Elray Resources Inc (ELRA)

[starboard]

Well...they did run him off earlier this year and publicly announced it.

My comments/speculation were focused on this and what companies do try to make these lawsuits go away or to reach a settlement (out of court).

Here are some details:

EVENTS

The Company was engaged in legal proceedings with Rousay Holdings Ltd. (“Rousay”) in the United States District Court of New York wherein Rousay asserted various claims against the defendant. The Company denied liability and asserted defenses. The parties agreed to settle the controversies between them.

On October 8, 2012, the Company reached a Stipulation and Order of Settlement with Rousay in the United States District Court of New York. In terms of this Stipulation and Order of Settlement with Rousay, the Company agreed to repay $900,337 of the $2 million convertible promissory note dated April 25, 2012 (See note 3). The Company also agreed to issue 10% of the then outstanding and issued common stock of the Company to Rousay. On October 13, 2012, the Company issued 101,864,848 restricted shares of common stock to Rousay equaling 10% of the then outstanding and issued common stock.

Subsequent to September 30, 2012, Asher converted $43,000 of the Second Asher Note and the Third Asher Note into 142,006,269 shares of common stock.





"if you consider the fact that everybody elses shares would be even more worth less right along with his, then nothing has changed, if he had more control then they wanted him to have pre split, than post split his control would not have deminished. imo
control / making money is the name of the game.
need too know the details of the suit.

they're not going to run him off if he wants in, that's that. he's to big financhiallly."