Bayport International Holdings Inc. (BAYP)

[Lil' Jon]

If Porter stuck to his n/s approval first,

this lawsuit could have held FINRA, and us, up for months.

I didn't find this lawsuit situation addressed in the December 2011 section - Additional Company Information.

And I quote:

"The Company is a defendant in a lawsuit (“Lawsuit”) filed in the US District Court for the Eastern District of Pennsylvania, captioned “Securities and Exchange Commmission v. Mark Johnson, Marc Manoff, Kyle Gotshalk, Leonard Gotshalk and Exit Only, Inc.”. The lawsuit relates to allegations of securities fraud by the individual defendants involving Company common stock during early 2008".

This next situation could go on for many months:

"The Lawsuit was stayed (i.e., put on hold) by an intervening criminal action brought against Messrs.
Johnson, Manoff and Gotshalk shortly after the Lawsuit was begun".

I think the lawyer was brought in earlier this week to prepare their petition and submit it to the SEC for dismissal. Principly since there seemed to be no end in sight of the situation clearing up on its own:

"Even though the Lawsuit is stayed (in other words, put on hold), the Company is seeking to have itself dismissed from the Lawsuit as present management has no involvement with any of the defendants in the criminal case. A request for dismissal has been made to the Securities and Exchange Commission".