Replies to post #68564 on Mullen Automotive Inc (MULN)

[lucky, mydog]

keep dreaming...it's cute.

[shamalamadingdong]

New York's Highest Court Rules Convertible Notes Subject to Criminal Usury Laws The Basile Law Firm P.C. has been steadfast in representing our OTC Markets issuer clients in both federal and state courts around the country. To that end, we have been involved in dozens of federal court cases as toxic convertible notes lenders sued our client to try to enforce what are possible illegal contracts.

The recent NY Court of Appeals decision, a decision that cannot be further appealed, reflects our long stated and correct legal position from the beginning that a convertible note is not only subject to New York’s usury laws, but the conversion discount (when the debt is converted to stock based on a mathematical formula presenting a discount to the trading price of a public company’s stock) must also be considered interest. The NY Court of Appeals also agreed with us and affirmed that a violation of New York’s criminal usury statute (charging interest 25% or over

- Penal Law §190.40) voids such loans; the lender loses both principal and interest, that the loans are void ab initio and must be cancelled by the courts. The Court also agreed with us and reached the conclusion that such a conversion feature does not transform a loan to an equity investment upon conversion for purposes of the application of New York’s usury statute. The court further recognized there is no equitable remedy available to a usurer under NY law. Adar Bays, LLC v. GeneSYS ID, Inc., No. 51, 2021 BL 393765 (N.Y. Oct. 14, 2021).
https://www.thebasilelawfirm.com/post/new-york-s-highest-court-rules-convertible-notes-subject-to-criminal-usury-laws


https://news.mullenusa.com/mullen-automotive-hires-basile-law-firm-p.c.-to-review-prior-financings-and-provide-strategic-review-of-future-funding-initiatives

[TenKay]

Michery isn’t going to sue his note holders…LOL.

He needs the money they provide too badly.

For pumping purposes only.

They might even have suggested hiring Basile and putting out a PR…makes it easier for them to dump on the bump.😉

I remember when DPLS tried suing their lenders using Basile in late 2022.

The stock was $0.075. Today it’s $0.0017

[SILVERSURFER4263]

99.9% too late pumper/michery

[SILVERSURFER4263]

aquitas and enousa should destroy mullens once and 4all.

[Huggy Bear]

Uh huh. That's ding dong Dreamland.

[I-Glow]

Most of the toxic lending cases are from the OTC - with guys like John Fife, the Kramer brothers but I didn't find any on Nasdaq. So Mullen is operating like a OTC company.

Why couldn't Michery obtain any conventional financing such as Mezzanine financing. But that is dependent on cash flow and Mullen could generate more revenue if they had a lemonade/hot chocolate stand.

Still looking for "court ORDER the lenders to Pay back 100%, plus 3x Treble damages" - how about posting a link to a few cases where that happened.

And the RICO nonsense is a hypothetical from the Basile website.

And I wouldn't take anything from a Financial Journey video seriously.

The desperation of Michery is pretty funny he should concentrate on producing and selling cars rather than trying to dupe investors with fake lawsuits.

IG