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L & L Energy, Inc. Message Board

  • mitchpit11 May 3, 2014 3:14 PM Flag

    Insurance to pick up class action tab, LLEN to continue, no BK

    Looks like a good time to settle all class action lawsuits under these screwed US laws where Geo can be left intact
    It is actually Geo who is responsible for investors loses. Geo should be pursued the same way Canadians are pursuing Jon Carnes.
    Nevertheless, LLEN's insurance will be happy to pick up the tab at this point and ambulance chasers should also realize they are not gonna get billions.
    After that, LLEN should continue focusing on its business.... no BK, at least how it looks to me...

    Sentiment: Buy

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    • There never was going to be a BK..

      In order for a US Bankruptcy court to intervene with LLEN's creditors, the debt has to be owed to a US bank or firm in the US jurisdiction. The assets also have to be within US jurisdiction so that the court can manage the accounts and income (if any) and to liquidate it if necessary.

      The US courts do not have that ability in China. In fact they have to go through the Hague, just to deliver a useless summons or any other legal document requiring certification. It takes up to a year to do that.

      So unless the debt is owed by the US holding co, and they were supposed to have paid off most of that. A BK would be as useless as a two legged dog.

      BTW, the reason (a regulator and not a court) is going after Carnes in Canada, is because Canada does not have the Constitutionally protected freedom of speech that we do in the US. Any Yahoo can file a claim in Canada that says that someone said or wrote something that they found offensive or slanderous. In this case the regulator is investigating statement that the plaintiff says were untrue and that he profited by them.

      The fact that they were true seems to be a matter of

      There are many Canadians now residing in the US, because of this nonsense..

      And BTW, LLEN's insurance will not likely come close to settling not one but two consolidated class actions.

      (if they pay out at all)

      Secondly, the class actions (security holders claims), have to do with fraudulent actions that LLEN has always denied. LLEN would have to part with many millions of dollars to satisfy those claims which is why I said the mediation attempts rarely work.

      Lastly, they are also going to be paying large fines to the SEC. That case will start as soon as the Lee trial is over and as Lee is the founder/CEO of LLEN, LLEN will be responsible for that as well. Probably for Lee's personal fines too....

      That insurance company is going to be very busy for years.

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