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Time & Sales Price Size Exch Time 0.0001 20000 OTO 16:08:31 0.02 50000 OTO 13:12:39 0.0001 4200 OTO 05/16 0.0001 1000 OTO 05/16 0.0001 205000 OTO 05/16 0.0001 10000 OTO 05/16 0.01 50000 OTO 05/16
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Item 5. Other Events. On June 4, 2002, the Registrant received service of a Summons and Complaint naming it, as well as two former officers and directors and its current Chairman of the Board of Directors, as defendants in an action filed in the United States District Court, Northern District of Ohio (Case Number 302CV7241). This suit was filed by the current Receiver of a former subsidiary (TPSS Acquisition Corporation ("TPSS") of the Registrant, Mr. Ralph DeNune, III. This lawsuit alleges, among other things, fraudulent transfers of funds from its former subsidiary, TPSS, to the Registrant and its other subsidiaries; unjust enrichment and fraud in the use of consigned steel inventory without proper approval of and notification to the consignor; and making false and fraudulent statements to influence this vendor to accept common shares and a promissory note from the Registrant for a reduction in amount due from TPSS. A RICO claim is made against the individual defendants. The defendants have denied the allegations and will vigorously defend against these claims.
The Registrant has no operations and no assets. Currently, there are no prospects of the Registrant resuming business operations.
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quote:Originally posted by madmoney: Item 5. Other Events. On June 4, 2002, the Registrant received service of a Summons and Complaint naming it, as well as two former officers and directors and its current Chairman of the Board of Directors, as defendants in an action filed in the United States District Court, Northern District of Ohio (Case Number 302CV7241). This suit was filed by the current Receiver of a former subsidiary (TPSS Acquisition Corporation ("TPSS") of the Registrant, Mr. Ralph DeNune, III. This lawsuit alleges, among other things, fraudulent transfers of funds from its former subsidiary, TPSS, to the Registrant and its other subsidiaries; unjust enrichment and fraud in the use of consigned steel inventory without proper approval of and notification to the consignor; and making false and fraudulent statements to influence this vendor to accept common shares and a promissory note from the Registrant for a reduction in amount due from TPSS. A RICO claim is made against the individual defendants. The defendants have denied the allegations and will vigorously defend against these claims.
The Registrant has no operations and no assets. Currently, there are no prospects of the Registrant resuming business operations.
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Comon guys we can not keep letting stocks like these slip us buy again and again. What can we do to catch these puppies before they go up???
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