NanoTech Entertainment Inc (NTEK)

[shajandr]

Correct, Janice. Just to add a bit more color - Foley cannot add any new matter to the trial court decision on bail. He exhausted his bases for requesting bail in the motion that was filed in district court for the district court bail decision. He will NOT be allowed to argue any NEW bases for bail at the district court level on remand for reasoning. You don't get two kicks at the cat to add new matter at the district court level after you file your initial motion for bail pending appeal to the district court. Niko is totally wrong on that.

Now, he (Foley/Riordan) might try to make additional arguments later, at the Ninth Circus appellate court, but that will be separate for a remand to the district court for their reasoning. The district court rules only on the original motion that was filed. And it will remain denied, IMO, in view of the plea agreement, but this time with the reasoning enunciated.

I'm bizzy now, but I'll write more explanations tonight.

Take home message: he'll get temporary bail (stay of sentence) until the district judge issues reasons for the denial and the Ninth then takes up those reasons - all based on the district court original appeal motion filed by Foley. Any new bases for a motion to appeal can only be considered by the appellate court and must already be in the motion filed by Riordan last Friday.

Bottom line: Foley bought a few weeks at the cost of an appeal that will cost him well over $100,000. But then he gets to dump another 20,000,000 NTEK shares after April 12th, so maybe that was a good investment.