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Innotrac Corporation Message Board

  • small.mark small.mark Jan 8, 2008 9:13 AM Flag

    /the court order of /

    The link to get the court order is below. You can also paste this in your search and get it that way as well

    http://jrb111667.com.p12.hostingprod.com/

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    • First, I want to thank you for posting this. It is a VERY enlightening read. Those that have read my posts in the past know that I like to read what is going on, then make an informed interpretation.

      There is a LOT of information in this order, perhaps the most interesting of which is the disclosure that the Smalls (your family I presume) comprise 52% of the investment in the IPOF fiasco. That came as a surprise to me and I am sure I am not the only one. On the other end of the spectrum is the confirmation (i.e. NO surprise) that the Regalbuto Plantiffs, specifically Mr Frank. seem to be particulary litigous. Apparently I am not the only one under the impression that Mr. Frank seems to fancy paying legal fees.

      In a nutshell, Mr. Frank just got a SERIOUS smackdown. The court basically has used Ohio Law to show that IPOF was a General Partnership until 2004 when it became a Limited Partnership. Furthermore, the court finds that IPOF was in no way associated with Coffee King, and that even if it were associated (it is not), that Coffee King is under the legal control of the receiver.

      What this means is that Regalbuto's claims against the house, which he has already lost one round on, are baseless and therfore irrelevant. Simply put, he will get nowhere with that one. It also means that the power of attorney has absolutely NO bearing because of two things, #1 - the receiver was given custody of ANY entity of Dadante (which would include Coffee King) and #2 there are no assets, no liabilities, and nothing of value to the now defunct Coffee King.

      Hence, the wind is gone from Frank's sails.

      What this DOES do is leave the door open for the Smalls case, however I am unsure where that will go because the declaration of a limited partnership might be a detriment to their case due to the limited liability it may afford Frank.

      One thing is clear though, Frank has not been forthcoming with the events or the clear picture - if there is anything CLEAR about this situation.

      Frank clearly downplays the "bonus payments" or "bonus interest" (which is better termed "BOGUS interest") that he signed checks to himself in the sum of $500K. I would be interested to hear how much the smalls received given that they comprised 52% of the investment in the fraud.

      Though I still feel that this matter has drawn out for too long, it is clear that the court is concerned with the management of the only remaining asset of the fund, that being the INOC shares. It is also clear that Regalbuto's desire is to control the remaining assets with little regard to equitable distribution. One might surmise that Regalbuto is more concerned with having control and attempting to regain lost funds through a series of lawsuits, of which merit may or may not exist.

 
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