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Sunday, February 02, 2003 9:20:45 AM
Timeline: What we know for fact.
December 27, 2000, Pinnacle Business Management, Inc. entered into a definitive Stock Purchase Agreement with Lo Castro and Associates, Inc.
January 19, 2001 -- closing of the Lo Castro Acquisition.
February 14, 2001- The lawsuit, filed on or about February 14, 2001, asserts that plaintiffs are entitled to recover some $9.5 million deposited in an agency account in the Bank's trust department plus related damages. The plaintiffs
generally assert that they entered into an investment program with persons unrelated to the Bank and that funds to be used in the investment program were deposited in the Bank subject to certain agreements with and powers of attorney held by third parties.
04/19/01- USA v. Yoffie charges filed.
August 1, 2001, a Settlement Agreement, Covenant and
Mutual Release agreement (the "Agreement") was entered into by the Plaintiffs. The Agreement provides for the Bank to pay $7,600,000 to the Plaintiffs.
Additionally, the Bank is continuing its cross-claims against Mr. Yoffie and its third-party claims against the individuals and entities who conducted the investment program at issue.
9/30/01 RHBT FINANCIAL CORPORATION filing- The Bank has now been realigned by the United States District Court as plaintiff in this lawsuit.
1/24/02 GUILTY PLEA proffered by Robert M Yoffie.
May 7, 2002 Pinnacle Business Management, Inc. halted.
5/17/02 TRANSCRIPT OF CHANGE OF PLEA as to Robert M Yoffie
July 3,2002- the bank announced president Rob Herron had been fired for irregularities in the commercial loan department. The end began on July 3 with Herron's dismissal. The FBI and the Federal Deposit Insurance Corp. (FDIC) were investigating. Trading of the company's stock on Nasdaq was halted.
Aug 14, 2002- Yoffie gets one year in prison. A motion provided by an assistant U.S. attorney said Yoffie was manipulated and grossly negligent.
October 31, 2002, Rock Hill Bank & Trust, disposed of substantially all of its assets and a portion of its liabilities, including all of its deposit liabilities, to
Carolina First Bank, a wholly-owned subsidiary of The South Financial Group,Inc.
Those are the facts without the spin. Draw your own conclusions.
1/17/03 109 AMENDED SCHEDULING ORDER setting Joining of
parties,amending of pleadings on 3/31/03 ; Discovery cutoff
5/27/03 ; Deadline for filing of all motions 7/14/03 ;
Mediation deadline for 6/23/03 26(a)3 Pretrial Disclosures
filed by 8/4/03 ; Jury Selection deadline set for 9/8/03 ;granting [108-1] motion to amend [103-5] amended scheduling order ( signed by Chief Judge Joseph F. Anderson Jr ) (mflo)
NY YANKEES SPRING TRAINING STARTS February 11/13
December 27, 2000, Pinnacle Business Management, Inc. entered into a definitive Stock Purchase Agreement with Lo Castro and Associates, Inc.
January 19, 2001 -- closing of the Lo Castro Acquisition.
February 14, 2001- The lawsuit, filed on or about February 14, 2001, asserts that plaintiffs are entitled to recover some $9.5 million deposited in an agency account in the Bank's trust department plus related damages. The plaintiffs
generally assert that they entered into an investment program with persons unrelated to the Bank and that funds to be used in the investment program were deposited in the Bank subject to certain agreements with and powers of attorney held by third parties.
04/19/01- USA v. Yoffie charges filed.
August 1, 2001, a Settlement Agreement, Covenant and
Mutual Release agreement (the "Agreement") was entered into by the Plaintiffs. The Agreement provides for the Bank to pay $7,600,000 to the Plaintiffs.
Additionally, the Bank is continuing its cross-claims against Mr. Yoffie and its third-party claims against the individuals and entities who conducted the investment program at issue.
9/30/01 RHBT FINANCIAL CORPORATION filing- The Bank has now been realigned by the United States District Court as plaintiff in this lawsuit.
1/24/02 GUILTY PLEA proffered by Robert M Yoffie.
May 7, 2002 Pinnacle Business Management, Inc. halted.
5/17/02 TRANSCRIPT OF CHANGE OF PLEA as to Robert M Yoffie
July 3,2002- the bank announced president Rob Herron had been fired for irregularities in the commercial loan department. The end began on July 3 with Herron's dismissal. The FBI and the Federal Deposit Insurance Corp. (FDIC) were investigating. Trading of the company's stock on Nasdaq was halted.
Aug 14, 2002- Yoffie gets one year in prison. A motion provided by an assistant U.S. attorney said Yoffie was manipulated and grossly negligent.
October 31, 2002, Rock Hill Bank & Trust, disposed of substantially all of its assets and a portion of its liabilities, including all of its deposit liabilities, to
Carolina First Bank, a wholly-owned subsidiary of The South Financial Group,Inc.
Those are the facts without the spin. Draw your own conclusions.
1/17/03 109 AMENDED SCHEDULING ORDER setting Joining of
parties,amending of pleadings on 3/31/03 ; Discovery cutoff
5/27/03 ; Deadline for filing of all motions 7/14/03 ;
Mediation deadline for 6/23/03 26(a)3 Pretrial Disclosures
filed by 8/4/03 ; Jury Selection deadline set for 9/8/03 ;granting [108-1] motion to amend [103-5] amended scheduling order ( signed by Chief Judge Joseph F. Anderson Jr ) (mflo)
NY YANKEES SPRING TRAINING STARTS February 11/13
For those who understand no explanation is needed, ...For those who don't none will.
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