Since the TOGI web site if down for "revamping" I have been unable (and don't have the time to look other places) to verify the time line.
However, if I were the attorney defending the broker, Kay, and his company who are being sued by Brewer, I would send out some discovery along these lines:
1. Shortly after the ETGMF certificate is created several things occur. It is the only asset of CMKM, Stoecklein recommends interpleader, but the cert pull starts and runs on and on and on through Frizzell and TOGI.
2. Brewer (associated with TOGI) comes up with $200K to loan to Casavant. Where'd he get it? Who knows? Is it really his money? Who knows?
3. The loan is made December 5, 2006 (the day after Koch's company executes the assignment) and comes due on or about December 5, 2007. Casavant defaults. Shortly thereafter Casavant turns CMKM over to two guys from TOGI, West and Frizzell. The sole asset of CMKM is the cert - but now we learn that all along it was pledged as collateral to Brewer, another TOGI guy, for the loan.
4. West and Frizzell sue Casavant on behalf of CMKM and ETGMF sues to get the cert back. Casavant is never served.
5. Now the SEC has a very good claim on CMKM assets for the benefit of the shareholders. Nothing will ever come from Casavant. The cert will most likely be returned to ETGMF. So, since the company cannot be used to recover the loan proceeds or cert, why not sue the broker?
I'd find out through discovery where the loan proceeds came from and who knew what and when. Yes, that's what I'd do if I were the attorney for the defendants.
Yecchhh! ... eom
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