Independent Film Development Corp. (IFLM)

[markgovols]

The 10K has some good info in regards to the last PR. Looks like IFLM is recovering shares.

On or about September 1, 2011, the Company and its Chief Executive Officer and Chief Compliance Officer filed a complaint in federal court, Central District of California, Case No. CV-11-07233 DMG (MRWx), to recover 6,500,000 shares of common stock transferred to Consultants Marc Cifelli and Arriva Capital, LLC on the grounds of fraud and failure of consideration. The Company received a judgment in its favor on July 30, 2012. The shares have not yet been returned to the Company.

This quote appears to be a warning before the latest suit and the fact they won the last one adds credibility to the current one.

On or about August 31, 2012, the Company served notices of rescission on Junior Capital, rescinding that certain $350,000 convertible debenture dated July 1, 2011, in exchange for promissory note in the amount of $350,000, that certain $20,000 convertible debenture dated October 25, 2011, that certain $40,000 convertible debenture dated March 15, 2012 and that certain $18,000 convertible debenture dated June 5, 2012, on the grounds of fraud and failure of consideration