Replies to post #31766 on CirTran Corporation (CIRX)

[dragonsfire]

Right on right on :-) $CIRC

[MFlores]

Sparky – are you sure?

Just finished reviewing the Appellate court ruling in the Playsafe (Mr. Iehab and Fadi) vs United Medical Devices, in which the Appellate Court again ruled in favor of United Medical Devices. Alot of similarities.

If you have already forgotten, after an unproductive year, during which Playsafe (Mr. Iehab = Chairman, President & CEO and Fadi = Board Member) achieved no sales to a single consumer, United Medical Devices terminated Playsafe’s contract. Playsafe sued for breach of contract and fraud, seeking $10.5 million damages. Following a two-week trial, the jury found 12 to 0 against Playsafe on all its claims and awarded United Medical Devices the full $700,000 sought on its claim. United Medical Device’s principal Jimmy Esebag expressed his gratitude for the verdict: “Justice prevailed. The jury clearly saw through the story concocted by Playsafe’s principals Iehab Hawatmeh and Fadi Nora. For this we are grateful.”

Relating to the allegation presented by Mr. Iehab of “tortious interference” the Appellate Court stated that “When there is no existing enforceable contract, a cause of action for tortious interference with contractual relations will not lie.”

Sound familiar?

Cirtran stated in its 2013K that:
“Playbev reached a settlement with Playboy that would have provided for a new license conditioned on bankruptcy court approval of PlaybBev’s reorganization plan, PlayBev’s payment of $2.0 million to Playboy, and other provisions, but PlayBev was unable to obtain the funding needed to pay Playboy the initial amount or otherwise implement the reorganization plan, so that plan was abandoned and the settlement agreement and the new Playboy license did not become effective.”

The appellate court also upheld the following statement from the trial court:

“In granting the motion, the trial court concluded that “the evidence that Hawatmeh and Nora abused the corporate structure of [PlaySafe] to, in effect, operate it as their personal bank account is overwhelming. They effectively looted the corporation by taking out more than $1 million in loans over a 13 month period rendering Play[S]afe effectively insolvent. Indeed, Play[S]afe had only been capitalized with a total of $700,000. The suggestion that these loans were approved by ‘independent directors’ is belied completely by the evidence.”

…. Sounding familiar?

A Jury trial ....