Shearson Financial Network (fka SHSNQ)

[QuidRunner]

It's over folks. Nothing is coming.

Our attorney has bailed on us.

Here are some recent letters:
_____________________________________________________
1. From Harry R. Kraatz to our attorney:

From: [e-mail]
Date: September 22, 2009 12:58:46 PM CDT
To: [e-mail]
Cc: [e-mail]
Subject: Ricke v. Shearson Financial Network Inc.

September 22, 2009

Richard Earl Walden
Walden Law Firm, PLLC
8201 Cantrell Road
Suite 315
Little Rock , AR 72227



Re: Ricke v. Kraatz

Dear Mr. Walden:

I am writing in furtherance of my telephone call to you on September 8, 2009 as well as our call yesterday.

While I have not seen the complaint, I have elected to personally respond to your allegations in an attempt to minimize damages and legal fees.

Your careless complaint - allegations which with a modicum of investigation you could have quickly found to be groundless – have disparaged my reputation and the resulting internet postings have caused me damage, personal embarrassment and have threatened my ongoing business activities.

For the record, I made arrangements to have Shearson’s counsel, Greg Garman, call you to advise you of the facts surrounding this case and to make it clear to you that: (1) I have not done business in Arkansas nor have I ever been to Arkansas; (2) I acted in good faith and did not act outside my corporate area of responsibility and the press release was issued on the advice of counsel; and (3) I did not nor did the company buy or sell a share of stock or benefit in any way from the attorney recommended and approved corporate, press release.

Furthermore, I offered to provide you with documentation supporting these facts as represented by both Mr. Garmen and myself. The information I offered, included but was not limited to, various and numerous shareholder and bankruptcy disclosures, including two previous S.E.C. filings and emails from Shearson’s counsel regarding the disclosures. Your abject refusal again yesterday to even consider making a reasonable inquiry eliminates your ability to attest that your claims are well founded. I’m told such conduct, whether negligent, reckless, or intentional, should carry sanctions and consequences including those either under Rule 11 of the Federal Rules of Civil Procedure or under Arkansas Law.

As a courtesy, I grant you and your client 72 hours to dismiss this lawsuit as it relates to me. Should you have any questions you can reach me at [phone]. If you fail to do so, upon a favorable verdict, I will proceed with a malicious prosecution action against both you and your client for filing this frivolous suit.

Sincerely,


Harry R. Kraatz

Harry R. Kraatz
President
Shearson Financial Network Inc.
921 Front Street
San Francisco, California 94111
[phone]
____________________________________________________________
2. From our attorney to the lead complaintants after receiving the letter from Harry Kraatz:

From: Richard Walden [mailto:[e-mail]]
Sent: Tuesday, September 22, 2009 2:13 PM

Subject: Fwd: Ricke v. Shearson Financial Network Inc.

Mr. ****:

Please see the email below. I would like to dismiss this case and/or withdraw from this matter. Please let me know if you would like to get new counsel. Thanks.

Richard E. Walden
Walden Law Firm, PLLC
8201 Cantrell, Suite 315
Little Rock, AR 72227
501.907.7000

*** Walden then inserted a copy of the email listed above (1.)

____________________________________________________________
3. From our attorney to the two lead complaintants after the lead complaintants tried to talk Walden into staying on the case:

From: Richard Walden [mailto:[e-mail]]
Sent: Tuesday, September 22, 2009 3:19 PM

Subject: Re: Ricke v. Shearson Financial Network Inc.

Mr. ****:

I have taken this matter on a contingency basis, meaning I am out of pocket money and time in pursuing your matter that will not be recovered. I knew before this matter was filed that a scienter issue existed and that the likelihood of recovery was slim. Nevertheless, I spent my own time and money on pursuing it.

I have spoken with the only defendant Mr. Kraatz and his counsel about Mr. Kraatz's involvement. I cannot in good faith continue with this matter given the fact that Mr. Kraatz did not have any financial incentive for issuing an allegedly misleading press release.

The SEC will not speak to me about its investigation. I do not believe that the press release was intended to induce investors to purchase the stock given that Mr. Kraatz had no financial incentive in doing so. Mr. Kraatz may have been negligent in issuing the press release, but that does not amount to fraud. Further, it was disclosed by Mr. Kraatz before the bankruptcy was even filed that Shearson would cancel the shares of stock.

Please let me know whether you intend to obtain other counsel so that I may speak with them about filing the requisite documents to take the case over. If this matter is dismissed, it will be without prejudice, so you will have the ability to re-file if you choose. Please let me know. Thanks.

Richard E. Walden
Walden Law Firm, PLLC
8201 Cantrell, Suite 315
Little Rock, AR 72227
501.907.7000
______________________________________________________________

Sorry folks. I certainly DO NOT agree with Walden nor am I affraid of Kraatz's hollow threats. However, there is no way we can force Walden to stay on the case. Walden probably figured this case was small potatos and when Kraatz sent him that totally BS letter, he immediately bailed like a coward.

***Kraatz's and Walden's info is provided in their emails if you wish to contact them directly and discuss the matter with them.

Sorry it turned out this way. If one of you find another attorney and want to push the issue, please contact me, because I will deffinitely fight these crooks with you.