Replies to post #100747 on Bancorp International Group Inc (fka BCIT)

[nwsun]

and he did mention in a court filing that he was requested by the authorities to initiate the law suit against the shareholders... who the authorities were is a secret though.. the terms he used were vague and could have been any of several choices...based on that court document, it appears it may not have been his idea fully, to initiate the suit against us...

[clarity789]

Why the RS now? Simple - he screwed up the cert recall. The DTC wouldn't cooperate, remember? And the reason they wouldn't cooperate has become obvious... too many shares and not enough certs offered.

[kruy]

One possible reason out of many may be that he was trying to avoid shareholder lawsuit, as it is still unclear if he has the authority to r/s.

You see, anyone that used that "template" that was so conveniently provided on this board or simply answered on their own without including a provision to countersue forfieted their right to countersue Megas in the future to contest allegations, as legally, the answers and responses to the lawsuit by shareholders would require such a provision. Remember, Megas himself dismissed the suit WITHOUT PREJUDICE, meaning the issue and allegations are still open. With the assistance of many on this board, Megas was counting on shareholders to use the template or simply respond on their own.
Responses by atty's that did include the provision, can still countersue. That may be critical for shareholders to contest his authority to r/s, as once he does, we are history.

So it's possible he was using the sharholder lawsuit as one of many steps to try and protect himself not only from authorities, but from shareholders IMO, and as usual, many on this board fell head over heel to assist him.

[janice shell]

What I meant was why go through a lawsuit to make our shares
worthless, when he could have announced a 1000 to 1 R/S back
in 2006, and cancelled us out.

I think it's possible he didn't realize that. He doesn't seem to know much about this stuff. I pointed out early on that his best course--for himself--would have been a giant r/s.