I hope no one donated to the Turd Ferguson slush fund. Those who did, you should ask for your money back after they sucked the company dry.
It does not take $100k in legal fees. $10K max is enough to force the DTCC into having to explain themselves in court.
CH BCIT es@carltonhuxley.comHide
To
Carlton Huxley contact@carltonhuxley.com
Hello
We hope that this email finds you and yours well.
We are reaching out to you at the request of the Bancorp shareholders who remained with us after the Bernstein fiasco because of certain developments in BCIT and we and the rest of the shareholders want to give you the opportunity to be included.
TDA
We believe that TDA will or maybe already have by now removed the share quantities for BCIT out of people's account and is labeling BCIT as an invalid symbol.
I assume this is across the board.
The ticker symbol is still apparently there, but no references to shares held.
If this has happened to you can you please contact us and let us know, because this may be a very useful event.
Ongoing Efforts
Our position to shareholders has not changed, we are still committed to getting some kind of resolution for them but we have taken this as far as it can go and now you need a decent lawyer who understands the case and is prepared to take it on with a view to helping all of those who want to participate and that is the real point of this email.
If you want to continue with the fight read on if not stop now.
Current Court Case
There is a case running in the courts which is causing a broker and DTC some serious problems.
The claimants attorney has stripped away their arguments and lies and has left them naked in front of the judge. In short they say that they bought BCIT shares after the lock but there are no documents or records to show that they did. The judge is not impressed and the DTC seem to be getting a little uncomfortable with the questions being asked of them.
DTC are saying if they are subpoenaed they will give the information
Proposed Continued Action
As we said about 18 months ago, we have done as much as we can and have extracted all the information that is needed to get the case into court but to do that we need a good firm of professional lawyers. Previous efforts have failed because it was tried to be done on the cheap or for free and that did more harm than good.
In addition we know that for legal reasons whatever action we bring must be in New York.
Over the last eight months at our own expense CH have consulted with three firms of lawyers and the message from the lawyers is the same - yes we see what happened, yes we agree with your argument, and yes we will take it on, but we need to be paid and it it is not going to be cheap.
We are currently working with two NY firms on different cases. One is a big firm the other much smaller, but both are professional and willing to learn and understand what went on and the issues involved BUT they want paying. I would be inclined to go with the bigger firm but that is a discussion for next week.
The lawyers estimate that you are looking at a total cost of between $100,000 and $225,000
If you regroup and share the cost it is doable, and I know that the brokers and DTC have always played on the belief you are cheapskates who were nothing more than "Nickle and dime pink sheet fraudsters" their words not mine. I do have to say that going over emails and postings you have as group been unrealistic about what can be achieved without spending any money, and the brokers read the boards and know this.
The bottom line is there is no such thing as a free lunch and no law firm is going to do this case on a contingency basis. You either pay or give up.
Obviously the more of you that are involved the cheaper it is going to be for you as individuals and realistically you would need to budget for $750 to $1,000 maybe a bit more.
You could put all the money at once but I would suggest that depending on how many of you there are that you start by putting in a sum to get the case going followed by a smaller monthly payment of maybe $100. Again we can firm up on this when we know how many people are involved.
CH has gone as far as we can and the lawyers need to take over but they are not going to move without you paying them.
If you are going down this route any money raised is ONLY for the lawyers NOTHING is for CH. We will probably act as client managers and consultants to the lawyers but we will not be asking you to pay us. If you win then we get paid. If you don't well that's our tough luck.
I must also stress that this is not about Megas and Bancorp or their benefit, this about you the shareholders and your brokers.
The only other thing that you could consider is paying $3000 or whatever the fee is to Nevada state to bring BCIT current with its filings. The filings do not really matter to you but we all know that the other sides lawyers will find any excuse to discredit you and the company
I can also tell you that we tried to get litigation funding but it is very hard because of who you are fighting.
Let us know if you are still on and we will then get the conversation with the NY lawyers underway and work out how we can help them help you.
If you are not interested then that's fine simply do not respond to the email. Please do not email asking if we can find a lawyer who is going to do this on a contingency, because it is not going to happen.
There are a lot of details that need to be ironed out, but at this stage we just want to know if you want to be involved in the rough terms I have outline above.
One last thing, if you have a genuine hardship issue then please contact us and we will see what can be done we really want to get as many people involved as possible.
Our offices are closed this weekend until noon uk time on Tuesday 29, but the sooner we hear from you the sooner we can get this underway.
Regards
Bill
