Upon consideration of the Parties’ Joint Stipulation To Extend The Stay Of
This Action Pending Settlement Negotiations, and good cause appearing,
IT IS HEREBY ORDERED that all proceedings in this action are stayed
until further notice to the Court, to be provided prior to August 1, 2015, so that the
Parties may complete settlement negotiations, and, if successful, present the Court
with a settlement agreement.
If a settlement is reached in this action, the Parties shall notify the Court and
propose the date for filing the motion for preliminary approval of such settlement;
If the Parties are unable to reach a settlement, the Parties shall submit a joint
stipulation notifying the Court and jointly submit a proposed Scheduling Order of
pretrial and trial dates no later than August 1, 2015.
IT IS SO ORDERED.
Dated: May 28, 2015
HON. BEVERLY REID O’CONNELL
United States District Court Judge
CBEH will be forced to settle. Silvercorp's insurers paid $12 million to settle their action which is similar to the one in California against CBEH. The good news for CBEH is it's almost over. The bad news, Shorts have carte blanche to target ANY US listed stock operating anywhere in the world. Raise cash and list in the US at your and your Insurer's peril because one false step or missed SEC filing means you are in a lawyers sights.
Short seller Jon Carnes has been cleared of fraud allegations by a British Columbia Securities Commission panel, which found his attacks on Silvercorp Metals Inc. were not prohibited.
The panel did, however, raise serious concerns with his conduct.
“While we may find Carnes’ conduct unsavory, we do not find it was clearly abusive to the capital markets,” the panel said in its decision. The panel added that it is “not our role to sanction conduct we find morally unsupportable.”
In an interview Thursday evening, Carnes said he was “relieved” by the decision. “That’s always the right word to use in a situation like this,” he said.
He added that he still believes Silvercorp is the party the BCSC should have been targeting, and he thinks the commission should be held “accountable” for its allegations against him. He also disagreed with assertions that there was anything “unsavory” about his actions.
I noticed that the CBEH 10K's stated that Director's and Officer's Liability insurance was carried. The $14 million settlement in the Silvercorp action does not appear in Silvercorp's financials so it was paid by the insurers. The BCSC says Carnes decision will be released before Apr 30th.