HLNT/NIR/Ribotsky/Humphries/Walters/PWC Lawsuits Update 06/29/2012:
Thanks, rdsd, for your due diligence on watching the SCROLL system. Walters attorneys were granted their motion to be allowed to withdraw as Walters attorneys in the New York case. The judge stated that the motion was unopposed, Walters didn't even contest the motion.
The judge has allowed Walters 30 days (from the date of service, and Walters is not going to be able to hide as the service will be by regular mail) to get a new attorney, and the case has essentially been stayed for that 30 day period. The judge has also made it clear that if Walters cannot come up with a new attorney, he will be his own, like Humphries, and will be proceeding 'pro se'. For his two companies, Monarch Bay, and STI Group, they cannot go pro se, the Judge has said that without an attorney, the companies will be held in default. That means that the companies will be subject to immediate summary judgements.
Ribotsky:
Last September, the SEC charged Ribotsky in a civil complaint that he took investors money for his own personal use. He has of course challenged that complaint. In November of last year, the SEC filed a civil complaint that Ribotsky lied to and committed fraud on investors. And he has challenged that complaint as well, which is right now proceeding through the court system. But what everyone is waiting for, including Ribotsky, is the criminal complaint for fraud and other misdeeds. We will be hearing that shoe drop sometime, while the DOJ proceeds at its own pace. Would be an excellent summertime gift for everyone (excepting Ribotsky who wouldn't appreciate it.) He ought to just take his punishment and roll over on Litowitz of Magnetar, who is probably the real target of the Feds.
As more is becoming known of Ribotsky and his nefarious practices, NIR's lawsuit against HLNT is weakening and crumbling. Let's hope this thing is over this summer and that HLNT is able to move on without any serious losses related to this suit.
