UnifiedOnline Inc fka UOIP

[choo choo trader]

I-Glow

This following is a portion of a case in New York State, but would be similar to one which would be filed in Delaware if what you are saying actually happened. That is if Carter tried to shaft stockholders of UOIP.
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"Indeed the Company has purportedly deregistered and terminated its reporting obligations with the SEC, further indicating the disastrous, yet completely avoidable, result of Mr. Bodouroglou’s self-interested antics". "These conflict of interest transactions not only served to dilute the Company’s stock and divest the Company of substantial assets, but they fraudulently and unjustly enriched Mr. Bodouroglou at the expense of the Company and its shareholders. These self-dealing transactions breached the fiduciary duties that Mr. Bodouroglou owes to the Company and shareholders and resulted in the conversion of Company funds. See Treadway Companies, Inc. v. Care Corp., 490 F. Supp. 668 (S.D.N.Y. 1980) (“Officers and directors of a corporation owe a fiduciary duty to all shareholders, minority and majority, and may not use their powers to further their own interests to the detriment of any of the shareholders.”); Cede & Co. v. Technicolor, 634 A.2d 345, 360, (Del. 1993); see also Ams. Mining Corp. v. Theriault, 51 A.3d 1213, 1239 (Del. 2012)(burden on controlling shareholder to establish “entire fairness” of transaction involving potential self-dealing)".