Another long report on yesterday's court hearing (and, no it's not from RB). It's SLH's (the person who attended with anvil) version:
Well Lunch at SAM's across from the court house hit the spot, I
needed something in my stomach to prepare for what I was about to sit through.
CT is an exetremely knowledgable with the charactor of RA. A
straight shooter he has my respect.
As we waited outside the court house the was a camera crew, I ask
what they were there for thinking the USXP trial, but it was for some Russian immigrant being deported. Turning back to the street we say RA and his crew getting out of a yellow cab, no limo. All the way through the process of getting into the building, going through security and checking in your phones, they were five short steps ahead of us.
RA did look over at us but was careful not to endgage us in
conversation. We chosse to wait for our own elevator, it was that
uncorfortable.....We arrived upstairs and waited for court to settle in it would be another 5 or 10 mminutes before they would begin.
Looking at RA I thought to myself, Heres a a guy with a blue suit, red tie, a Florida Tan, yet he had no color..he was pale..he was afraid, thats what I could see.....His wife, a small, petite/ a little healthly,hmmm, brunette with a corperate
short bob cut, was not what I expected, for her there was coldness in her dark stare. Later when she spoke her voice crackled and trembled, for what it was worth, it was the human side coming through on both of them.....
As far as all the date shuffling, back biting, everyone turing on one another the judge saw some humor in it, but he was extremely paitent, thoughtful and had given these guys so much rope to hang themselves it wasn't funny.
The judge was annoyed withthe fact that they always wait til the last possible moment to file, than he has to deny it. Mostly as he put it, because the real estate that they are in, his chambers, is booked, and his time is valuable. he said it in a way that all agreed.
He also directed some of the blame for delays on Ms. Lutz office for failing to expodite in a timely fashion.....Lot of talk of cutting deals....but Judge Lynch said she needs to get approval for her hire up before the NOV 25 criminal hearings or else forget it. He said I quote "you have to either fish or bait the hook" So we will know more about the criminal side of things come next month.
The purspose and intent of today was for the Gundi/Altomare contempt hearing...Judge Lynch agreed to the new council for Gunny would be mR. Garvey and the filed all the paper work....he must cut a deal with the SEC and be down with it by Jan 11 ( if he turns states evidence then, well his fine may be 0)....Since they are going to trial again on Nov 23, the judge felt this all could be package neatly between the SEC and the Attornies, the Judge was there to enforce the actions not make the deals......
The judge wanted to move to the next order of business the contempt charges, he ws please that the reciever he assigned was able to get a report such a short period of time. He was satisfied that RA was no longer in a position to issue more stock or release any more fraudulent pr's. He also noted that although the pr's were misleading and thes tock sales were inapropriate, he was glad that RA was no longer in position continue as the an officer of the company and he ask Rich to acknowlede the fact the he has steppped down. Tifford said he has done so under protest. The Judge wanted to hear it from RA at which time RA said that would no longer be represtenting USXP. Nor was he any longer employed by them. At this point the judge felt that he had accomplished his mission, the public was now safe from any further actions by RA the CEO. Important to know that the judge left it up to Lutz and Tifford to negotiate the fines....I believe because of the state of affairs the company was
in, along with the fact that they could not cover it, they had passed on the the corperate fine....perhaps CT can elaborate on that part.
The were some chuckles or gasps when Mr. Tifford expanded on RA
settlement..." I am prepared now to give th court a check for thirty thousand dollars, and 10,000 a month until the balance is paid off, futher more they will put their condo up for a sale, Mrs. Alstomare would reliquish all claims to any equity ( since it was owned as tentant in common with joint rights of survivor ship) Judge had asked she waould do of her own free will since Tifford was not her counsal of record she said it was of her free will....It didn't sound good.....The judge wondered how come RA was so short on case....Tifford said he had been out of work for the last few weeks...............I thought i wa gonna loose it...........
The were some chuckles or gasps when Mr. Tifford expanded on RA
settlement..." I am prepared now to give th court a check for thirty thousand dollars, and 10,000 a month until the balance is paid off, futher more they will put their condo up for a sale, Mrs. Alstomare would reliquish all claims to any equity ( since it was owned as tentant in common with joint rights of survivor ship) Judge had asked she waould do of her own free will since Tifford was not her counsal of record she said it was of her free will....It didn't sound good.....The judge wondered how come RA was so short on cash....Tifford said he had been out of work for the last few weeks...............I thought I was gonna loose it...........The judge then cited some claims from the reciever report about RA income, his wife income and for what she did to earn it.....The fact that there was moeny that were not accounted for....but that was for the next trial this was the contempt hearing....
Ms. Lutz was concerned that RA would be a flight risk, since the
reciever had uncover some emails involing RA relocating to Kuwait....The judge said that he didn't see MR A as being a flight risk and it should be a problem...he felt he couldn't incorserate RA because as much as as he and Tifford were unprepared with facutal documentation, Ms Lutz had been in conversation with Tifford as to a payment schedule and he thought it best they work it out between them and he would inforce it......Again this Judge was as fair as a judge could be, he was giving RA every benifit of the doubt...So as far as I could tell, these guys skated pretty well on very thin ice..
Now the talk of a grand jury probes and the FBI and all, but the judge warned Ms. Luhtz, that they can't start something then take two more years to do something about it..So there you have it.
There is some other bits and pieces but thats most of it...His son was there for support, he looked quite young, to bad it has to end this way.
But the facts will come out at the trial on Nov 25, 2007.
Lastly the judges comments on emails sent to him by share holders and he said that this is America and they have there right to express their opinions. Unfortunately he can't let peoples, the publics, in this case shareholders who have been mislead, letters and ideas influence his interpretation of law.
Although he did caution the public as to the content of some of the emails, that theats against the courts and its officers would not be taken lightly.. All of the emails and letter theating bodily harm are totally out of order and had been turned over to the US Marshall office and the FBI.....
As we left we hurried the elevator door closed just as the clan
approached it. As we waited in line down stairs to collect our phones and pdf's, I notice RA leaning against the wall, not standing, but the sideways lean. As I left he was staring at the ground, he looked up, whewe exchange a glance for a millisecond before his eyes went back to the ground....We left, not looking back.........
For me this saga is over,I now have piece of mind, seeing what I saw, after giving this the last couple of years to follow.....I can put it to rest know that for me, my questions have been answered.....move on.....SLH's most humble opinion of course.
