"" Although these three (3) groups of people were issued stock certificate receipts from Digital Focus Media, Inc.""
Well, If Panik can not provide any legal documentation to prove that DFI and DFMI were really merged, then ,I would say DFI and DFMI were not merged legally. Then the next question is the 29 investors gave their DFI shares to DFMI, in exchange for the shares of DFMI, and later these DFMI shares turned out to be worthless due t DFMI was forced to close door by Panik.
Secondly, conflict of interest, Did Larry Panik formed DFMI in 2000 ? did he formed DFMI before or after he became the investor of DFI ?
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