Coral Capital Partners takes a look at a recent Delaware Court ruling in favor of Looser Pays ByLaws, and provides our thoughts and experience on how they can benefit corporate governance and help protect shareholders.
Tag: Uniform Commercial Code
The Uniform Commercial Code (UCC) was 1st published in 1952. It is one of a number of uniform acts that are part of efforts to the laws relating to commerce in all 50 states in the US. The various laws comprising the UCC are state laws. Article 8 of the UCC deals with Investment Securities. Our blog and articles discuss issues relating to Article 8 of the UCC. In particular we look at Section 401 and 403, as litigation involving the removal of the restrictive legends from stock certificates involves these sections of Article 8; and we believe our litigation against Sun River Energy over this issue provides some valuable insight.
Trial Brief – Uniform Commerical Code: UCC 8-401
As a general rule, simple disputes involving securities relating to Article 8 are normally litigated in state courts, which can be far more difficult to research than the federal court system. Based upon our research, it appears that litigation involving Article 8 of the UCC in the Federal Court system is relatively rare. As result, we have decided to publish the Trial Brief of our litigation against Sun River Energy, Inc. involving a dispute involving Article 8, Section 401 of the UCC. Hopefully, this provide some useful information to anyone who is involved in a dispute over the removal of a restrictive legend and Article 8, Section 401, UCC 8-401.
Coral Capital Partners Victorious in Sun River Energy Litigation
Coral Capital Partners details the history and the outcome of its litigation with Sun River Energy, Inc. Civil Action No. 11-CV-00198-MSK-MEH In early 2011 Sun River Energy attempted to prevent us from selling shares of its common stock we were legally issued and entitled to sell. This litigation should have been a simple issue regarding UCC 8-403 to be decided by the court. However, Sun River Energy struck first with numerous frivolous and meritless claims, and we feel compelled to set the record straight.