posted on
Nov 14, 2011 04:30PM
Welcome To the WIN!!! St. Elias Mines HUB On AGORACOM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
Message: Re: New news
This news was published in our last financials, a month or so ago, ON Sept 27 th;
13. CONTINGENT LIABILITY
The Company has received a lawsuit alleging that the Company has not paid amounts owing on a
consulting contract for services. The Company unequivocally rejects this claim and is actively defending
itself. No amount has been accrued in the financial statements with respect to this claim as the outcome is
not determinable.
Apparently, as Kemo said, we were told Fuller did not fulfill his obligations as per the options. It appeared that little promo was done by him, and Lori don,t mess around when someone doesn,t do what is expected of them.We have seen evidence of her actions when she cancelled the option agreements on a couple of our properties. We didn,t see any real oversea,s buying. His promo report he put out was severly out of date and didn,t depict all of the important facts that were available up til that time.
On a different note, some companies are set up that they can cancell options at their own discretion. This would most likely be written in our bylaws and protects the company against these kind of actions.
I don,t beleive it will have much effect on us, whereas if she is not entirely in her right, she could still grant the options at little or no cost if an agreement is made. I would assume Fuller would opt for getting the options, which may prove to be much more valuable, and cost us nothing.
IMO
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