James P. Shea and Patricia H. Shea - Page 7




                                        - 7 -                                         

               At some point during his review of the plan, James acquired            
          additional documents regarding the plan participants and how they           
          proposed to operate.  These documents showed the following:                 
               (1)  The promoters intended to do business through Quotum, a           
          Liberian corporation that was formed on August 1, 1991;                     
               (2)  on November 8, 1991, a first meeting of incorporators             
          and subscribers was held at the offices of Wilcox Engineering               
          Ltd. located in Hereford, U.K.  At the first meeting, a “Transfer           
          Subscription of the Capital Stock of the Corporation” for one               
          share of “Bearer” stock was approved, Brian Wilcox was elected              
          board chairman, and he and Michael Donnelly were elected                    
          directors;                                                                  
               (3)  at a meeting of the board of directors of Quotum held             
          on January 19, 1992 at Wilcox Engineering, Brian Wilcox was                 
          elected president and board chairman, Michael Donnelly was                  
          elected vice president, and Ian Yemm was elected                            
          secretary/treasurer;                                                        
               (4)  at another meeting of the board of directors of Quotum            
          held later in the day on January 19, 1992, James was elected                
          president, E. B. Leedy was elected chairman of the board, Ian               
          Yemm was elected secretary/treasurer, and Michael Donnelly, Brian           
          Wilcox, Bjourn Andersson, and Mladen Kovatchev were elected                 
          directors.  A resolution giving James the right, in his sole                
          discretion, to disburse the “initial funding of $611,750" and to            





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011