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[Nathan]

Most funds not tied to probe, Starnet says

Lawyer lashes out at RCMP for role in freezing accounts
By DREW HASSELBACK
The Financial Post
VANCOUVER - The RCMP did not tell the whole story when it asked a judge to freeze two Starnet Communications International Inc. bank accounts containing $6.9-million, a Starnet lawyer told a hearing yesterday.
The bank accounts were frozen on Aug. 25 as part of an ongoing police investigation into Starnet`s Internet gaming and pornography businesses.

Both accounts are at a branch of Canadian Imperial Bank of Commerce in Vancouver. One, held in Starnet`s name, contains $6.6-million (all figures in U.S. dollars). The other, held in the name of Starnet subsidiary Softec Systems Caribbean Inc., contains about $250,000.

David Lunny, a lawyer for Starnet, yesterday produced an affidavit from Robert Roy, an accountant, who examined banking records and concluded that less than 3% of the funds in the account can be associated with the police investigation.

This differs from the police`s story last August. In seeking the freezing order, Staff Sergeant Michael Ryan of the RCMP stated that all funds in the Starnet account had been obtained from "the commission of enterprise crime offences."

The Crown will respond to Mr. Lunny`s arguments when the hearing continues on Sept. 22.

In seeking the freeze, police identified two sources for the alleged proceeds of crime. The first source was EFS USA Inc., a Starnet subsidiary set up to process credit card payments made over the Internet from U.S. customers. The second source was made up of payments for stock options purchased by company insiders.

Mr. Lunny said the total amount EFS USA Inc. deposited throughout the history of the account was $810,000. Even then, the last time EFS made a deposit was December, 1998. No funds from EFS would have been in the account by the time the freezing order was sought in August, he said.

Mr. Lunny also argued that in August, 1998, only $186,000 of the $6.6-million in the Starnet account came from company insiders who had purchased stock options. He called it a "startling proposition" to link payments for stock options with the proceeds of crime. "We know where the property came from. It came from the sale of shares in a public company ... It did not directly or indirectly come from gaming operations."


(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)

Das ist das Posting aus dem RB-Board mit der Nummer:135473


Also das letzte mal als ich gepostet habe meinten einige von Euch, daß ich mir widersprechen würde.

Natürlich habe ich gesagt, daß Pennystocks heiße Aktien sind und das ich Starnet aber für relativ sicher
gehalten habe. So nun habe ich wohl vergessen zu schreiben,daß ich Starnet für einen der sichersten Pennystocks gehalten habe. Natürlich war mir das Risiko des Totalverlustes, der bei Pennystocks immer besteht bewußt, deshalb habe ich auch nicht mein gesamtes Hab und Gut in diese Aktie gesteckt, wie einige von Euch, das ich niemals bei irgendeiner Aktie empfehlen würde.
Starnet hat immernoch eine sehr gute Ausgangslage und ich bin immernoch der Meinung, daß sich hier ein Investment langfristig lohnt.
So wie es aussieht, ist das Einzige, was die Polizei in der Hand hat ein Problem mit der Wettannahme mit US- Amerikanern., denn das andere Problem der Insidervorteile betrifft nicht die Firma sondern einzelne Mitarbeiter.

Also ich hoffe das man hier im Board auch mal zwischen den Zeilen liest und nicht jedes Wort auf die Goldwaage gelegt wird.


Bis dahin und weiterhin: Viel Glück

[Nathan]

Hier noch ein interressanter link:

http://www.canoe.ca/FP/sept17_rcmpprobe.html

[Andy.L]

Hallo Nathan,

lieber irgendein Engagement als gar kein Engagement.

Danke Für die Info!!!

MFG Andy

[Buddy]

nur kurz zur info, euch allen ein schönes und stressfreies weekend:

Starnet Announces Result of Court Hearing Concerning Frozen Bank Accounts

ST. JOHNS, Antigua, Sep 17, 1999 (BUSINESS WIRE) -- Starnet
Communications International Inc. (NASD OTC-BB: "SNMM" ("Starnet"
announced today that the company`s lawyers attended British Columbia
Supreme Court on September 16, 1999 to challenge an ex parte order
granted by Supreme Court Justice Dohm on August 25th, 1999 that froze
two of Starnet`s bank accounts.

After Starnet`s counsel David Lunny submitted arguments, Justice Dohm
granted an adjournment request by the Crown prosecutor until Wednesday
September 22, 1999. Mr. Lunny stated, "Although we are disappointed
that this matter was not resolved today, we remain confident that this
ex parte order will be successfully challenged."