Five and Under

[bigarow]

FinancialWire®
April 17, 2003. (FinancialWire) The court proceedings to reject convertible debenture holders’ funding contract with Group Management Corp. (OTCBB: GPMT) has been “continued” by a Georgia judge.

April 17, 2003. (FinancialWire) The court proceedings to reject convertible debenture holders’ funding contract with Group Management Corp. (OTCBB: GPMT) has been “continued” by a Georgia judge.
CEO Thomas Ware said he was pleased with the court’s presentation of the company’s position. “We are confident we will prevail in our motion."
Group Management is one of 85 companies embroiled in a nationwide scandal about manipulative trading and short selling that recently drew the attention of the new SEC Chair when he promised the U.S. Senate that the agency will begin to look into the unregulated overseas hedge fund industry believed to be at the root of the illegal trading. One hedge fund was recently fined $1 million, and the Depository Trust and Clearing Corp., the foundation of the entire financial industry, has lost a court hearing in which it attempted to assert a claim that its refusal to allow public companies to exit its system is a Federal issue.
The company said it is alleging that the convertible debenture holders are using the subscription agreement, an executory contract that GPMT will reject, for their convertible note as collateral to assist in the short selling of GPMT's stock.
Testimony was presented at the hearing detailing the operations of the short selling of GPMT's stock by the convertible note holders.
The company said it will seek to subpoena each of the principals of the note holders to testify in court about their funding business, who their clients are, how their funds are obtained and the details and the workings of their business.
"We will aggressively go after the convertible note holders, market makers and anyone who has assisted them in the harm inflicted on the shareholders of the company," the company’s legal counsel stated.
The complete list of the 85 companies associated with the issue include A.G. Edwards, Inc. (NYSE: AGE), AdZone Research, Inc. (OTCBB: ADZR), Ameritrade Holding Corp. (NASDAQ: AMTD), ATSI Communications, Inc. (AMEX: AI), Federal Agricultural Mortgage Corp. “Farmer Mac” (NYSE: AGM), Allied Capital (NYSE: ALD), American Motorcycle (OTC: AMCYV), American International Industries (OTCBB: AMIN), Ameri-Dream (OTC: AMDR), Adirondack Pure Springs Mt. Water Co. (OTCBB: APSW), Auxer Group, Inc. (OTCBB: AXGI), Bluebook International (OTCBB: BBIC), Blue Industries (OTCBB: BLIIV), Bentley Communications (OTCBB: BTLY), Biocurex (OTCBB: BOCX). Chattem, Inc. (NASDAQ: CHTT), Critical Home Care (OTCBB: CCLH), Composite Holdings (OTC: COHIA), Eagle Tech Communications (OTC: EATC), Edgetech Services (OTCBB: EDGH);
Also, Endovasc Ltd. (OTCBB: EVSC), Enviro-Energy Corporation (OTCBB: ENGY), Environmental Products & Technologies (OTC: EPTC), E*Trade Group, Inc. (NYSE: ET), Flight Safety Technologies (OTCBB: FLST), Freddie Mac (NYSE: FRE), FreeStar Technologies (OTCBB: FSRCE), GeneMax Corp. (OTCBB: GMXX), Global Path (OTCBB: GBPI), Goldman, Sachs & Co. (NYSE: GS), Group Management (OTCBB: GPMT), Hop-On (OTC: HPON), H-Quotient, Inc., (OTCBB: HQNT), Olde / H&R Block (NYSE: HRB), Hyperdynamics Corp. (OTCBB: HYPD), International Biochem (OTCBB: IBCL), Intergold Corp. (OTCBB: IGCO), InternetStudios, Inc. (OTCBB: ISTO), ITIS Holdings (OTCBB: ITHH), Jag Media Holdings (OTCBB: JGMHA), James Barclay Alan, Inc. ((OTC: JBAI), Knight Securities, LP (NASDAQ: NITE), Lair Holdings (OTCBB: LAIR), Life Energy & Technology (OTCBB: LETH), MBIA (NYSE: MBI);
Also, MetaSource Group, Inc. (OTCBB: MTSR), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Midastrade.com (OTC: MIDS), Make Your Move (OTCBB: MKMV), MSM Jewelry Corp. (OTC: MSMJ), Nanopierce Technologies, Inc. (OTCBB: NPCT), Nutra Pharmaceutical (OTCBB: NPHC), Nutek (OTCBB: NUTK), Navigator Ventures (OTCBB: NVGC), Pitts & Spitts (OTCBB: PSPP), Sales OnLine Direct (OTCBB: PAID), Pacel Corp. (OTCBB: PACC), Presidential Air Corp. (OTCBB: PDAR), PayStar Corporation (OTCBB: PYST), Petrogen Corp. (OTCBB: PTGC), PrimeHoldings.com, Inc. (OTC: PRIM), Resourcing Solutions (OTC: RESG), Reed Holdings (OTC: RDHC), Rocky Mountain Energy Corp. (OTCBB: RMEC), RTIN Holdings (OTCBB: RTNH), Charles Schwab (NYSE: SCH), Sedona Corp. (OTCBB: SDNA);
Also, Sionix Corp. (OTCBB: SINX), Starmax Technologies (OTC: SMXIF), Soundcomm Technologies (OTC: STEH), Sports Resorts International (NASDAQ: SPRI), Technology Logistics (OTC: TLOS), Ten Stix, Inc. (OTCBB: TNTI), Tidelands Oil (OTCBB: TIDE), Toronto-Dominion (NYSE: TD), Trezac Corp. (OTCBB: TREZ), TD Waterhouse Group (NYSE: TSE), Universal Express, Inc. (OTCBB: USXP), US West Homes (OTCBB: USWH), Vega Atlantic (OTCBB: VGAC), Vista Continental Corporation, (OTCBB: VICC), vFinance, Inc. (OTCBB: VFIN), Vtex Energy (OTCBB: VXENE) and Wizzard Software (OTCBB: WIZD).and WorldTradeShow.com (OTC: WTSW).
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