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Wednesday, November 12, 2014 2:08:44 PM
Wonder what this latest suit means to all that?
The Magna official SEC documents were uploaded and posted on 10-24-14on the SEC EDGAR database. Then this new lawsuit is filed on 11-4-14 naming pretty much the entire BHRT BOD,the CEO, Northstar, a past director and the company BHRT itself? The timing sure seems pretty close together to be coincidence IMO, maybe?
Just one example I remember reading from the 8-K filing for the Magna financing deal:
http://www.sec.gov/Archives/edgar/data/1388319/000114544314001254/e61149ex10-1.htm
PAGE 16:
"Section 5.13. Actions Pending. There is no action, suit, claim, investigation or proceeding pending, or, to the Knowledge of the Company, threatened, against the Company or any Subsidiary which questions the validity of the Transaction Documents or the transactions contemplated thereby or any action taken or to be taken pursuant thereto. Except as set forth in the Commission Documents, there is no action, suit, claim, investigation or proceeding pending, or to the Knowledge of the Company threatened, against or involving the Company, any Subsidiary or any of their respective properties or assets, or involving any officers or directors of the Company or any of its Subsidiaries, including, without limitation, any securities class action lawsuit or stockholder derivative lawsuit related to the Company, in each case which, if determined adversely to the Company, its Subsidiary or any officer or director of the Company or its Subsidiaries, would have a Material Adverse Effect. Except as set forth in the Commission Documents, no judgment, order, writ, injunction or decree or award has been issued by or, to the Knowledge of the Company, requested of any court, arbitrator or governmental agency which would be reasonably expected to result in a Material Adverse Effect."
Page 37:
" No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority shall have been commenced or threatened, and no inquiry or investigation by any governmental authority shall have been commenced or threatened, against the Company or any Subsidiary, or any of the officers, directors or affiliates of the Company or any Subsidiary, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection with such transactions."
I don't know- I'm not a lawyer by any stretch, but the plaintiffs in this new suit, sure sound like they might be "derivatives" holders maybe since they may be "guarantors" to underlying debt and also may still hold large numbers of BHRT shares, maybe some warrants or something? Don't know- but seems possible? Thee plaintiffs, Leonhardt and the Greystone guy clearly it seems have some major financial interest still in BHRT, or at least a past, very large financial stake in the company and were large shareholders and/or lenders of large amounts of money to the company.
Very fascinating IMO.
Wonder how this will all play out or if they'll even say anything about it?
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