LocWolf, here is a reconstruction attempt of the post which I alluded to earlier (the one that vanished). This one is quite different from the original in many ways but here goes:
LocWolf, thank you for your diligence in covering this mediation hearing and for providing a summary update. I was hoping for a resolution today but it now looks like this thing is headed back to trial. The Vennwest lawsuit against HDC's Board and McGovern in particular was paused for an interim to give mediation a chance. However, apparently that effort has failed. As for draining HDC's resources, I understand that the insurance company is protecting HDC and its Board members from any financial harm as a result of this lawsuit. I understand that this lawsuit was initiated by Vennwest Global Technologies (i.e. Laurie Venning) on behalf of himself and all retail shareholders, in an effort to get a court to overrule a corporate action by then CEO, George McGovern. It seems that Mr. McGovern had awarded himself a special class of shares which carried ten times the voting power of a common share, enabling Mr. McGovern to out vote all of the remaining shareholders combined. This maneuver had the effect of rendering the common shareholders irrelevant. As to how this ends, your guess is as good as mine. My sources have been unreachable lately which is understandable. They are obligated on the advice of counsel to keep quiet regarding certain matters which may still be under litigation (or under a nondisclosure agreement, i.e. Intel). Yes LocWolf, unless Intel gives us a nice chunk beyond that $2.25 million, I don't see how the math can work in HDC's favor. However, because of the bits and pieces that I have gleaned from reliable sources, I still see no compelling reason to give up hope on HDC.
If anything ever causes that sentiment to change, I will let you know.
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