Debt fight leaves crew stuck for months on ship off Georgia
Newlead Castellano was sold at auction Monday. The article is dated Aug 09, 2016, so my guess is the ship was sold Monday, Aug 08, 2016.
The following is the PROPOSED ORDER, if it is actually ORDERED, well, NEWL loses. Zolotas changed the original CPA, tried to get $1 million, etc. etc. Don't believe me, read the transcript from Turko (doc #556).
Zolotas”) (collectively, “Defendants”) motion to compel pursuant to CPLR §3101 and §3124, the documents submitted in support thereof, and opposition thereto, and oral argument, it is NOW ORDERED that Defendants’ motion to compel is denied in its entirety. IT IS FURTHER ORDERED that Plaintiff is entitled to recover from Defendants its fees and costs associated with opposing the motion to compel.
The old MBs are difficult to find. I found this path on another mb:
financeDOTyahooDOTcom/mb/newl/?bypass=true replace the stock symbol with the desired stock. Usually,
financeDOTyahooDOTcom/mb/newl was valid, but not now. Under this new software, NEWL isn't valid.
I agree, Yahoo really blew it with this change!!! I suspect that many will exit and go else where. Marrisa Mayer needs to leave asap and have things the new changes removed.
Or, Red Oak lied about what their intent was; all the while making money and destroying the company. Most Investment Capitalists are only interested in making money; they don't care about the company. The early years of CBAI (as well as other struggling companies) will show you this; the investors loan money to the company and short the stock, making money in both directions; creating a "death spiral".
There is the continued lawsuit, a second lawsuit, and possibly a third. The debt continues to go higher, additional shares are being issued, and the price continues downward. They now are trying to sell the coal mines in a decreasing/devalued sector.
Related, FREEF implemented a reverse split when the price was 1.45c, and the price is now 3c-4c. They moved to the OTCQB from Nasdaq.
FREEF issued a PR stating that the Havensight PR was incorrect and misleading.
FREEF price is 0.145, up 0.095 today.
These are Exhibit Documents (A-H) in support of the Amended Complaint filed under doc #490 Stipulation dated July 8, 2015.
P.S. With the announcement (news article because NewLead didn't make it known to the shareholders or public; maybe they consider a news article as an announcement), of an additional lawsuit (imo this is frivolous), and continue to default on their loans, who knows who (lawsuits, creditors) will receive any monies or how long NewLead will be in business. Visit TradeWinds periodically since they seem to be up-to-date. The link for NewLead on TradeWinds is: tradewindsnewsDOTcom/archive/?q=newlead&languages=en&locale=en
The article was posted on investorshub:
Elisa states, it's strange that they claim $14.3 million in losses, and have not taken any action for more than four years. imo, this may be a frivolous lawsuit.
Yes, the other article pertaining to Ray.
Creditors ask US judge to auction NewLead bulker
focuses on $11m in promissory notes issued by Athens-based NewLead, including $1.67m in debt to Indiana-based Ray, which is allegedly in default...that Ray has failed to exercise its right to sell NewLead shares to satisfy the loan and insist that the dispute does not involve maritime contracts.Ray...
Weekly 02 Jun 17:00 GMT
The link listed many articles, of which I listed the first two. And, yes, I saw the other lawsuit by DHL; the article is dated 27 May. imo, they will have difficulty selling the coal mines. The expansion plan to rebuild the fleet is now gone. I don't see how they resolve all these situations and remain solvent.
You didn't provide a source, but I found the news on Trade Winds News.
1. NewLead: no intention to abandon bulker
NewLead Holdings has denied claims by a creditor that it is abandoning a vessel arrested in the US.The Greek shipowner’s spokeswoman, Elisa Gerouki, also denied claims that crew have complained of unpaid wages from even before the 35,400-dwt bulker Newlead Castellano (built 2013) was arrested off ...
2. Creditors ask US judge to auction NewLead bulker
Four creditors are asking a US federal judge to auction a NewLead Holdings vessel in an effort to collect on promissory notes to the Michael Zolotas-led shipowner.The request is part of growing legal problems encircling the 35,400-dwt bulker Newlead Castellano (built 2013), which has been under ...
I don't know, but they seem to be headed to bankruptcy or selling all assets and shuttering it's doors. With these new situations, TransAsia could get nothing, since there will be nothing.