Tuesday, November 24, 2015 3:46:36 AM
As previously posted the appellate court upheld the following statement from the trial court:
“In granting the motion, the trial court concluded that “the evidence that Hawatmeh and Nora abused the corporate structure of PlaySafe to, in effect, operate it as their personal bank account is overwhelming. They effectively looted the corporation by taking out more than $1 million in loans over a 13 month period rendering PlaySafe effectively insolvent. Indeed, PlaySafe had only been capitalized with a total of $700,000. The suggestion that these loans were approved by ‘independent directors’ is belied completely by the evidence.”
Such an assessment of looting and abuse seems to coincide with the past 15 years of management by Mr. Iehab as CEO at Cirtran. I would expect that to continue in the future as well.
I think that I will trust the trial court assessment of Mr. Iehab.
Recent CIRX News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:12:01 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/14/2023 06:47:40 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/21/2023 08:14:48 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/14/2023 10:10:13 AM
FEATURED NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM