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MGEN low float/un-noticed!
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[QUOTE]Originally posted by will: [QB] "and the not timely payments were as followed. 2 days, 7 days and 13 days late. Yes LATE but, Paid!" "On November 22, 2005 the Company received an adverse ruling in the previously settled matter: Global Healthcare Labs, Inc. et. al. versus Med Gen Inc. et al. The Court ruled that because the settlement contract had a "time is of the essence clause" the untimely payments made by the Company allow Global Healthcare to disaffirm the agreement. The Court ruled that Enriquillo Export & Import Inc v. M.B.R.Industries Inc. applies and the Company's 13 day late tender was not adequate performance {Enriquillo had a 58 day delay}. Furthermore, the Court ruled that the $75,000 dollars of payments cashed by Global and tendered by the Company under the original settlement agreement shall not be returned but rather applied to the judgment." They'll have to renegotiate the agreement. All that isn't as bothersome as the increase in A/S , and the addition of preferred shares: "On October 31st, 2005 the Company received the certified tally of the proxy solicitation which authorized the increase of the issued and outstanding shares from 250,000,000 to 500,000,000 million. The authorized is comprised of 495,000,000 common shares and 5,000,000 preferred shares." [/QB][/QUOTE]
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