avoid/mitigate avenues of appeal.
(DE 191)
“By telephone, Judge Brannon’s office directed GDSI to file a formal motion with the Court. GDSI is preparing to file a comprehensive motion for entry of default judgment based not only on the Defendants’ violation of Judge Brannon’s discovery orders, but also based on the Defendants’ violation of this Court’s order with respect to retention of counsel (D.E. 190) and the Defendants’ failure to comply with pretrial deadlines (including their failure to participate in the preparation of this pretrial stipulation”
Hmmmmm. Seems Judges do indeed make phone calls.
ROTFLMFAO.
Affirmative Defense means Nada here. What matters is the Judge called GDSI council and instructed them to file motion for Default Judgement (DE 191) this is a statement of fact. This is all that matters.
Pps going up $GDSI .0189
Another solid week of increase.
Up 85% from recent lows.
Thanks Bill!!
Google it.
CFOs do not unilaterally issue stock. Finding “financing” is not issuing stock.
Wrong and completely irrelevant to this litigation International law and US Brazilian Treaties govern these actions and court proceedings.
Simple condensed version.
Brazilian council is an agreement between US and Brazil to handle such matters.
This is why you see the judges orders include copies be sent to that agency.
He is the CFO of SHMP not the CEO. So he is not issuing shares of anything over there.
From earlier Filings, Rontan had annual earnings of $128m.
If you take a modest estimate of 700m shares of GDSI stock outstanding (actual is about 640m at the moment) that gives you an EP of. 0.18 per share. Since Rontan is in “Brazilian BK” at the moment we can use a very low P/E of 6 to give a conservative estimate of a projected pps going forward. That would be in the $1.05-$1.15 range.
If “Specific Performance” is the remedy then GDSI would take control of 100% of Rontan.
My guess would be that all monetary exchanges would be negotiated out to zero since the Bolzan’s would otherwise be required to repay any monies taken since 2015.
This is simply an educated guess based on the facts presented in the legal documents associated with this litigation.
Just read the Pre Trial Stipulations field by GDSI with no response by Rontan et al.
Noted that the Judge, in a phone conversation, instructed GDSI to file motion for Default Judgement. As it appears GDSI legal council asked the Judge for guidance as to how the court wished to proceed in light of Rontan’s repeated disregard for the courts orders and deadlines.
Pre trial stipulations were due on the 16th so this was a legal procedure that GDSI was required to fulfill while also forming the motion for Default Judgement.
Lots of other good reading in the pre trial
My favorite part is the dismantling of Rontan’s Affirmative Defense as it pertained to funding. “The SPA required no up front cash exchange for closing”.
The funding from GACP was not withdrawn till a month after Rontan failed to meet for closing the certified letter to this effect is included in their documents.
Lots more but these are the issues we have all discussed the most here.
Are the words “Sticky” and “Case” synonymous? smh
Good to hear. Will be watching for it tomorrow.
This sticky has gone dormant since the Judge DENIED all of Rontan’s MSJs and their lawyer bailed on them with the courts blessings.
GDSI’s next motion will most likely be for Default Judgement.
First; Rontan has failed to submit discovery as ordered by the Judge 1/6/2020 @ 5pm.
Second; Rontan no longer has any legal representation, under Federal Rules all corporations must be represented by legal counsel in all matters before the court.
New management coming soon for Rontan with “Specific Performance” being the remedy.
GDSI with Bill Delgado as its CEO is going to win this case and make a lot of people very happy including the employees and creditors of Rontan.
GDSI has zero connection to Falcon or shrimp. It is it’s own entity. That is why it has its own Ticker and filings with the sec.
This is the OTC, companies with ideas good and bad start here or in private. They succeed or fail. The success or failure of any one company has zero relevance on the success or failure of the next.
Walmart succeeded. Woolworths failed. Pan-Am failed Delta succeeded. Facebook succeeded, MySpace failed.
Conflating unrelated companies does nothing for an argument or validity of an opinion. It appears disingenuous.
Conflating unrelated events is not going to change the outcome of this trial.
Regardless of your opinion of Bill as a CEO. In this case he will prevail.
20 days from the date of the order. Order is dated 12/23/2019.
After 20 days they are in contempt/default/failure to comply. Take your pick.
These are all grounds for a default judgement coupled with the failure to submit discovery, it’s over.
No Trial for Rontan, provided the judge does not grant another extension. Which to this point has not been asked for.
LOL. From the guy that told us 2 days after the PRs talking about the RS possibility. “ I talk to the CEO and Former CEO I know everything about this company”.
What crock of shit.
I’m just going by what it says. Usually in my area. It will say Business days if it means business days. This just says “days” so till something convinces me different I’ll go with calendar days.
I would say calendar days also because when they extended the trial date it said 60 day delay and it was rescheduled for 60 calendar days later not 60 business days.
I will be watching for the GDSI motion for Default Judgement this week.
I had expected it last week when Rontan failed to meet the 1/6 deadline for discovery.
I imagine the excellent legal team for GDSI decided to wait till the 20 days passed and then incorporate that into their motion.
Not to spoil the party but any time a company announces a bunch of good news. 1/8/2020, Then at the very end tells you they plan to initiate an RS 1/5 or 1/10 I’m out. With an OS of 122m there is absolutely no reason to reverse the stock at this time. If everything they’re saying is true. The revenue from the Silver mine would be more than enough to cover expenses.
I’ll check back after the March “special meeting”.
Very disappointing to see long share holder treated this way. Had some hopes for this one.
(DE 190) FACT,
3. Defendants shall have TWENTY (20) DAYS from the date of this Order to secure new council
Dated 12/23/2019
1/12/2020 is Twenty (20) Days from the date of the order.
The only “Facts” on the DEs are the Judges Rulings and Orders. Everything else is someone else’s opinion.
Complaints = plaintiffs opinion
Responses = Respondents opinion
Motions = Defendants or Plaintiffs Opinion
The Judges Rulings and Orders are the only Facts
Your assertion that you only use facts that are off the docket is itself an opinion. You don’t get to decide what is a fact. Only the Judge gets to do that. So far the judge has Ruled against your opinion of what’s fact on the docket ever time.
Default Judgement
Specific Performance
GDSI instant EPS
Without the Bolzan Bro’s stealing Rontans revenues the company can employe more people and realize net profits. A win for everyone
Congrats GDSI investors public and private.
Congrats Rontan employees and financiers.
Thanks Bill.
Not going to be a trial. Only 2 things ya need to know at this point. 1) Default Judgement.
2) Specific Performance.
Case closed.
Affirmative Defense is DOA just like their MSJs were.
Rontan has given no evidence nor claimed in any testimony that they had or could have had any knowledge of GDSIs financial position prior to their breaching the contract nor has there been any demand made for GDSI to show if alternate financing was available.
The burden of proof for an AD is on the party raising the defense. Facts in evidence do not support an AD. You also need an attorney to argue an AD. Rontan has no Attorney. See (DE 190). AD is unsupported and moot. Would be DENIED!
According to reports, They employ 2500 world wide 800 in Brazil alone, they have assets all over the world. Would be safe to say they have a fairly substantial cash flow.
Also according to reports from Brazil, The only reason their in Brazilian BK court is due to the greed of the Bolzan brothers taking every dime they can get their hands on, leaving nothing for the company to operate on. New management is badly needed.
You left out the part about Rontan et al stiffing the previous 2 law firms, so there will probably be an escrow bond requirement before any decent firm would even consider representing them.
Yet another reason Rontan should settle.
If the Bolzan’s wanted to keep their money. A good settlement would be to hand over the keys and GDSI simply take over operation and no cash or shares are exchanged other than the surrender of the Bolzan’s interest.
Today’s Volume is 280k. Canadian mining company, Prophecy (PCY) is listed on the TSX.
The OTC (PRPCF) is a secondary market that allows US investors direct access to Canadian companies without having to deal with currency exchanges. 59k is only the shares traded through the OTC.
Either way. The offering has been good to investors so far. Whichever ends up getting spun off really don’t matter much, we will receive compensation.
LOL. Not sure where you are looking but that info is way off. Last trade 100k at the offer. Strange way to dilute. Ohh and now anther 45k at the offer. 155 will be gone soon.