Monday, September 18, 2023

HAUP Courtroom Battle over DE State Law 220 Finally Done

We finally have HAUP financials!  It only took 8 state law DE 220 demand letters, almost 4 years in court, and hundreds of thousands of dollars in legal fees!  

It went all the way to the Delaware supreme court if you can believe it, and they ruled in favor of the shareholder: a company must provide financials to a shareholder asking for them and importantly the company is not entitled to enforce an NDA. That's some great precedent!

The HAUP CEO Ken Plotkin fought as hard as he could for years and I don't see why. As a wise man once asked, "Is he a crook or a person in a lousy business just trying to survive?".

Check out these lines from Plotkin's own lawyer!

"the undersigned believes it incredible that the Company will abide by any future Order from this Court or our Supreme Court" 
"it is not clear to the undersigned that the Company has any credible intentions of paying the Costs awarded to Mr. Rivest, let alone the outstanding balance owed to Counsel or the appellate retainer" 
"The undersigned has advised the Company not to relocate to a different jurisdiction or attempt to move assets, for that may trigger issues sounding in fraudulent transfer. Despite that advice, it appears the Company is in the process of moving, without disclosing its address to the undersigned"
Can you imagine?!  Your lawyer walks into court and says he's not getting paid, the court won't be paid, his client won't do what you say, and the client is trying to skip town.  Insane