AI
Thursday, June 19, 2008 7:22:12 PM
More pink sheet shenanigans. A story about a Canadian lawyer famous for Casavant style pump and dumps.
Hollund sues Briner for not delivering 98% of company
2008-06-19 15:55 ET - Street Wire
by Mike Caswell
Controversial Vancouver lawyer John Briner is being sued for breaching a contract to deliver effective control of a pink sheets company to Langley businessman Lonnie Hayward. Mr. Hayward says he paid $225,000 for 98 per cent of the shares of Hollund Industrial Inc., but people connected to Mr. Briner still hold 25.5 million shares.
Mr. Hayward is seeking injunctions for the return of the shares, some of which he claims are being held at a Swiss brokerage, plus damages.
The lawsuit comes 14 months after World Hockey Association Corp., a Surrey-based pink sheets listing, alleged that Mr. Briner and others issued 100 million unauthorized shares of that company. Mr. Briner denied the allegations, and the case has yet to go to trial.
Hollund's complaint
Hollund's complaint, filed in B.C. Supreme Court on June 17, 2008, names as defendants Mr. Briner, Vancouver businessman Erwin Liem and President's Corporate Group Inc., a private company Mr. Liem controls. It also names as defendants Swiss brokerage Rahn and Bodmer Banquiers and Oregon transfer agent Transfer Online Inc. The plaintiffs are Hollund and Mr. Hayward.
According to the complaint, Mr. Hayward entered into an agreement with Mr. Briner on Oct. 30, 2007, in which Mr. Briner would sell him 98 per cent of the shares of Hollund, then known as Carver Corp. One of the terms of the agreement was that Mr. Briner would deliver stock certificates to prove the ownership.
The suit alleges that Mr. Briner failed to deliver all of the stock or the certificates, and, in particular, he did not deliver stock certificate No. 1030, which was in the name of President's Corporate Group. "The stock held by PCG ... were not listed on the list of shareholders provided to Hayward by Briner when the Agreement closed," the suit states.
On Nov. 20, 2007, Hollund did a 17:1 split, which converted President's Group's 1.5 million shares into 25.5 million. At the same time, those shares were transferred into the name of Cede & Co., the clearing house, to disguise the true ownership of the stock, the suit alleges.
Mr. Liem has since divided the stock into five separate certificates, and now has 17 million shares held in the name of Rahn and Bodmer and 8.5 million in the name of Cede & Co., according to the suit.
Hollund says it has advised Rahn and Bodmer that the certificates are not the property of Mr. Liem, and they should be returned to the company, but the brokerage has refused to do so. Hollund also says that Transfer Online has received a request to transfer one of the certificates and that it will process that request by June 21.
Hollund is seeking injunctions restraining transfer of the shares, and returning the certificates to the company. "Hollund fears that because of the past conduct and questionable dealings relating to PCG, Liem and Briner improperly obtaining the 25.5 million shares," the company could suffer "continuing and irreparable harm," the suit states.
In addition to the injunctions, Hollund is asking for damages for "conspiring to defeat the legitimate intentions of Hayward to obtain 98% of the stock of Carver," plus punitive and exemplary damages against Mr. Briner for breach of the lawyer-client relationship.
The company is represented by North Vancouver lawyer Raymond Barreto of Lonsdale Avenue Law Centre. The defendants have not responded to the allegations and Hollund has not proven them in court.
Hollund, which has been promoting an underwater robotic arm, closed on Wednesday at 85-100ths of a penny. According to the pink sheets website, it has 258 million shares outstanding and its head office is in Branson, Mo.
Briner and World Hockey
Mr. Briner's court battle with World Hockey began on Feb. 15, 2007, when he sued the company in Nevada. He alleged that it issued 200 million shares, egregiously diluting 11 million shares controlled by one of his companies, Nexus Asset Holdings LLC.
World Hockey filed a counterclaim on April 18, 2007, saying that Mr. Briner and others connected to him were responsible for the dilution. World Hockey said Mr. Briner approached the company in June, 2006, offering to perform investor relations and stock transfer services. The company accepted the arrangement. Mr. Briner then installed Esther Briner as a director and an associate, Rieghardt Van Enter, as chief financial officer, and arranged for the company to issue 100 million shares. Those shares were eventually transferred to Mr. Liem and Vancouver resident Jason Ashdown.
Mr. Briner, in a bare response filed on Oct. 24, 2007, denied the allegations. That case has yet to go to trial.
Briner at Global Developments
Mr. Briner was also the president of Global Developments Inc., a former OTC Bulletin Board listing, until April 5, 2007, when he stepped down citing bad press and comments in Internet forums over the World Hockey lawsuit.
On Global's website, Mr. Briner describes himself as a sought-after speaker on securities law. He had been active in federal and provincial politics and sat on the finance committee of the Vancouver Board of Trade, the site said. He also helped found a legal ethics fraternity at the University of British Columbia.
According to Law Society records, Mr. Briner is a practising lawyer at John D. Briner Law Corp., located at 999 W. Hastings St. in Vancouver.
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Reader Comments - Comments are open and unmoderated, although libelous remarks may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
Got CMKX? ;)
Posted by goLEEgo @ 2008-06-19 17:16
I am not bound to please thee with my answers. William Shakespeare, Greatest English dramatist & poet (1564 - 1616)
Hollund sues Briner for not delivering 98% of company
2008-06-19 15:55 ET - Street Wire
by Mike Caswell
Controversial Vancouver lawyer John Briner is being sued for breaching a contract to deliver effective control of a pink sheets company to Langley businessman Lonnie Hayward. Mr. Hayward says he paid $225,000 for 98 per cent of the shares of Hollund Industrial Inc., but people connected to Mr. Briner still hold 25.5 million shares.
Mr. Hayward is seeking injunctions for the return of the shares, some of which he claims are being held at a Swiss brokerage, plus damages.
The lawsuit comes 14 months after World Hockey Association Corp., a Surrey-based pink sheets listing, alleged that Mr. Briner and others issued 100 million unauthorized shares of that company. Mr. Briner denied the allegations, and the case has yet to go to trial.
Hollund's complaint
Hollund's complaint, filed in B.C. Supreme Court on June 17, 2008, names as defendants Mr. Briner, Vancouver businessman Erwin Liem and President's Corporate Group Inc., a private company Mr. Liem controls. It also names as defendants Swiss brokerage Rahn and Bodmer Banquiers and Oregon transfer agent Transfer Online Inc. The plaintiffs are Hollund and Mr. Hayward.
According to the complaint, Mr. Hayward entered into an agreement with Mr. Briner on Oct. 30, 2007, in which Mr. Briner would sell him 98 per cent of the shares of Hollund, then known as Carver Corp. One of the terms of the agreement was that Mr. Briner would deliver stock certificates to prove the ownership.
The suit alleges that Mr. Briner failed to deliver all of the stock or the certificates, and, in particular, he did not deliver stock certificate No. 1030, which was in the name of President's Corporate Group. "The stock held by PCG ... were not listed on the list of shareholders provided to Hayward by Briner when the Agreement closed," the suit states.
On Nov. 20, 2007, Hollund did a 17:1 split, which converted President's Group's 1.5 million shares into 25.5 million. At the same time, those shares were transferred into the name of Cede & Co., the clearing house, to disguise the true ownership of the stock, the suit alleges.
Mr. Liem has since divided the stock into five separate certificates, and now has 17 million shares held in the name of Rahn and Bodmer and 8.5 million in the name of Cede & Co., according to the suit.
Hollund says it has advised Rahn and Bodmer that the certificates are not the property of Mr. Liem, and they should be returned to the company, but the brokerage has refused to do so. Hollund also says that Transfer Online has received a request to transfer one of the certificates and that it will process that request by June 21.
Hollund is seeking injunctions restraining transfer of the shares, and returning the certificates to the company. "Hollund fears that because of the past conduct and questionable dealings relating to PCG, Liem and Briner improperly obtaining the 25.5 million shares," the company could suffer "continuing and irreparable harm," the suit states.
In addition to the injunctions, Hollund is asking for damages for "conspiring to defeat the legitimate intentions of Hayward to obtain 98% of the stock of Carver," plus punitive and exemplary damages against Mr. Briner for breach of the lawyer-client relationship.
The company is represented by North Vancouver lawyer Raymond Barreto of Lonsdale Avenue Law Centre. The defendants have not responded to the allegations and Hollund has not proven them in court.
Hollund, which has been promoting an underwater robotic arm, closed on Wednesday at 85-100ths of a penny. According to the pink sheets website, it has 258 million shares outstanding and its head office is in Branson, Mo.
Briner and World Hockey
Mr. Briner's court battle with World Hockey began on Feb. 15, 2007, when he sued the company in Nevada. He alleged that it issued 200 million shares, egregiously diluting 11 million shares controlled by one of his companies, Nexus Asset Holdings LLC.
World Hockey filed a counterclaim on April 18, 2007, saying that Mr. Briner and others connected to him were responsible for the dilution. World Hockey said Mr. Briner approached the company in June, 2006, offering to perform investor relations and stock transfer services. The company accepted the arrangement. Mr. Briner then installed Esther Briner as a director and an associate, Rieghardt Van Enter, as chief financial officer, and arranged for the company to issue 100 million shares. Those shares were eventually transferred to Mr. Liem and Vancouver resident Jason Ashdown.
Mr. Briner, in a bare response filed on Oct. 24, 2007, denied the allegations. That case has yet to go to trial.
Briner at Global Developments
Mr. Briner was also the president of Global Developments Inc., a former OTC Bulletin Board listing, until April 5, 2007, when he stepped down citing bad press and comments in Internet forums over the World Hockey lawsuit.
On Global's website, Mr. Briner describes himself as a sought-after speaker on securities law. He had been active in federal and provincial politics and sat on the finance committee of the Vancouver Board of Trade, the site said. He also helped found a legal ethics fraternity at the University of British Columbia.
According to Law Society records, Mr. Briner is a practising lawyer at John D. Briner Law Corp., located at 999 W. Hastings St. in Vancouver.
----------------------------------------------------------------
Reader Comments - Comments are open and unmoderated, although libelous remarks may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
Got CMKX? ;)
Posted by goLEEgo @ 2008-06-19 17:16
I am not bound to please thee with my answers. William Shakespeare, Greatest English dramatist & poet (1564 - 1616)
I am not bound to please thee with my answers. William Shakespeare, Greatest English dramatist & poet (1564 - 1616)
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