Archive for the ‘Disputes and Lawsuits’ Category

Class Action lawsuit filed against DryShips connected to its transactions with BVI company

Monday, July 17th, 2017

A class action lawsuit has been filed against Dryships Inc. and some of its officers, according to Pomerantz Law Firm and Stull, Stull & Brody. The class action is on behalf of investors who acquired DryShips securities between June 8, 2016, and July 12, 2017, and seek to recover damages caused by defendants’ violations of the Securities Exchange Act of 1934. The Complaint alleges that the defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.

In a number of transactions that started on or about June 8, 2016, the ocean going cargo operator raised hundreds of millions of dollars in capital by selling newly-issued shares directly to the BVI-registered company Kalani Investments Ltd., at a discounted price. This capital allowed DryShips to almost double the size of its fleet to 36 vessels. Kalani ultimately acquired securities convertible to more than $626 million in DryShips common stock, roughly 100 times DryShips’ stock market value as of early November 2016. Meanwhile, to counter share-value dilution and avoid NASDAQ delisting, DryShips executed a series of reverse stock splits. Since November 2016, DryShips’ share price has fallen approximately 99.9%.

ExpressVPN supported Apple in its opposition to the court order

Saturday, February 20th, 2016

ExpressVPN, domiciled in the British Virgin Islands, has strongly supported Apple’s decision to oppose federal court order to help the FBI get into the encrypted iPhone of one of San Bernardino shooters. A public statement was released by Apple immediately upon the court order, opposing it as potentially endangering privacy of its users.

ExpressVPN stated that everyone, no matter their level of technical expertise, has the right to use the Internet freely and securely. One of the largest VPN providers also encouraged everyone to support them in this fight for privacy.

Apple’s decision was supported also by Google, WhatsApp and Mozzilla. Google also pointed out that the FBI’s request, if enforced, could set a troubling precedent for the future of privacy on the Internet.

BVI-registered Aurora Metals Ltd enters a Settlelement Agreement with Trend Mining Company

Saturday, April 19th, 2008

On April 15, 2008 British Virgin Islands company Aurora Metals Limited announced Settlement Agreement with Trend Mining Company. The Agreement concerned the lawsuit filed in the Montana 22nd Division District Court, and the Joint Venture Agreement between the BVI company and Trend Mining concerning its properties in Montana. Aurora Metals filed the lawsuit to obtain judicial confirmation on the termination of the Joint Venture Agreement, and to quiet title to the properties in Aurora Metals.

Pursuant to the terms of the Agreement, Trend Mining has agreed on the termination of the Joint Venture Agreement with BVI-registered Aurora Metals, and released all its claims of interest to the property of the company. The pending litigation on the Joint Venture Agreement and the properties will be dismissed and fully and finally settled.

Aurora Metals – a mineral exploration company whose main focus now is the exploration and development of its Montana properties.

BVI company files a suit against Russia’s mobile operator MTS

Thursday, May 10th, 2007

On April 28, Nomihold Securities Inc., registered in the British Virgin Islands, filed a suit at the London arbitration court against Russia’s MTS. By the information provided by the Russian mobile operator, Nomihold Securities accuses MTS of failing to exercise a $170 million stock repurchase option. The court proceeding date to examine the case will be known in summer of this year.

In 2005, the BVI company sold 51% of the shares of Tarino Limited, which is the indirect owner of the Kyrgyz GSM operator Bitel, to MTS for $150 million. The deal was concluded by MTS through its Luxembourg-registered subsidiary, Mobile TeleSystems Finance S.A. Soon the Russian investment company, Reservspetsmet, said it had struck a deal to purchase Bitel and since that time MTS has had no operational control of the Kyrgyz operator.

In its suit against MTS, BVI-registered Nomihold Securities Inc. demands from MTS Finance S.A. to exercise the $170 million option for the repurchase of 49% of the shares of Tarino Limited, and compensate for the plaintiff’s losses and expenses.

In its turn, MTS considers that it must not exercise this option because it does not possess the shares acquired in 2005. The Russian company also intended to ask for the review of the option terms because it was set at the time the option deal was struck that Tarino Ltd. had operational control of Bitel, which is the Kyrgyz’s sole company operating on the GSM. However, in its official statement MTS said that it will pay the required amount, if the court makes such a judgement.