Voyager Select IPO Fund Ltd. Sues Creative Recycling Technologies Inc. and Its Officers, Directors, Transfer Agent and Attorneys.LOS ANGELES--(BUSINESS WIRE)--Aug. 24, 1999-- Voyager Select IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. Fund Ltd. is suing Creative Recycling Technologies Inc. (CRTZ CRTZ chemoreceptor trigger zone. ), a Georgia corporation, in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Superior Court for breach of contract, fraud, specific performance and injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. . Voyager is seeking more than $1 million in damages, costs and attorney's fees with respect to the breach of contract and fraud. The lawsuit arises out of Creative's breach of a May 1997 Securities Purchase Agreement, and Creative's wrongful failure and refusal to convert certain preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. in Creative to common stock. The conversion of the preferred stock to common stock would give Voyager voting control of Creative. Benjamin Silber, a Creative director, and Frank Pringle, Creative's chairman and chief executive officer, are also joined in the suit. In the same suit, Voyager is also suing United Stock Transfer, an Englewood, Colo., transfer agent, for breach of its duty of good faith and fair dealing and of its fiduciary duty to Voyager for its refusal to complete the conversion of the preferred stock to common stock. Jack Donnelly, United Stock Transfer's president, is also a defendant. In the same lawsuit, Voyager is also suing Georgia attorney Robert J. Mottern and his firm, Mottern, Fisher & Rosenthal, for representing both Voyager and Creative, and thus, breaching the attorney's fiduciary duty and duty of loyalty to Voyager. |
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