Replies to post #14178 on Electronic Game Card, Inc (fka EGMIQ)

[okvestor]

The suggestion of bankruptcy could be a solution to the problem you have described. Lawsuits take time and money, and the funds in question remain outside of EGMI's reach until judgement is rendered -- likely years down the road. With a bankruptcy filing, the court can secure and protect the assets while any questions are resolved.

I know it's hard to rely on previous financial statements, but my understanding is that EGMI has very few debts or creditors, outside of the stockholders. As unusual as it may be, this may be one case where a bankruptcy filing could benefit stockholders.

[cheechwiz]

It sure looks like LC orchestrated one hell of a scam on everyone.
Holders have already lost, but it will interesting to see if LC
can actually avoid being charged with fraud. So far, his story
doesn't wash, IMO.

[PaulyG]

As far as I can tell, EGCI went public on Dec 5, 2003, well after the 2002 agreement discussed here. So the question would be, who was top dog in 2002? Did EGC (USA) even exist then? Who owned it as a privately held corp? Obviously, the principals in London set up the USA based company to penetrate the lottery business through SG. At some point (12/05/2003) they took the company public on the hype, something that obviously worked for them over the next 6.5 years.

Since LS didnt come on the scene until well after, he obviously, as with many of us, bought into this hype and didnt do his DD. And, food for thought - scuttlebutt around the coffee machine is that LS took control thru an unfriendly takeover.

All of which is meaningless, because I dont believe EGC produced ANY gamecards subsequent to SG shelving the product. They were like the little kid who hoarded marbles but never chose to play. Just collected agreements!! One after another, each as meaningless as its predecessor - except for one thing, building the hype!

Whoa is we!