Newlead Holdings Ltd. (fka NEWLF)

[DonR2468]

Naughty NewLead Loses Latest Round in Court Case

In a decision released on Thursday 13 Nov, the Judge presiding over the $6.2 million (or possibly greater) case brought against NewLead Holdings by TransAsia Commodities Ltd allowed the case to proceed further against them, denying NewLead's motion to dismiss.

The case alleges breach of contract, common law fraud and civil conspiracy by NewLead Holdings. The judge's decision is clearly written and if the facts as he cites them (but does not rule on) are true, then NewLead and its principals would seem to have acted in an extremely improper manner, claiming to own coal and coal mines that they just completely did not have any ownership of at all.

It would be difficult to retain any confidence in the company and its senior management if these apparent facts are all ultimately held to be true.

The decision and recital of facts by Judge Ramos can be seen here (unfortunately, registration required)

http://www.litinsider.com/decisionDetails.jsp?id=1202676470770&TransAsia_Commodities_Limited_v_NewLead_JMEG&slreturn=20141017093643

Otherwise, it can be found by going through the New York county Supreme Court website, then to their SCROLL records retrieval, and searching for case 654414-2013. The court's url is

http://www.nycourts.gov/courts/1jd/supctmanh/Case_Information_and_Records.shtml

A very interesting read.....