glazman...
by suspending the buy-in they were refusing to force the BROKERS that Pino sold the shares thru to clean up their mess.
Counterfeit shares are not "cleaned up" thru a buy-in. It's a civil issue between the company defrauded and the person(s) who committed the fraud. The suspension was done because at the time, brokerages needed to go back and figure out if they had counterfeit shares. It's the proper move to suspend buy-in rules when counterfeit shares are the cause of a trade imbalance.
those brokers were culpable, but that culpability was nullified by the suspension
That's rediculous. They are still culpable legally regardless of a buy-in suspension or not. It's the defrauded company's responsibility to seek legal remediation by those who harmed the company.
the proper fix, as (i believe it was) you pointed out earlier, was to force the brokers that Pino and Pammy used to buy back the counterfeits... and they should have gone after Pino themselves
Unfortunately, Megas, under a civil court agreement was forced to deliver guaranteed shares to those brokers in exchange for what worked out to a huge discount based upon the last trade of .0489 before the halt.
Tom could have made those brokers buy back those shares at the last known trade plus asked the court for additional punitive damages.
and they should have gone after Pino themselves.
Except they intervened and went after the company.
Capital Growth Financial, L.L.C. and JH Darbie & Co. intervened in the Civil Litigation (the "Intervenors") and alleged that the Company negligently hired the Defendants and negligently supervised their actions and activities.
Furthermore, the claims of the Intervenors against the Company were exchanged for the issuance of 25,025,000 shares of the Company's common stock to JH Darbie & Co. and 219,723,000 shares of the Company's common stock to Capital Growth Financial,L.L.C. for an aggregate sum of 244,748,000 common stock shares
