Replies to post #60051 on Hartcourt Companies (fka HRCT)

[M2jeb]

I agree. Summary Judgement means you are so guilty that the judge says you have not produced enough of a defense in the discovery stage to continue to clog up the legal system.
The $1.3 million is right on the money since HRCT has to pay interest back to the beginning. The legal fees are probably in the $250,000 ball park. The lawyer who did the original paper work would not be responsible for the actions of Phan and the press releases. I'm sure the lawyer did not know that the proceeds of the stock sales were going back to the company. If he did he would have been named. It appears that Phan cooked up the deal to try and save the company he loved and did not benefit himself.
M2jeb

[500_and_Long]

appeal to what end?
As I stated in my post, to get the fine vacated???
what makes you think HRCT would prevail upon appeal?
I stated that it was just my opinion from various broker activities challenging SEC suits JMO
losing a summary judgement means that the case is effectively open and shut.
That's not true, the case is not over until HRCT accepts the judgement or the courts of appeal say that HRCT has exhausted all appeals.
Legal expenses would certainly be ongoing and an uncertainty remain.
I can't fathom ongoing legal expenses to be over a million, so a reduction or vacate of the current fine would certainly seem to be in HRCT's favor. JMO
One point on EC's earlier post. Legal expenses are not necessarily paid "as incurred". Oft times legal fees are last bill paid by companies not the first.
Well I certainly do not know when the legal expenses were paid, do you? or is it just everyone's opnion?
Btw, hard to believe we lost with such a "serious" legal firm.
I think that they came in at the end and just let the procedings travel their current course, they may indeed now challenge and push their weight around JMO
David