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YT.
Your reply to LOD is inclusive, comprehensive and I agree.
Harry
Nothing would please me more than to see him lose all his money..!!! Karma is a *****...
Lod, I am not sure it is a muddy the water tactic. The indembity between Nuog and EOI is historical and the events leading up to the potential claim from PVF all took place with the Mintys at the helm.
However, should adverse consequences flow through to Nuog in its current guise I imagine this could be very poor for Minty personally.
If there was any lack of material disclosure of the claim details or the apparent indemnity provided by Nuog to EOI that could lead to a claim.
If there was any question of Minty acting beyond his powers in his capacity as a direcor of EOI or Nuog - eg contract variance either express or implied - then that could lead to a claim against him.
Harry,
Thank you.
Regarding cash shell it is not corporate law, it is Aim regulations.
As things stand the regulator - ie the exhange - appears to have accepted it is a cash shell.
The regulations are somewhat wooly. I recall the word substantially is in them. On a literal reading I fail to see how it meets the criteria in the aim regs with the EOI holding still owned. However with a purposive reading I think it does.
In any event that is probably moot. It would require complaint etc and would serve no useful purpose.
It’s a classic muddy the water tactic by Minty.
I doubt they want a legal battle with C4, he could lose everything (fingers crossed)
YT,
On the face of it, the letter seems to have been drafted by competent lawyers.
We know unilateral gift without acceptance is illegitimate at common law and, this doctrine is clearly corroborated within the Newfoundland conditions.
As per Para1, page2, it is noted that any common law remedy is overreached by the Condition Clause of indemnity within the Contract which opens a clear channel for remedy as against Nuog.
However, PVF’s counsel must join Nuog as 2nd Defendants, if it’s not pleaded, it cannot be argued.
Which brings us to any personal promissory estoppel as against Minty should he have made such as has previously been alleged outside his corporate authority allowing the Court to lift the corporate veil.
Again, PVF’s counsel would be acutely aware that that ought to be pleaded with a joining of Minty personally as third Defendant.
Lastly, is Nuog a legitimate cash shell in corporate law if it holds EOI liabilities? I’m sure you are better clothed to answer that.
Harry
Is that 3 months salary for the C4Energy saviours? A few thousand squid. What a tangled web. Just the sort of company you would want to transfer your assets into. When you play fast and loose make sure you're wearing trousers.
Harry, I meant to draw this to you attention some time ago but forgot.
We had wondered about how consequences of any adverse judgement (should it happen) from PVF v EOI could flow through to NUOG.
The first paragraph of page 2 is relevant.
https://twitter.com/EnegiOilInc/status/1207342816139137027?s=09