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TOPIC: pkpt???

pkpt??? 11 years 2 months ago #1209

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[PKPT SEC investigation]
It appears so, but what about this:

Item 8: Other Events

In a ruling dated May 23, 2007 (3:05 CV 1749(PCD)) the Honorable Peter C Dorsey, Senior United States District Court Judge for the District of Connecticut, granted a Motion pursuant to Rule 59(e) of the Federal Rules of Civil Procedure by the SEC for reconsideration and reversal of an earlier ruling made on March 21, 2007 by the Court granting a Motion made by defendants Ronald A. Durando and Packetport, Inc., joined by defendants Gustave T. Dotoli, Microphase Corporation and Packetport.com, Inc. to dismiss under Rule 41(b) the civil lawsuit filed November 15, 2005 for dismissal of the case for failure to prosecute.

www.sec.gov/Archives/edgar/data/833203/0...ketportf8k052407.htm

Here is full description of the investigation from the latest 10Q:

SEC Investigation

In April 2000, the Securities and Exchange Commission initiated an investigation relating to fluctuations in the price of the Company's common stock subsequent to the change in name from Linkon Corporation to PacketPort.com, Inc. on December 9, 1999.

The Company was advised in April 2002 that following an investigation by the staff of the Securities and Exchange Commission, the staff intended to recommend that the Commission file a civil injunctive action against Packetport.com, Inc. ("Packetport") and its Officer's and Directors. Such recommendation related to alleged civil violations by Packetport and such Officers and Directors of various sections of the Federal Securities Laws. The staff has alleged civil violations of Sections 5 and 17(a) of the Securities Act of 1933 and Sections 10(b) and 13(d) of the Securities Exchanges Act of 1934.

On November 15, 2005, the Commission filed a civil enforcement action against 6 individuals and 4 companies as a result of its investigation, in federal district court in the State of Connecticut, alleging various violations of the Securities Act of 1933 including Sections 5, Section 17(a) and the Securities Exchange Act of 1934 including Sections 10b, Rule 10b-5, Section 12, Section 13, Section 16 in connection with the purchase and sale of stock of Packetport in the period on or about December 14, 1999 into February of 2000. The defendants include the CEO and COO of PacketPort as well as Microphase Corporation, a privately held Connecticut corporation that shares common management with PacketPort. The CEO and COO of PacketPort and Microphase Corporation deny any violation of the law by each or any of them and intend to vigorously contest all charges set forth in such enforcement action by the Commission.

In a ruling (3:05 CV 1747 (PCD)) dated March 21, 2007, the United States District Court for the District of Connecticut granted a motion by the defendants to dismiss, under Federal Rule 41(b) of the Federal Rules of Civil Procedure, the civil lawsuit filed on November 15, 2005 by the Securities and Exchange Commission against PacketPort.com, Inc. et. al. for lack of prosecution. On April 4, 2007, the Securities and Exchange Commission filed a motion for reconsideration, asking the District Court to reconsider, alter or amend its prior Order dismissing the action.

In a ruling (3:05 CV 1749(PCD)) dated May 23, 2007, the United States District Court for the District of Connecticut granted a Motion, pursuant to Rule 59(e) of the Federal Rules of Civil Procedure, by the SEC for reconsideration and reversal of the earlier ruling made on March 21, 2007 by the Court granting a Motion made by defendants Ronald A. Durando and Packetport, Inc., joined by defendants Gustave T. Dotoli, Microphase Corporation and Packetport.com, Inc. to dismiss under Rule 41(b) the civil lawsuit filed November 15, 2005 for dismissal of the case for failure to prosecute.

www.sec.gov/Archives/edgar/data/833203/0...ktprt10qsb043007.txt
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pkpt??? 11 years 2 months ago #1207

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[pkpt???]
8k

Packetport.com, Inc. has engaged Source
Capital Group, an investment banking firm specializing in the placement of
private equity to raise up to $10 million for strategic acquisitions. Source Capital Group, Inc. was
founded in 1994 as a boutique firm specializing in small to medium sized
investment banking transactions. The firm has grown to include a General
Securities business, Emerging Market Securities, Distressed and High Yield Debt
Securities, and its historic Investment Banking activity. Source Capital Group
now has over 100 Registered Representatives in seven branch offices.

In addition, Packetport.com, Inc. has signed a letter of intent dated June 6,
2007 with YFONGLOBAL LLC (the "Company") under which the Company will acquire Packetport.com, Inc. The Company tailors and hosts a turnkey social
networking platform for Internet use and has recently added voice over IP to its
product line.

The letter of intent provides for the
shareholders of Packetport.com, Inc. to own 8% of the common stock of the new
company. In addition each shareholder of Packetport.com, Inc. will receive a warrant
to purchase one share of the new company for 10 cents for a period of 60 days
following the closing.

im kinda new at this...is this a reverse merger?
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