Jun. 16 at 6:40 PM
$VS As of June 12, PF's loss in the 9th Circuit for his appeal for being found liable for securities fraud against his former iCaro Media partner, Robert Petty, is officially over. He now owes Petty
$6.75 million.
The case now goes back to the Superior Court of California where Petty will be able to seize PF's assets, such as his 990K shares of VS, garnishing his bank accounts and putting liens on any property PF might have. This won't be a quick process. Lawyers will spend the next 1-2 months starting the seizure process. Could take 3 to 9 months for seizures to start.
Whats likely to happen is that feller and his team will negotiate with Petty. Maybe give him a couple million now and then maybe even give him icaro shares, etc, etc, etc.
Petty is just as corrupt as PF. He could give Petty the 990K VS shares and still control the vote to merge with icaro. The high the price of VS, the better it is for PF. Petty will want maximum gain fro VS shares.
