Replies to post #157852 on Bancorp International Group Inc (fka BCIT)

[mretgnol]

How the CEO was called crazy for saying his stock was manipulated. He won in court and mysteriously no more talk.

Byrne did not win in court Mikey.

His case against Goldman's was tossed but Goldman offered a settlement to not refile. His case against Merrill was tossed, then reinstated on appeal. Merrill's attorney offered a $20 Million payment to make Overstock take a hike, which Byrne accepted before the case was tossed a second time.

While Byrne was claiming short sellers were screwing his stock, his own insiders were dumping options as quickly as they could exercise their options.

Merrill's attorney would have blown thru more than $20 Million in legal fees alone, so the settlement offer was probably cheaper in the long term.

Investment banks settle lawsuits early to reduce litigation fees and just write those expenses off against gains. But...you have to actually file the lawsuit and have some balls to fight the brokers, something sacKless Megas does not have. Instead, he just scammed Todd Lahr repeatedly.

Just FYI TD Ameritrade's legal bills for BCIT exceeded what it would have cost to just settle. James Femia's bogus affidavit has never been challenged and to date, only 3 BCIT shareholders have ever filed complaints with the NY attorney general's office against the DTCC.