Agreed, the former "CEO" Steven Humphries has already been charged with and plead guilty to conspiracy to commit securities fraud. He, Humphries, was the CEO of SSEV until he was terminated in Feb 2010 before Chad was asked to take over.
Throughout this time, Chad was not involved with the company in any capacity except as a customer who bought & tried the Hydrogen Booster, then as an investor who bought stock in the company from around $.06-.08 and down (from my understanding).
One of those situations whereby the former dirty CEO has left behind some carnage. It looks like this could end really well for shareholders in that they probably have a 70% chance (or better) at winning the case and getting damages for the lawsuit/costs imposed on them.
According to the doc, our attorney has reason to believe that the funding group (again PRIOR to HLNT) providing funds to SSEV was engaged in "funny business" (my term not theirs). In the other 29% scenario, it is possible that the debt be reduced.
Lastly, I scant see but a LESS THAN 1% chance that HLNT is obligated in full since Humphries has already been charged & plead guilty to securities charges. Moreover, the HLNT attorney (a well regarded & VERY prominent NY firm) has reason to believe the finance group has "unclean hands", as well as the other reasons for dismissal. INCLUDING, but not limited to, conspiracy to commit fraud involving the plaintiff & third party persons Humphries & others. A charge already levied on Humphries to which he has already plead guilty.
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