Replies to post #42817 on Exobox Technologies Corp (EXBX)

[TheLaserGuy]

I agree you are one Sharp guy.
That would open a whole can o worms at this point.
Shareholder oppression
Issuing a new class of stock without shareholder approval
Not filing a form 4 by an insider etc etc

In her final Order issued on May 12, 2014, Judge Peck appointed Robert Seiden as the receiver for the Company effective immediately and, under applicable Nevada statute, Judge Peck's appointment of a receiver is not subject to appeal.

Mr. Seiden previously has been named as and has acted as a very effective receiver for a number of other U.S.-listed Chinese companies, including in the ground-breaking case of ZST Digital Technologies (ZSTN) before the Delaware Chancery Court. With respect to his new appointment as receiver for SCEI, Mr. Seiden said: "We plan to deploy an aggressive and experienced group of global professionals to help carry out this charge, including lawyers from international law firm Foley Lardner, forensic accountants and investigators from Confidential Security & Investigations (CSI), and other global financial, banking and business professionals. In addition, we intend to work cooperatively with U.S. and Chinese government agencies as we have in our past successful receiverships."

Judge Peck's ruling in the SCEI case in Nevada came under chapter NRS 78.650 which states in part:

NRS 78.650 Stockholders' application for injunction and appointment of receiver when corporation mismanaged.
1.Any holder or holders of one-tenth of the issued and outstanding stock may apply to the district court in the county in which the corporation has its principal place of business or, if the principal place of business is not located in this State, to the district court in the county in which the corporation's registered office is located, for an order dissolving the corporation and appointing a receiver to wind up its affairs, and by injunction restrain the corporation from exercising any of its powers or doing business whatsoever, except by and through a receiver appointed by the court, whenever:
(a) The corporation has willfully violated its charter;
(b) Its trustees or directors have been guilty of fraud or collusion or gross mismanagement in the conduct or control of its affairs;
(c) Its trustees or directors have been guilty of misfeasance, malfeasance or nonfeasance;

All interested parties may request Judge Peck's final Order by contacting Department 13, Janet Taylor, Legal Assistant to The Honorable Bridget Robb Peck, [phone].

SCEI last filed quarterly financials with the SEC in May, 2012. On August 4, 2013, a Form 13D was filed with the SEC by a Group of SCEI shareholders holding more than 5% ownership of SCEI based on its last common share count reported with the SEC. The Group joined together in a binding Voting Agreement with the intent to engage in communication with the Board of Directors and Management in order to facilitate a resumption of regular quarterly financial and operational performance reporting with the SEC and the investment community following the final settlement taking effect on July 10, 2013 for the outstanding consolidated shareholders class action lawsuit. Despite repeated attempts in detailed letters to the Board of Directors and Management, the 13D Group was unable to achieve an effective dialogue with the Company. Accordingly, the 13D Group on October 22, 2013 joined with another group of shareholders in filing a lawsuit petitioning the Company under Chapter NRS 78.345 which states:

NRS 78.345 Election of directors by order of court upon failure of regular election.
1.If any corporation fails to elect directors within 18 months after the last election of directors required by NRS 78.330, the district court has jurisdiction in equity, upon application of any one or more stockholders holding stock entitling them to exercise at least 15 percent of the voting power, to order the election of directors in the manner required by NRS 78.330.
2.The application must be made by petition filed in the county where the principal office of the corporation is located or, if the principal office is not located in this State, in the county in which the corporation's registered office is located, and must be brought on behalf of all stockholders desiring to be joined therein. Such notice must be given to the corporation and the stockholders as the court may direct.
3.The directors elected pursuant to this section have the same rights, powers and duties and the same tenure of office as directors elected by the stockholders at the annual meeting held at the time prescribed therefore, next before the date of the election pursuant to this section, would have had.

The Company failed to respond to this petition and was found in default under Chapter NRS 78.345 by the Court in Clarke County (Las Vegas), Nevada on December 17, 2013. Shortly thereafter, the Shareholders Group filed the petition with the Second District Court in Washoe County (Reno), Nevada to place the Company into receivership under NRS 78.650.


AMFs