Replies to post #17548 on AimRite Holdings Corp (AIMH)

[loanranger]

The short version is that in that case, which may be old but is still open and threatening to come to trial, the defendant is the current Transfer Agent for AIMH (whoops...turns out maybe not***). The cause of action is described as the "fraudulent sale of securities".
One of the features that some holders of AIMH have characterized as a positive for the company (perhaps its only positive) is its share structure. A poster has posted a letter on the letterhead of the defendants that purports to provide the current share structure.

It seems reasonable to me that, in spite of the fact that the case is unresolved and the charges remain allegations, to rely on Mr. Lund as a source of information seen as critical (there's only one Sticky on this Board and there are no operations to draw any conclusions from) may not be wise.
***Note that Mr. Lund has allowed his company to reach Revoked status in the State of Nevada. Accordingly, I'm not sure how Standard Transfer can still serve as AIMH's Transfer Agent.

So that's the connection between the case...and the defendant...to the company.

While we're on the subject, AIMH itself has done nothing to cure its own Default status with Nevada.


Good question for a first post!
.....even though the material has already been covered extensively in the past.

[loanranger]

Most recent docket entries (highlights added):

01/17/2014 47 Minute Entry for proceedings held before Magistrate Judge Dustin B. Pead: Telephone Conference held on 1/17/2014. Counsel for both parties appear telephonically. Plaintiff informed the Court that it extended a settlement offer to Defendant. Defendant anticipates either accepting or rejecting the offer by January 21, 2014. Defendant's counsel will call Chambers by 4:00 p.m. on January 21, 2014 to confirm whether settlement offer was accepted. If Defendant accepts the settlement offer, Plaintiff's counsel will urgently seek SEC approval for the offer. If Defendant rejects the settlement offer, the Court will schedule another status conference for the week of January 21, 2014 to confirm trial dates. Attorney for Plaintiff: David Reece, Attorney for Defendant: Wallace Boyack. Court Reporter: Electronic.(Time Start: 10:01:10 AM, Time End: 10:11:44 AM, Room 248.) (mas) (Entered: 01/17/2014)

01/23/2014 48 DOCKET TEXT ORDER No attached document. The Court STAYS all remaining deadlines within the scheduling order 44[RECAP] pending the SEC Commissioners' approval of the parties' settlement agreement. Signed by Magistrate Judge Dustin B. Pead on 01/23/2014. (Entered: 01/23/2014)

01/23/2014 49 NOTICE OF HEARING: (Notice generated by Chambers) Telephonic Status Conference regarding status of settlement agreement set for 3/25/2014 01:00 PM in Room 248 before Magistrate Judge Dustin B. Pead. Parties should contact Chambers before the conference if their settlement agreement is approved, and they wish to move for a stipulated dismissal. (sku) (Entered: 01/23/2014)



Apparently the parties have reached a settlement. As is the case with all SEC settlements, it is subject to the approval of the five SEC Commissioners.