Replies to post #7987 on Nymet Holdings Inc. (fka NYMH)

[boatman]

John is not only going after getting the shares back. He said he wants evryone involed,no matter who they are or what part they played to be punished.So they can never do this to his or any other company.

[rrufff]

The full story needs to be told. There may be liability on the part of the broker who took the shares and sold them, the lawyer who opined that the restriction could be removed, the seller of shares, etc.

If the restriction was not removed, the company could cancel the shares, creating a short position in the system, but the system is so screwed up that nobody really knows who owns real shares these days.

What I don't understand is why the shares weren't in an escrow account, not delivered until the money came into the escrow holder's office. Often a lawyer holds everything pending full performance. If the shares were restricted, perhaps the company felt safe in releasing the shares but the documents control the issues. It sounds like the company is claiming outright fraud here.

There is something missing here in my opinion.