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Imaging3, Inc. (OTCQB: “IGNG”) Announces Vuksich’s Petition for a Rehearing before the Supreme Court
Imaging3, Inc. (OTCQB: “IGNG”) Announces Vuksich’s Petition for a Rehearing before the Supreme Court.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n\n BURBANK, Calif., Nov. 18, 2016 (GLOBE NEWSWIRE) -- Imaging3™ Inc. (OTCQB:IGNG) announced today that on October 25, 2016 John Vuksich filed a Petition for the Rehearing of an Order Denying a Petition for a Writ of Certiorari in connection with the United States Supreme Court’s denial of Vuksich’s previous Petition for a Writ of Certiorari.\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 the Company (the “Vuksich Litigation”). In that litigation, Vuksich challenged certain corporate actions taken by the Company 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 the Company to fill vacancies on its Board of Directors. The Vuksich Litigation, which also sought to alter the equity structure and management of the Company, required the Company to expend its limited resources in terms of both management time and funds for attorney’s fees. The Company believed that the Vuksich Litigation could and would be defeated and vigorously opposed the Vuksich 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...