Insufficient evidence to remove Gary Whiting from CME Board of Directors

rhinok

 From a TTH article this morning:

.pdf document

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CME and CMG seek dismissal of this case based on Plaintiffs’ non-compliance with

A.R.S. §10-742. Plaintiffs argue that A.R.S. §10-747 mandates that Nevada law, rather than

Arizona law, controls this proceeding. The Court finds that the instant proceeding is a derivative

proceeding in the right of a foreign corporation; thus, A.R.S. §10-747 dictates that the matters

concerning derivative proceedings are governed by the laws of the jurisdiction of incorporation,

i.e. Nevada. As a result, the requirements of A.R.S. §10-742 do not apply to Plaintiffs and are 

not grounds for dismissal. Similarly, the standing argument pursuant to A.R.S. §10-741 raised in

the Motion to Dismiss must also fail.

As to Plaintiffs’ request for a TRO, the Court finds insufficient grounds to remove Mr.

Whiting and Mr. Safiulla from the board of directors; the Court similarly finds insufficient

grounds to appoint independent directors to the board of directors.

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This seems to be a technicality.  CME argued based on Arizona Statutes, but since they're a Nevada Corporation, they must adhere to Nevada law.  I smell a new lawsuit incoming...

~Ripper

Pugla

 Maybe Aaron can get a comment out of CME/Firesky. I know he ran the story that the Ch 11 filing was some ploy by Whiting to delay the ousting. Now the court finds that he will not be removed. This would likely mean that the restructuring will NOT take place AND:

Firesky=CME=Gary Whiting=MMOGULS=never a penny of my money