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Everyone is lining up to sue Briner. Here's the latest Caswell article


Bogue, Briner et al. face New Jersey share suit


2007-04-04 19:22 ET - Street Wire

by Mike Caswell

Vancouver lawyer John Briner, who has dealings with a number of interesting pink sheets companies, has turned up in a U.S. civil suit over shares of an OTC Bulletin Board listing. New York resident Ellen Stone claims Mr. Briner bought stock she owned in Bogue Electric Manufacturing Co., but she did not agree to sell it.

The suit was filed last November in New Jersey. In addition to naming Mr. Briner as a defendant, it lists New Jersey businessmen Henry Schinman, Anthony Sabbatino and Mark Santangelo, as well as California resident Raymond McNamee and Florida resident Charles Irizarry. It also lists Bogue and a related private company.

Ms. Stone wants her shares back or, alternatively, payment for them.

According to the suit, Ms. Stone owned 331,817 shares of Bogue Electric Manufacturing Co., an inactive OTC-BB listing until recently. The company last issued a quarterly report in 1998, and had not convened a shareholders meeting since then.

Bogue was reactivated in 2006, after Mr. Briner allegedly bought 670,669 shares from three New Jersey businessmen, Mr. Schinman, Mr. Sabbatino and Mr. Santangelo, for $180,000. The stock represented a controlling interest in the company.

Included in that transaction were Ms. Stone's shares, her lawsuit alleges. She says Mr. Briner knew, or should have known, that the New Jersey businessmen did not own the stock they purported to own.

Ms. Stone does not explain exactly how the share transfer took place, or how her shares ended up in Mr. Briner's hands.

Apparently Mr. Briner was acting as an agent for another defendant, Mr. Irizarry, who changed the company's name and turned it into a junior miner.

Mr. Briner, in a response to the lawsuit, which he filed Tuesday, denies any wrongdoing. He says the other people in the deal caused any damages Ms. Stone may have sustained.

"The answering Defendant was the victim of fraud and misrepresentations of co-defendants, over whom this answering Defendant had no control," Mr. Briner says in court filings. He has filed a crossclaim against the New Jersey businessmen.

Most of the other defendants have filed general denials.

Mr. Briner is the president of Global Developments Inc., a Vancouver company that invests in start-ups, mostly trading on the pink sheets. One of his portfolio companies, Red Truck Entertainment Inc., was recently suspended by the U.S. Securities Commission in Operation Spamalot.

It does not appear Global has any interest in Bogue, which is now known as Bogue International Inc.

The company has an agreement for a coal project in Colombia. It lists its head office at a Florida address and its president as Mr. Irizarry. The stock closed Tuesday at 13 U.S. cents, off from a 52-week high of $1.09 (U.S.).