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Defendants I meant in regards to previous post..
Also..more documents posted..
They will go before the Judge on 29th of Dec now.
Well even though it was 99% official before now its 100% official.
Judgement posted on Dec 18th
TransAsia has the right to collect $22,193,220.52 from the plaintiffs in the case.
!
who knows. I'm not sure any of the defendants in the case can collectively come up with $20M dollars to pay out..
We will see where it goes from here...I think the court documents will stop soon because the trial is all but over...not sure if we will get more information on this.
award will be across all defendants in the case....so not all on Newlead.
But who knows what Newlead actually looks like. last glance at their financials was in a 6-k posted in Dec of 2015
Proposed Judgement entered in the TransAsia case.
severally, the sum of $7,857,066.00 in compensatory damages, $10,000,000.00 in punitive
damages, $1,285,402.56 in attorneys’ fees, $222,805.56 in disbursements, and prejudgment
interest at the statutory rate of 9% on the compensatory damages award, calculated from
December 20, 2013, and has execution thereof, and the Clerk ofthe Court is hereby directed to
enter such Judgment forthwith in favor ofPlaintiff.
still chugging along..almost to the conclusion of this long standing case
New court filing posted on the 27th..
Looks like the judge granted motion 26 (the settlement order) for the purposed $19.36M amount.
$7,857,066.00
$10,000,000.00
$1,508,208.12
Granting such further relief as the Court may deem just and proper
Looks like something will happen within 10days of the order(10+27th)
minus one error trade where someone forgot a 0 at .001 instead of .0001 NEWLF has not traded above .0002 in all of 2017..pretty impressive but not that surprising...news has been essentially not existent since the 20-F was "delayed"..
in 2016 around Nov-Dec it traded billions of shares in that period....maybe that was related to EOY tax selling or what not...maybe that explains recent volume this November....but idk since its been .0001 essentially all year I'm not sure tax selling relates to this name currently.
well back to no bid x 40m'ish at .0001 ask...
recent bid activity didn't seem to lead to anything
Interesting read...that was from Sept though and the case is still open according to the site..
nice find!
In a report of the Greek website news247.gr, reference is made to the offshore companies of the shipowner of Greece Michalis Zolotas, who is accused, before the Cyprus Court, of the well-known case of the alleged bribery of the former Governor of the Central Bank, Christodoulos Christodoulou, with one million euros from Zolotas company, "Focus Maritime".
The report involves Berlingu's Newlead Holdings, Michalis Zolotas' interests, who, based on the information on the site, reject anything that has been improbable.
According to news247.gr, "while Appleby's law firm was serving Newlead normally, the situation was booming: From 2013 onwards, with the collapse of Cypriot banks, intense controversy had arisen over the role of Andreas Vgenopoulos, took loans that were "rooted", but also party financing - up to the case involving a former Central Banker in Cyprus - by one of the companies that had received such loans. One of the key points of this conflict was Focus Maritime, a company based in Marshall Islands, Zolotas interests. "
The report adds that, through Focus Maritime, it is estimated that it has reached one million euros in the company of the daughter of former Central Banker Christodoulos Christodoulou in 2007.
rough google translate
Recent bid activity has probably had nothing to do with Newlead at all...it has happened in the past in this ticker...a few times on the grey market a fun hundred mill shares traded at .0001-.0002 and yet nothing came of it at the time...
To me this recent activity it looked like some group was trying to load it...we will see..pretty risky to load a no news multi billion share OS ticker...so its likely not.
As for the TransAsia case..Newlead was always in terrible shape dating back years and years...surprised it has dragged on so long...I am only interested in how TransAsia intends to collect a cent from them...
It was a barrage that was slated to dock in New Orleans that TransAsia had contracted to deliver the coal to Shree
Don't remember the name but you can find it in the filings.
A $19.36M judgement given as shares at the .0001 price would be....
193.60 Billion shares given to TransAsia....
Max authorized is only 50B....NEWLF would have to raise it by many times and all current shareholders would be obliterated.
Not sure that is the way to go
According to the newest transcript posted it looks like the Judge confirmed the award and denied Newlead/Zolotas motion in its entirety..
Doesn't look good
On the sidelines watching it as always...someone is in there putting a bid in it but the black hole of news flow keeps me out for now
How to follow the TransAsia v Newlead case
Step 1:
Google NY Scrolls (click on the first result)
Step 2:
enter the Captcha on the first page
Now Click Plaintiff/Defendant Search
Step 3:
Under organization enter Newlead Holdings
step 4:
click the case coresponding with index #:
654414/2013
step 5:
Enjoy
NEWLF did not file 20-F for the last year...we don't know anything about them in the past year.
There have been reports I've pinned from time to time about their ships being seized.
They are currently in court facing a 19.36M judgement from a long standing coal case...
It's all a black hole until they file something.
quite the pump here the past few days..surprised the board is so dead..Maybe some group is frontloading it...
I don't see any change to their news flow..it's dead silent on every front.
I don't usually watch the trading day to day but I see someone took out all the .0001's... now no bid x .0002 ~146M
What's up
A few new documents posted today..
NewLead's new lawyer is asking the court to reject the referees recommendation and lists a few reasons why.
This is gonna drag out several more months now probably.
At one point he did...that is what a huge portion of the TransAsia case was about "artificially inflating the price of Newlead shares" with PR's.
Idk what has happened to him in the past 2 years...maybe he gave up.
Maybe one day we will hear from them again.
169 days since last SEC filing
Hey Zolotas...did you forget that you still have active shareholders in this company..
!
order to show cause..
Papers have to be served by Oct 25th
Defendants have to show why an order should not be made to grant the damages laid out by the special referee....
NEWLF is currently delinquent in its SEC filings my friend...
well NEWL did recently hire a new lawyer in the case according to the documents..
But all of that is probably true..... you have to remember that the case is against Zolotas,Berkowitz and Newlead..... also Newlead "JMEG"(lol)
Berkowitz apparently had tried to file for bankruptcy 1-2 yrs ago but it got dismissed..
Idk how independently wealthy Zolotas is and how accessible his assets are...
Newlead itself is a black box of information without the 20-F..
Maybe TransAsia will see some $$, they apparently spent millions in attorney fees litigating this.
Probably...
The special referee recommendation is not far off from what TransAsia had originally asked for...the ref seems to have chopped a few hundred k off the lawyer fees but the rest is exactly the same..
see here:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133466950
Looks like after 4 years this case will finally come to a conclusion...
Now the real fun begins..how will TransAsia collect this money from Zolotas,Berkowitz and Newlead.
TransAsia is entitled to $19.36M
Court doc with the special referee recommendation is out.
$7,857,066 in compensatory damages
$10,000,000 in punitive damages
$1,285,402.56 in lawyer fees
$222,805.56 in disbursements
Brutal
Newlead has paid their web hosting bill.
The website is back online.
According to a new court doc apparently the special referee in the TransAsia case has now made a recommendation for damages...
But the amount has not been posted in any court doc yet.
New court documents in TransAsia case posted today.
Newlead has new legal council representing them now.
First news article on Newlead I've seen in awhile..nothing important but it seems to confirm the trend of Newlead being unable to pay lawyers..
But the counterclaims were never pressed in court. NewLead’s attorneys from Chalos & Co quit the case earlier this year amid non-payment of its legal bills. And despite repeated attempts to contact NewLead, the company failed to dispatch a new attorney to represent it.
http://www.tradewindsnews.com/legal/1348045/newlead-financiers-prevail-over-dhl-in-bulker-case
Writing is on the wall here..
Zolotas never filed the 20-F
There is no communication from the company
They are not even paying their monthly web hosting bill.
If there was anything left I think TransAsia would be delighted by that news...
The only evidence of any life left in the company is that linkedin page with 20 some odd employees connected to it and I don't think that's going to cut it..
I mean what can you say...i'm not sure what if anything is left here..
Wait until lights out or until they file the 20-F(?), I doubt it will stop trading..lots of OTC's stay dark like this for countless years.
well if they do bother to pay their hosting bill maybe they can also take a few minutes and actually update the page with relevant information.
Large parts of their website went "under construction" after they lost all their ships.
!
More court docs posted on the 20th..
still dealing with the declassification of documents....
I suppose any day now we will get to see them..
This post had the document numbers that will become available...
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134235531
Lol, I remember checking awhile back to see when their domain expired..I wanted to see if they had it on automatic renew or not.
but wow..didn't even pay a monthly hosting bill it seems...not like they were updating the website anyway...
Maybe, I wonder if rules are different for foreign issues vs American issues...
I don't expect an RS anyway, there is a wide gap between current OS and max authorized.
Finra isn't going to let them split until they become current again with filings...
NEWL has just gone pitch black, I can't find any industry articles on them, no financials, no press releases, no paid pumps, no SEC filings...
Just the very slow drip of court filings on a case NEWL is not even showing up in court for anymore (?)
What happened to Zolotas after the CEO shuffle....just been darkness since then.
They're taking their time declassifying them even after the judges order..
I just tried to view some of the blocked ones and still can't gain access...
lol your right, it has no data past the 24th of August on TOS..
still quoting the level 2 though..no bid 24m ask at .0001..
Some more court filings...dealing with declassification of marked documents..
nothing about any monetary judgement though.