Replies to post #131739 on JNS Holding Corp (JNSH)

[Stock_Barber]

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Doc#180
1/7/19

SECOND MOTION TO EXTEND DEADLINE TO REINSTATE
On March 26, 2018, this Court dismissed this case without prejudice pursuant to the terms of a settlement agreement reached by the parties. (Dkt. #173). That Order gave the parties leave to reinstate the case by November 1, 2018. On that date, the settlement agreement was almost fully implemented but there was one open issue. As part of the settlement, the defendant provided the plaintiff with a number of shares of its stock in conjunction with a public stock offering it was then conducting. Because the stock was issued in connection with a public offering it carries a temporary restriction on its transfer, which renders the stock largely worthless until the restriction is removed.
When the settlement was reached, the parties expected that the restriction would be lifted within six months, which is why November 1, 2018, was originally proposed as the deadline to reinstate. Unfortunately, that process was not able to be completed by November 1 because of a technical complication attributable to the fact that the company issuing the stock was once a shell corporation. Accordingly,
on October 29, 2018, the plaintiff moved to extend the deadline to reinstate until January 11, 2019, while the parties attempted to determine when the restriction could be permanently lifted. This Court granted that motion on November 1, 2018. (Dkt. #179).
The parties have now determined that the restriction can and will be lifted permanently one year after the settlement agreement was executed (February 2, 2018). Accordingly, the plaintiff now moves the Court to further extend the deadline to reinstate for a short period of time following that date.
WHEREFORE, plaintiff JNS requests that the Court extend the date by which this case may be reinstated from January 11, 2019, to February 25, 2019.
January 7, 2019 Respectfully submitted,
JNS POWER & CONTROL SYSTEMS, INC.
By: /s/ Eugene J. Schiltz
One of its Attorneys