Replies to post #10344 on Element Global Inc (ELGL)

[inzane]

I just did some more digging into this SEC case since it will probably be brought back up again. All I have to say is...YOU ARE ABSOLUTELY, 100% CORRECT!!!

I pulled the court documents for this case and there was originally a motion for sanctions (consisting of the $120,000 fine) that was filed by the SEC because they requested modified PRs to be issued. That motion was WITHDRAWN after the company updated and reissued the PRs in question. This case has been closed and no fines were imposed on the company or any of the principals.

Case: 2:01-cv-00658-PMP-LRL Document 35-1730065 Filed 01/07/03

The Court having read and considered Plaintiff Securities and Exchange Commission's Revised Status Report dated December 18, 2002, and the attached letter dated January 2, 2003, from counsel for Defendant Composite Holdings, Inc., and Merle Ferguson, and good cause appearing,

IT IS ORDERED that Defendants shall forthwith publish the corrected press release in the same manner and for the same audience that the violate press release was published.

IT IS FURTHER ORDERED that the Plaintiff's withdrawal of their Motion for Sanctions (#33), filed December 18, 2002, is approved.

DATED: January 7, 2003
PHILIP M. PRO United States District Judge