Today, and September 20th are dates for Next Bridge in court. September is confirmed, today may have been canceled.
There’s been some questions about whether the legal filing was dismissed or not. It looks like it hasn’t, and future dates in filings make it even more confusing. But these dates were set for hearings so we’ll have to see how this plays out.
This is a developing story.
An S-1A (Rev 4) from Next Bridge Hydrocarbons is out. But what does it mean for MMTLP shareholders?
In January 2023, Next Bridge released an S-1 that indicated they had 40 million shares of common stock they were going to offer to accredited investors. That S-1 never became effective likely because the SEC and FINRA never approved it.
Fast forward to August 2024, and a revised S-1A is out. This statement is not effective yet but shows that Next Bridge is going to be selling shares to try and raise capital which they really need to continue drilling operations.
How much would the shares sell for to these accredited investors? That is a big unknown at this time. Would shareholders get any “dividend” after these sales? Also unknown.
There is speculation on X about the share price.
JunkSavvy gave a summary of what the S-1A means to shareholders.
Will Next Bridge be selling these shares for the amount the hedge funds should pay for them (4 digits)? It’s unlikely they would offer these shares to hedge funds or brokers that created the entire MMTLP fiasco unless the price was right. More than likely this is just a way to raise capital for the company, which is good for us even if it doesn’t immediately resolve the MMTLP situation.
Community member Paul T hosted a space call with Anna, attorney Mark Basile, and Kkep regarding Anna’s lawsuit update.
The lawsuit, Inter-coastal Waterways vs. TradeStation and FINRA was originally filed in May of 2024 and has been moving through the court system.
Both defendants, FINRA and TradeStation, filed for a motion to dismiss. And TradeStation pushed arbitration.
The recent response from the plaintiff, filed on August 16th and led by attorneys from the Basile Law firm, is an impressive document of evidence against the motion to compel arbitration. Getting past this arbitration clause is of paramount importance in recognizing any justice for MMTLP.
The lawsuit made additional news recently. George Palikaras, the ousted CEO and founder of Meta Materials filed his own powerful document of support of this case.
“This fact alone is a conflict of interest because FINRA is directly implicated in the chain of events leading to TradeStation’s inability to deliver Plaintiff its securities. It is highly likely that any FINRA arbitrator will disallow any discovery from FINRA, and Plaintiff would be severely prejudiced, raising serious due process concerns.”
INTER-COASTAL WATERWAYS VS TradeStation AND FINRA
Basile thinks the judge may call for oral arguments after a few more motions go through, and indicates that it could be live-streamed.
Basile also stated that he thinks the community should have filed a suit like this long ago. Paul T made a valid point, however. If a case had been filed right at the beginning, we wouldn’t have had all the evidence we have gathered over the last 600+ days.
The space call wasn’t without some controversy. Mark Basile stated that other people with an “interest in this” might not have solutions aligned with shareholders. This vague statement caused a lot of concern over who this might be and what this exactly means.
Some speculated it might be Greg McCabe of Next Bridge. Others expressed absolute support for McCabe and said he has our best interest at heart. From what we’ve seen and heard at MMTLP Resources, Greg McCabe is on our side.
Basile hinted that we might hear more about this in the coming months.
The full recording of the space call is linked below.
The X-Space call lasted nearly 3-hours and can be listened to via the recording link below. At the end of the call, there was a discussion about PCO (Position Close Only) trading as well.
Looking for the full court document filing? You can read the full document on the case here.
It’s worth the read—quite an impressive filing.
Special shout-outs to Anna, for filing this case that could end up helping all MMTLP shareholders.
In another MMTLP setback, the previous petition comes to a close without favorable results.
Once thought of as a potential win for MMTLP, the judge squashed any hope of revealing the names of those who forced MMTLP to trade without company knowledge.
“ORDERED and ADJUDGED that the Verified Petition and Order to Show Cause (Seq. No. 1) are DENIED, and this proceeding is DISMISSED, without prejudice…”
STEAMROLLER, LLC VS OTC MARKETS GROUP
This petition once gave hope to MMTLP shareholders that, since the goal was just to get the names of those individuals and/or companies involved in starting trading, it might have a more positive outcome.
Today we found out this is as guarded of a secret as the shareholder account is.
The New York Court Document is available here.
Keep fighting MMTLP Army!
There’s an update in the MMTLP case from Scott Traudt v. FINRA, Schwab, etc.
Note: Earlier reports on this had indicated incorrect information about arbitration. This story has since been updated.
An extension has been granted to Schwab of 20 extra days to respond to Traudt’s complaint, but the judge stopped short of dismissing the complaint altogether.
Scott and all community members are expecting an order for arbitration soon, which will be Schwab’s way of trying to run this case seemingly ‘in house’.
If it can be achieved, overcoming the arbitration clause that all brokers make customers sign will be a big step forward.
Attorney and community member Richard Hofman’s case was forced into arbitration with Fidelity. Richard found the arbitration so unfair that he withdrew his case to protect any unworthy decisions or lowball settlements to his claim.
Scott has been working hard and has an ammended complaint. The 1st amended complaint court document can be viewed here and is loaded with documents and evidence against the parties involved.
This information is still good news for all MMTLP shareholders as the case moves forward.
JunkSavvy summarized the new information as well.
Scott has made a lot of progress with his case in a short amount of time. A subpoena has been issued to Gary Gensler, Ken Griffin, as well as companies AST, Next Bridge and others.
For the latest updates, be sure you are following Scott on Twitter (X) at @Greenhills303.
Community member Kurtis was so happy with Scott’s progress he suggested a new image for Scott, which was quickly created by community designer ArtBurn.
