Rim Semiconductor Company (fka RSMI)

[spokeshave]

Groove: Re: I have seen no links to the lawsuit.

The lawsuits are described in the 10-QSB. Here is the relevant text for ths suits that are outstanding:

The Company has been served with the following additional summons and complaint, filed on July 30, 2004 in the Superior Court of California (San Diego County): Gerald Handler, Trustee of the Gerald and Judith Handler Trust and Trustee of the Handler Children Trust, and Wayne Lill Jr., Trustee of the Wayne Lill Trust dated 12-22-99 v. New Visual Corporation, New Visual Entertainment, Inc., Top Secret Productions, LLC and Does 1 through 20. The complaint makes substantially the same allegations as set forth in the complaints described above:

...that the Company has failed to pay the amount due and owing under the convertible promissory note issued to the plaintiff despite demands for payment; that the Company's management has acted to forestall payments to our creditors, including the plaintiff; and that the Company fraudulently induced the plaintiff to enter into the convertible promissory note.

and seeks: money damages in the aggregate of amount of $375,000, plus interest; an order avoiding alleged fraudulent transfers; an injunction against disposition of allegedly fraudulently transferred monies; the appointment of a receiver; a writ of attachment and imposition of a constructive trust.

http://edgar.sec.gov/Archives/edgar/data/1026595/000101968704002061/0001019687-04-002061.txt

LEGAL DISPUTES section

I also have not been able to find the actual article on the Portland Business Journal's site. Nonetheless, the allegations cited in the article are also cited in the filing.