Replies to post #29870 on Native American Energy Group Inc. (fka NAGP)

[onemaninnj]

copied right from the IBOX



The Latest info on the lawsuit brought by investors is that it was settled. The Plaintiffs agreed to dismiss all claims alleged in the lawsuit with prejudice and on January 30, 2012 filed with the Court a Notice of Voluntary Dismissal with Prejudice. Nonetheless, in an effort to avoid further litigation, we, on behalf of the Company and the other Defendants, have agreed to issue to the Plaintiffs an aggregate of 606,756 shares of the Company's common stock in addition to the 1,738,750 shares already held in escrow for a total of 2,345,506 shares of our Common Stock (the "Settlement Shares"). We have further agreed that within 30 calendar days of the removal of the global lock by DTC, we will issue each Plaintiff an individual warrant. The term of each individual warrant shall be for two years from the date of the removal of the DTC global lock and shall be for the purchase of a number of shares of the Company's common stock equal to the number of Settlement Shares received by that individual Plaintiff, with an exercise price of $0.70 per share.

[onemaninnj]

And yes I included from the same update that although the suit was settled with prejudice, I thought it was important for share holders that it also did cost them in way of issueing the claiments with shares as share stucture and OS is important to all share holders. There have been many other pay offs of lets just say debts be it services rendered or a investment debt besides this. So they keep giving away shares to settle debts or disputes, which changes the share structure which effects us share holders. And they also just gave themselves a nice piece of the pie that again does effect the overall share structure and share holders. I will post the link if anyone wants to see how many shares they rewarded their efforts with.

IMO THE CLAIMENTS WAS GIVEN PROPBABLY THE ONLY CHOICE THEY WERE EVER GOING TO GET, SO LIKE IT OR NOT THEY imo AGREED TO IT TO GET AT LEAST SOMETHING. I could not imagine when this was over they all went out for a beer as friends.

Again only my humble opinion. But I am going to keep it as real as I can on both points of views.

[Rhubarb]

My Understanding of the lawsuit
at the last point in time where information was made public
The number one issue those founding investor were demanding was
a filed and successful 15c-211
Now that was done to remove the chill from trading, But
by no means means that those founding investors are yet what one May consider "Happy about what has gone on"

Nor does it mean they even know what percentage or what entity they hold
I do believe that was their biggest grievance.
That and never having been issued any stock or other Cert when we were still NVMG.

I think they were displeased that they too might have been getting there investments
1 for 10000 "share Exchanged" like every investor on this stock forum did.

the only thing that may have changed to get that lawsuit dropped
was the 15c-211
It does not mean that the issue is settled, it just means they are not going straight to Court in
the great state of New York.

Unless your "In the Know" and care to share.
But dont be like shiney and just say,
"Thats something you would have to ask the company about" Or
"Thats just a Guess"

Which neither confirms or denies the truths of the situation.

But thanks for comming out !