Good old Madison Stock Transfer, they're going to rehabilitate Netco for us! How nice of them!
1 May 2009
VIA FEDERAL EXPRESS
Honorable Leonard D. Wexler
944 Federal Plaza
Room 944
Central Islip, New York 11722
Tel (631) 712-5640
CASE: Madison Stock Transfer, Inc. v. Netco Investments, Inc. and Marco Chavarria et al
Index № 60-CV-3926
RE: ORDER DATED 21 APRIL 2009
Honorable Sir:
I represent Plaintiff Madison Stock Transfer, Inc. (“Madison”) in the aforecaptioned interpleader action.
I am submitting this letter pursuant to your Order dated 21 April 2009 requesting an outline of the remaining issues in this litigation and the impact of the Order upon those issues (the “Order”).
The remaining issues in this litigation and the impact of the Order thereupon, as I see it, in order of importance as I see it, are as follows:
1.
Determination of legitimate and duly authorized management in Necto Investments (“NCVT”);
1.1.
The Order cleared out one claim to legitimate authority, but since there has been no meaningful representation by management of the Issuer, it leaves my client, or any other transfer agent or authority, without any legitimate authority to take instruction from.
2.
Payment of my client for all the monies due to them from outstanding invoices, in addition to remuneration for all legal fees due to them from the instant litigation, pursuant to contract with the Issuer/NCVT.
2.1.
The Order has negligible impact on this point. However, upon a failure of any party to pay these debts, my client would like to proffer a settlement of the conversion of all sums owed into common shares of the Issuer/NCVT and thus take a supermajority position in the Issuer/NCVT to reorganize the company.
2.2.
The current tally of the sums outstanding are:
2.2.1.
Monies owed from services performed by Madison for NCVT: $16.341.13, as of April 28, 2009 exclusive of interest;
2.2.2.
Monies owed from legal services stemming from indemnification provision in transfer agent contract: approximately $15,000, as of the date of this correspondence, exclusive of interest.
3.
Incidentally, issuing Madison a supermajority of common shares would solve both problems, legitimate authority and compensating my client, and also benefit shareholders by a reorganization that could only benefit shareholder equity.
Therefore, it is respectfully requested that NCVT either pay Madison forthwith or issue shares to compensate Madison.
If you have any questions, comments, or concerns, please feel free to contact me at your earliest convenience. Thank you for your time and kind attention.
Yours, etc.,
MARSHAL SHICHTMAN & ASSOCIATES, P.C.
s/_________________________________
By: Marshal Shichtman, Esq., MBA, LLM
