https://www.sec.gov/Archives/edgar/data/1413547/000147793216013573/writ_10q.htm Page 20 On July 27, 2016, Mr. George Sharp filed suit against the company in the Superior Court of California, County of San Diego. Sharp had previously filed a similar lawsuit in 2011 which was dismissed on February 16, 2012, and included a settlement agreement signed by Sharp which was filed with the Superior Court of California, County of Los Angeles (Case Number: BC461550) Sharp alleges misrepresentation and violation of the Unfair Business Practices Act, and seeks unspecified damages. The litigation is in its preliminary stages and discovery has commenced. Although the company has reason to believe that it will prevail on the merits of a summary judgment, the litigation could have a lengthy duration, and the ultimate outcome cannot be predicted at this time.
March 2017 10ka
https://www.otcmarkets.com/filing/html?id=12182750&guid=QBEpUa8MBZZYyth Page 9 On July 27, 2016, Mr. George Sharp filed suit against the Company in the Superior Court of California, County of San Diego. Sharp had previously filed a similar lawsuit in 2011 which was dismissed on February 16, 2012, and included a settlement agreement signed by Sharp which was filed with the Superior Court of California, County of Los Angeles (Case Number: BC461550) Sharp alleges misrepresentation and violation of the Unfair Business Practices Act, and seeks unspecified damages. On February 28, 2017, the Company’s offer to compromise was accepted by Mr. Sharp and the litigation was settled in the amount of $20,000, of which $10,000 will be paid by the Company, and $10,000 will be paid by Eric Mitchell, CEO of the Company. Additionally, the Company needs to indemnify officers for any loss in lawsuits, therefore, the Company assumed $20,000 liability. As of March 31, 2017, $2,500 have been paid and the settlement obligation of $17,500 is recorded on book as liability.
Will all those previous lawsuits of his against companies be his custodial targets? Looking for settlements instead of actually taking them over? I guess he would be pretty familiar with WRIT though.
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