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Imaging3, Inc. (OTCQB: “IGNG”) Announces Denial of Vuksich Application for Writ of Certiorari by the United States Supreme Court
Imaging3, Inc. (OTCQB: “IGNG”) Announces Denial of Vuksich Application for Writ of Certiorari by the United States Supreme Court.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n\n BURBANK, Calif., Oct. 20, 2016 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG) announced today that on October 3, 2016 the United States Supreme Court denied John Vuksich’s application for a Writ of Certiorari in connection with the December 2015 and February 2016 Rulings of the Ninth Circuit.\n In May of 2012, John M. Vuksich, a shareholder of the Company who alleged that he held shares or proxies totaling more than 30,000,000 common shares in the Company (approximately 5.95% of the then-outstanding stock in the Company prior to the Company’s bankruptcy filing), filed a shareholder derivative action in the Los Angeles County Superior Court against Imaging3. In that litigation, Vuksich challenged certain corporate actions taken by Imaging3 beginning in 2010, including the Company’s amendments to its articles of incorporation authorizing the Company to increase its authorized number of shares of common stock and to authorize the issuance of preferred stock. Among other things, Vuksich sought an order voiding certain company financing agreements and sought an order compelling Imaging3 to fill vacancies on its Board of Directors. This litigation, which also sought to alter the equity structure and management of Imaging3, required the Company to unnecessarily expend limited resources in terms of both management time and funds for attorney’s fees. Imaging3 has long believed that the Vuksich litigation could and would be defeated and vigorously opposed the litigation at significant expense.  Ultimately, the Vuksich litigation evolved into the following appeals from United States District Court rulings which were heard by the Ninth Circuit Court of Appeals on December 9, 2015: Order Denying Motion to Dismiss Chapter 11 Case, Case No.: 13-56695 (9th Cir.), appeal filed September 30, 2013, appealing the District Court’s dismissal of the initial appeal of the order.Order Disallowing Claims Nos. 23 and 24, Case No.: 14-55499 (9th Cir.), appeal filed March 31, 2014, appealing the District Court’s order affirming the order of the Bankruptcy Court.Order Denying Motion for Abandonment of Potential Claims Against Officers and Directors, Case No.: 14-55521 (9th Cir.), appeal filed April 2, 2014, appealing the District Court’s order affirming the order of the Bankruptcy Court.Order Confirming De...