ELRA Receives Positive Court Decisions in Legal Battle, Counter Sues Date: Jan. 16, 2013 - 11:35am EST
(NEW YORK) –Elray Gaming, Inc., a developer of online and land based gaming projects, which is traded under the name Elray Resources, Inc. (OTC:ELRA), may be finding light at the end of the tunnel as recent court rulings seem to go in their favor.
WSNC has learned that ELRA has won several motions in their legal battle with Mr. Sio Lao, and Millenium Commodity Trading Pty Ltd in Nevada civil court.
Regains Control of the Board
One of the first events Elray seems to have been successful with is the removal of Mr. Lao as a member of the Board of Directors, which can be viewed online at the Secretary of State of Nevada.(click here)
This is a key factor as this puts control of ELRA back into the hands of the current board, and removes any potential conflict of interest that may have arisen. This also seems to settle the question of who currently controls the company following the potentially acquisition in 2012, and is a major factor as it allows the current board to act without Mr. Lao, and removes the uncertainty from the market as to who actually controls the company.
Counter Suit and Damages
ELRA has counter sued the plaintiffs (including Mr. Lao) for damages, and this may result in a substantial award or settlement in the company's favor if the final judgment goes their way.
From our research, it looks as the next important event may be towards the end of January 2013 when the plaintiffs must provide certain crucial documents as a result of a Court Order Compelling the Plaintiff to produce such documents following their Dec. 20th, 2012 court hearing.
These would all seem to be very positive developments in ELRA’s favor, and ELRA may soon be able to refocus on their core business as the board is now back under control of the original team.
But for anyone that has been involved in following civil court proceedings, things can drag on for months, or change on a dime, depending on specific court motions. But, after several months of working through the system, and the board being made up of its original member’s pre-merger agreement, things look to be moving in ELRA's favor.
Interested parties wishing to follow court motions can research public information from the Nevada Clark County court website by clicking 'District Civil' records, and entering case number A-12-665772-B
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