Posted: Wed Apr 02, 2008 12:12 pm Post subject: US District Court secures all assets of Subjex Corporation
US District Court secures all assets of Subjex Corporation (SBJX.OB) to protect FarSuperior Management Shareholders
Released on: April 1, 2008, 4:15 pm
Press Release Author: FarSuperior Management
Press Release Summary: After almost a year of litigation to protect its shares and asset rights with Subjex Corporation (SBJX.OB), FarSuperior Management moved to have the US District Court place the company’s assets under protection.
Press Release Body: PHOENIX, AZ April 1, 2008 / -- FarSuperior Management, LLC announced today that it received an order in late March by the US District Court restricting Subjex Corporation and/or its chief executive officer Andrew D. Hyder from transferring any assets of the Corporation and those assets covered by the Plaintiff’s Motion which is scheduled to be heard on April 30th, 2008.
FarSuperior Management, LLC, an Arizona Limited Liability Company, and creator of the FarSuperior Expert Directory, filed on February 29th, 2008 its motion with the US District court in Minnesota to protect the shareholders of both FarSuperior Management and Subjex Corporation, a Minnesota corporation, from the dilution of share value and or transfer of the primary assets of Subjex Corporation by its President and CEO Andrew D. Hyder. Two weeks after the filing of its Motion to secure the assets of defendant Subjex Corporation, Subjex’s law firm filed a motion to withdraw from representation of the defendants, Subjex Corporation and Andrew D. Hyder, leaving both without legal representation in the case.
Wayne Warrington, Manager for FarSuperior Management “FSM”, stated, “In this hearing, before the U.S. Magistrate Judge Susan Richard Nelson, the judge approved the withdraw of Subjex’s counsel while enjoining Subjex and Hyder from taking any action which would serve to sell, transfer or convey the assets FarSuperior was seeking to preserve for the shareholders of both companies. Additionally, Subjex and Hyder have been given 30 days to comply with the Court’s order or face the possibility of a judgment award to FarSuperior Management for the $4.5 million in damages and other stock awards sought within its complaint. FSM’s Board of Directors view the Court’s order as the first step in the process of its efforts to maintain the integrity of the company’s assets which we believed were being transferred from the public company in a pre-judgment attempt which would leave the corporation without any assets or real value for its shareholders. FSM’s Board is pleased with the Court’s order and will be continuing our legal efforts to ensure the longevity and future of both Subjex Corporation and our company. We are in hopes this significant step will re-instill shareholder confidence and provide for a more solid foundation of the company’s publicly traded stock.”
Based in Scottsdale, Arizona, USA, FarSuperior Management, LLC is an asset management company, originally incorporated for the development of the FarSuperior Expert Directory to serve consumers and businesses throughout North America. For more information visit the web site at www.FarSuperiorManagement.com or call 800.430.6322 Ext 101
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum