Business
Proprietary Recovers Judgment Proceeds from Offshore Companies
Proprietary Recovers Judgment Proceeds from Offshore Companies.
About this update from Jura Energy Corporation
[{"type":"text","content":"\n\n\n\n\n(PPI) TSX/SWX\n\nCALGARY, Nov. 16 /CNW/ - Proprietary Industries Inc. announced today that\nit had received payment in the amount of $1.69 million pursuant to the\nenforcement of judgments against four offshore companies: Strategic Investment\nFund, Cheshire Capital Inc., Ashland Holdings Corp., and Lexington Capital\nLtd. (the \"offshore companies\"). This is in addition to approximately $382,000\nwhich was recovered from the offshore companies in 2004 pursuant to earlier\nenforcement efforts.\nThe judgments arose out of a claim filed by Proprietary against the\noffshore companies and others. One of Proprietary's allegations in that suit\nwas that the offshore companies had received millions of dollars in payments\nfrom Proprietary that were improperly characterized as \"commissions\". While\nlitigation is ongoing in respect of other defendants who have defended\nProprietary's claims, the offshore companies failed to defend and default\njudgment was entered against them.\nRecently, a Calgary law firm purporting to act for three of the offshore\ncompanies filed a motion to set aside the judgments. Proprietary disputes the\nlaw firm's authority to act for the offshore companies. The matter has not yet\nbeen adjudicated.\n\nAbout Proprietary:\nProprietary is based in Calgary, Alberta and listed on the Toronto and\nSwiss Stock Exchanges trading under the symbol PPI. At Proprietary's request,\nthe Swiss listing will cease as of February 9, 2006. Proprietary is a\nprincipal merchant bank.\n\nForward-looking statements: This document contains statements about\nexpected or anticipated future events and financial results that are forward-\nlooking in nature and, as a result, are subject to certain risks and\nuncertainties, such as general economic, market and business conditions, the\nregulatory process and actions, technical issues, new legislation, competitive\nand general economic factors and conditions, the uncertainties resulting from\npotential delays or changes in plans, the occurrence of unexpected events, and\nthe Corporation's capability to execute and implement its future plans. Actual\nresults may differ materially from those projected by management. For such\nstatements, we claim the safe harbour for forward-looking statements within\nthe meaning of the Private Securities Legislation Reform Act of 1995.\n\n The To...