Derivatives Lawsuit

Mark Faulk has offered the following in regards to the derivatives lawsuit.

Frizzell will go after anyone who can be proven to have wronged the shareholders. The letter I quoted on the show listed John Edwards, Nev West Securities, Neil Levine, David Desormeau, James Kinney, Ginger Gutierrez, and Brian Dvorak, along with several associated companies. That’s the letter he referred me to this morning, without saying who will be named in the initial derivative suit.From there, it’s safe to assume that the plan would be to determine during the discovery process the full extent of these people’s (and “other’s”) involvement in defrauding the CMKX shareholders. Plus, I wouldn’t be surprised to see a couple of these people turn on each other. Will the “system” be pulled into the process? I guess it all depends on how far a judge goes towards allowing full disclosure of all records involving CMKX.As I said, Bill will go after anyone who screwed the shareholders. The people in the letter were listed at a time when he was addressing the letter TO Urban as the CEO of the company. As to what his plans are on who he goes after, I only know that there will be a series of suits filed, so there’s room on the bus for everyone involved. I get the feeling that Bill has been playing a game of cat and mouse with many of these people, and now….he’s ready to begin setting the real traps.

Personally, I can’t wait to see who gets caught in them.

I’ll leave everyone with this bit of Oklahoma trivia: There was a famous bank robber named Pretty Boy Floyd who used to rob banks, and then he would spend the night and/or eat meals at various farm houses while he was on the run. He was known for leaving hundred dollar bills under his dinner plates, and as a result, many saw him as somewhat of a hero.

But of course, in the end….he was still just a bank robber.

And here’s a nice definition of a derivative suit from wikipedia:Derivative suit
From Wikipedia, the free encyclopedia
A Shareholder’s derivative suit is an action brought by a shareholder not on its own behalf, but on behalf of the corporation. The shareholder brings an action in the name of the corporation against the parties allegedly causing harm to the corporation; such actions are often brought against directors or officers of the corporation itself when their conduct is in violation of a fiduciary duty owed to the shareholders, vis-a-vis the corporation. Any proceeds of the action go to the corporation.

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