Mike Fernandez, President of TMM Inc. (TMMI.PK), Issues Update on Company Events
(TMMI.PK) Michael Fernandez announced today that the Nevada Court issued a Temporary Restraining Order (TRO) prohibiting Custodian Corene Dion-King from acting as custodian and sets motion for dismissal of Custodian.
(PRWEB) July 5, 2007 -- Michael Fernandez announced today that the Nevada Court issued a Temporary Restraining Order (TRO) prohibiting Custodian Corene Dion-King from acting as custodian and sets motion for dismissal of Custodian.
Michael Fernandez stated that on Monday July 2, 2007 a TRO was issued by the District Court in Minden, Nevada, case no 05-CV-0153 TRO Issued July 2, 2007.
The court found substantial cause that Ms. Corene Dion-King had exceeded the scope of her authority by issuing additional shares in TMM in excess of those authorized by the Articles of Incorporation.
The court also found that Ms. King was not "acting in the best interests of the shareholders" and that "irreparable harm" would occur to the shareholders of TMM by Ms. King's action to dilute the shareholders of TMM without authority or approval of the shareholders and ordered Ms. King enjoined from "acting in any way as custodian of TMM" other than to cooperate with the court order. Additionally, Ms. King was ordered to not issue any additional shares and to notify the transfer agent of TMM that no additional shares shall be issued. The court also order Ms. King and TMM to take "all steps necessary to identify those who hold shares issued since the custodian was appointed" and to be prepared to report to the court the identity of those who received and hold those shares of TMM.
A hearing has been scheduled for July 9, 2007 to dismiss Ms. King as Custodian and Ms. King has been ordered to personally appear.
Fernandez stated: "I am thankful that the court granted our emergency ex parte petition to stop the actions of Ms. King and I will take all actions possible to cancel any shares illegally issued by Ms. King and to recover damages from all parties responsible for the harm done to TMM."
Michael Fernandez
TMM Inc.
Suite 200
8350 Wilshire Boulevard Beverly Hills,
California
90211
Tel: 323-556-0819.
Email info @ tmmi.us
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