SOURCE: Securus Law Group

May 12, 2016 16:13 ET

Judgment and Settlement to Be Enforced Against TransGlobal Assets, Inc.

LAS VEGAS, NV--(Marketwired - May 12, 2016) - Securus Law Group of Tampa Florida is announcing legal proceedings and litigation status as to court filed matters against TransGlobal Assets, Inc. A lawsuit was brought by Frederick Conte, a former director of TimeShare Holdings, the predecessor of TransGlobal Assets, Inc. and a large individual creditor of the Corporation. The lawsuit was filed in July 2013 in the Eighth Judicial Circuit in Clark County Nevada under case number A-13-685696-C. Trial was held on July 20, 2015 in the District Court in Las Vegas, Nevada with Mr. Conte being represented at trial by lead counsel Craig A. Huffman of Securus with local counsel for litigation being Nikolas Mastrangelo, Esquire of Las Vegas. As a result of the trial the court found for Mr. Conte on two counts of breach of contract and entered judgment on both counts on November 25, 2015 in the amount of $348,544.91 plus interest due from the time of filing the lawsuit to the present time. Currently Mr. Conte has filed a motion before the Nevada Supreme Court to enforce an executed settlement entered into by the Company as set out below and other motions to protect the shareholders.

TransGlobal appealed the verdict and judgment, filing the appeal before the Nevada Supreme Court under Case Number 69393. In a mandatory mediation held under the Nevada Supreme Court rules, the parties attended a mediation in Las Vegas on February 26, 2016. With a Settlement Judge present, both sides entered into a written settlement agreement where Mr. Conte would become the sole director and officer to bring a new business into the Company. It was also agreed that Douglas Johnson and Kent Strickler, former and then officers and directors would surrender all their common and preferred share holdings. The agreement called for change in control of the management of the Company to Mr. Conte. Even though such settlement agreement was executed and entered into, the Defendant Corporation then "changed its mind" and refused to comply with the settlement agreement. Mr. Conte has filed a motion to enforce the settlement agreement before the Nevada Supreme Court. Given the executed and agreed to settlement, Mr. Conte intends to enforce such matter with through the Nevada Supreme Court, and gain control of the company for the entry of a new business into the Company.

An additional matter arose after the trial had taken place. In December 2015, counsel for Mr. Conte filed a motion in the District Court against the Company for fraudulent transfer of assets. In the motion, it stated that after the trial on July 20, 2015, and after all the evidence and outcome of the trial was pending, the Company took the action of removing the entity of SLXCO, Inc back to the personal control of the only director Douglas Johnson. The removal occurred on August 14, 2015. The motion states that the removal of the asset was to avoid payment of the judgment due to Mr. Conte, and that the Company received nothing in return for the asset which generated millions of dollars a year in revenue to TMSH.

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Securus Law Group serves microcap companies and investors across the country. Securus handles litigation in numerous jurisdictions while also acting as outside to dozens of companies over the past eight years.

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