Replies to post #73143 on Ngen Technologies Holdings Corp. (fka NGRP)

[Det_Robert_Thorne]

So? Rhee left and CTX Virtual essentially folded.

" no punative damages, because in the motion for a default finding, EFT hadn't provided enough info as to how it was damaged."

Yes, I included that information about punative damages in my post about the EFT v. Rhee and CTX Virtual lawsuit, but EFT was awarded actual damages to the tune of $2,508,83.51.

It was awarded those damages because EFT was able to make the case that:

... CTXV didn't own its factory, Rhee sold Celluon after geting the money, the big contracts weren't signed, that sales didn't pan out, and that Rhee and CTXV didn't get the stock listed (so that EFT could convert and dilute).

The other point of the post was to note that Rhee resigned as CEO in July, 2015, four months after this lawsuit was filed, and CTXV essentially died when he left.

Once I get some time, I'll show how something similar happened with Rhee's Thomas Equipment between 2005 and 2009.