SEC Accuses Defendant of Contempt in Internet Offering Case
On October 4, the SEC filed a motion seeking a contempt citation against defendant Clealon Mann in SEC v. Capital Acquisitions, Inc., Somerset Group, Inc., Wayne Notwell and Clealon Mann, Civ. Action No. 2:97CV-0977S (D. UT, complaint filed Dec. 23, 1997). The SEC alleges that the defendant violated an asset freeze entered in the case [...]
Court Rules CFTC Registration Requirement Violates 1st Amendment
On September 28, the Honorable Wayne R. Andersen of the United States District Court for the Northern District of Illinois issued a landmark ruling in the seminal case of Commodity Trend Service, Inc. v. Commodity Futures Trading Commission, No. 97-C-2362, 1999 U.S. Dist. LEXIS 15877 (N.D. Ill. Sept. 28, 1999). The suit was brought by [...]
Cybersmear Case Based on Accusations of Unlawful Short Selling
On October 5, a proposed amended complaint was filed in a defamation lawsuit brought in the United States District Court for the Southern District of New York by Sovereign Partners Limited Partnership, Dominion Capital Fund Ltd. and Stephen M. Hicks against Restaurant Teams International, Inc., ConSyGen, Inc., Stanley Swanson, Curtis Swanson and Thomas Dreaper. The [...]
Ohio Amends Statute To Permit Electronic Proxies
On September 13, the 123rd Ohio General Assembly’s Substitute House Bill 6 took effect. It amends the Ohio General Corporation Law (Ohio Revised Code Chapter 1701) to authorize the use of electronic proxies for shareholder voting under Ohio corporate law.