if you owned that much man you could have helped out the bid by putting a 5m share bid order in for example and brought it up or prevented it from falling. like hello??
put a 4m bid at .005 thing will go to .006.. lets go
The lawsuit is about a fraud that pre-dates Zo......and
the printing of counterfeit CERTS by the former TA ClearTrust, issued improperly the 4 former directors, and sold through their lawyer Huffy to Victory Partners (Klein), who claimed Zo stole them from a virtual office.
It's embarrassing to Zo and the company. He could have quit like many thought and hoped he would, and it wasn't easy to figure out what happened exactly.
But now we know and it's clear Team Zo will prevail regardless of what some suggest. No one has explained how we can lose, but I'm all ears.
This will be settled next week most likely and FINRA will be satisfied and allow the ticker change.
The DTC will be notified and the chill should be lifted. Team Zo can now fully explained what was going on over here leading up to the chill.
An auditor can now be satisfied about the share count and if any amendments to past filings need to be done, they can.
Zo was tested. Life can do that. I think the company is much stronger than it's ever been. Zo learned a hard lesson. It happens.
but why was it brought against the company in the first place
It wasn't a lawsuit really....it was a replevin hearing done behind the company's back. Google it.
Huffy needed something from some sort of authority, like a court, that said Klein owned those CERTS. That alone is absolutely absurd, just like the claim Zo might lose.
Corporations CAN NOT issue preferred shares without filing them corporately and providing a resolution to the jurisdiction, which the TA would have a record of. There is NONE. Yet the CERTS were printed and sold.
Now if convertible preferred shares are converted, as these claim to be, you must surrender to the corporation the preferred shares in exchange for the commons. You don't retain the preferred shares.
Changing the TA, as we did, would bring to light the fact that there is no supporting documentation for those CERTS, and there isn't. That's why they tried the replevin "Hail Mary", to cover their tracks. It wasn't anything about TEMN or the company.
This should all be over next week and we continue to move forward. If you didn't understand this before you purchased I don't think it's the company's fault. No offense, just saying. We've been discussing this for some time now as the company has updated us.
I hope you make a TON whether you buy, sell, or hold.
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