Thanks BaNosser for your dedication to providing shareholders with up to date information (Pacers).
Interestingly enough, it sounds as if the Committee wishes to investigate and commence actions (Derivative Actions) based on some of the same theories that have been talked about here regarding our BoD. If ever there was a Derivative Action against our BoD for similar “theories” I would love for any attorney representing shareholders to ask our BoD, past and present and including Chuck Moore if they are aware of any pay offs by Leckrone to the BoD and/or Swartz.
The Committee wishes to investigate and commence actions of any nature including,without limitation, any actions pursuant to Chapter 5 of the Bankruptcy Code, and any actions based on theories of breach of fiduciary duty, diminution of value, self-dealing, conflicts of interest, willful and malicious injury, intentional and negligent misrepresentations, intentional infliction of emotional distress, ultra vires acts, usurping corporate opportunities, fraud, defalcation while acting in a fiduciary capacity, theft, embezzlement, larceny and conversion1(collectively, the
“Derivative Actions”).
2.
It is imperative that the Derivative Actions are thoroughly investigated and, if appropriate, vigorously pursued as expediently as possible. Time is of the essence in this matter.
The Debtor’s deficient performance during the case has led only to a substantial loss to the estate
(with a proportional gain to many, if not all, of the Derivative Defendants), and, as demon
strated by its consummation of settlements in violation of the Court’s ORDER ON MOTION
REGARDING SETTLEMENT PROCEDURES over the Committee’s objection, the Debtor’s management will continue to dissipate waning estate assets to benefit only themselves. The
Committee now understands that affirmative claims against the Derivative Defendants may be the largest, if not only, asset which may realize a return to non-insider creditors.
http://photos.imageevent.com/banos/tplbk/Motion%20to%20Shorten%20Time%201-13-14.pdf
