04:45:22 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Destiny Media Technologies Inc
Symbol DSY
Shares Issued 50,161,882
Close 2011-12-14 C$ 0.40
Market Cap C$ 20,064,753
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Destiny blames Noramco for lagging price

2011-12-15 13:13 ET - Street Wire

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by Mike Caswell

Destiny Media Technologies Inc., in response to a lawsuit it faces from Richard Angus Bruce McDonald's Noramco Capital Corp., blames Noramco for an 11-year campaign to aggressively manipulate its stock downward. According to Destiny, Mr. McDonald took a naked short position in 2000 as he was negotiating a private placement with Destiny, and in the ensuing 11 years has continued to exert downward pressure on the stock. The company says his actions have prevented it from raising money and developing its business.

The accusations come after Noramco sued Destiny in the Supreme Court of British Columbia on Nov. 8, 2011, over an 11-year-old private placement. In the brief suit, Mr. McDonald had asked for the return of $100,000 (U.S.) that he provided the company in August, 2000. He said he had planned to subscribe to a private placement, but the company failed to deliver a share certificate. He asked for the return of the money, with interest and court costs.

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squeeeee

Posted by No Guys at 2011-12-16 10:23

Is Destiny a real company? They sure dont appear to know anything about accounting or the markets. The funds get accounted for as a pre-paid share subscription. Stikeman's is normally a pretty good firm but the arguments presented here dont hold water. They offered to give MacDonald his money back then didnt follow through because they didnt get a meeting? This makes them look pathetic in addition to incompetent. Cant raise money you say? Shocking

Posted by BS at 2011-12-16 10:46


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