My main take on it is........
GEX is alleged to have never owned a controlling interest in PayRoll Express, LLC, which was uncovered by SETCO, the Plaintiff and the group GEX flipped their supposed PAYROLL ownership interest to, when GEX purchased land in Dallas from Setco.
Setco was also supposed to receive "15,000,000 shares of free traded [GXXM]stock" and Carl, GEX and the title company being sued withheld delivery of the stock to SETCO because Carl and GEX never intended to register SETCO's shares. No registration statement was filed so that lines up with Setco's argument, but what is SUPER scary is that agreements and LOIs supposedly exist that are not in the 8-K/A GEX filed. This is just my wholly owned opinion........ BUUUUT Setco's description of the whole transaction for the $11,000,000 property purchase wouldn't have allowed GEX to book artificial gains and huge increase of GEX's assets. The property had a lien on it from DAY 1 and multiple liens for a few million bucks. I don't think GAAP allows ya to disclose the full property amount with out discounting the millions in liens. Probably shouldn't have been booked in the first place. This means even the 10K that just came out is fraudulent and bogus. The liens described in the lawsuit ARE FILED OF RECORD with the dallas co tax office so this is waaaaaay more than speculation. Setco just let shareholders see GEX and Carl Dorvil's biggest fraud by filing this puzzle piece!!!!!!!!!!! If GEX won't disclose important information that investors are relying upon at least Setco is using this lawsuit as a forum to get the right information out there. DISGUSTED at this SWAMP!!!!!!!!!!!
OHHHHHHH WAIT!!!!!!! THE LAWSUIT WAS FILED ON THE 12TH AND GEX FILED ITS 10K ON THE 15TH!!!!!!!!!!!!!!! IT IS KINDA IMPOSSIBLE TO CLAIM THIS ISN'T CONSIDERED A "LEGAL PROCEEDING" or SUB EVENT!!!!!!!!!!!!!!!!!!!!!!!!!!! SECURITIES VIOLATIONS GAAAAAAAALORE!!!!!!!!!!!
