Thanks for the link. It clarified several of my questions. Posting parts of Company news - Press Release | 02/08/2016
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Voip-Pal.Com Provides Status Update of its Lawsuit vs Richard Kipping and Terry Kwan to Cancel and Return Over One Hundred Twenty-Four Million Seven-Hundred Eighteen Thousand (124,718,000) Shares to its Treasury
"...By running their stock transactions through Locksmith/TK Investments and then through the Offshore Entities, Kipping and Kwan were able to have their suspect liquidations facilitated by his unlawful broker-dealers, without the scrutiny that the transactions demanded. Generally, Kipping and Kwan transferred shares to one of the Offshore Entities within 24 hours of the debt-conversion transaction.
Among the alleged fraudulent transactions is a $360,000 debt to stock conversion in which Kipping and Kwan caused that Voip-Pal, without Voip-Pal’s knowledge or approval, issue 36,000,000 shares of Voip-Pal common stock to Locksmith in exchange for settlement of the $360,000 sham loan. At the time of the of the $360,000 debt to stock conversion, the 36,000,000 shares of Voip-Pal common stock had an actual market value of approximately $4,860,000.
Among other relief for damages Voip-Pal is also asking the court to cancel and return to treasury 124,718,000 shares transferred by Locksmith, Kipping, TK Investments, and Kwan to off-shore entities, including the Talisman, Cactus Ventures, and VHB International.
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Total shares in dispute: 124,718,000. Court is requested to order these shares return to Company Treasury from Locksmith, Kipping, et al.
The above disputed share count of 124,718,000 includes 95,832,000 shares that Locksmith, Kipping et al. filed for release to them from the Company (Case: A-20-807745-C dated: September 14, 2020).
Currently the shares are frozen and held by the Transfer agent "New Horizon Transfer" on orders from VPLM Board after winning an earlier lawsuit against Locksmith, Kipping et al.
