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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 19 / 83

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19 / 83

Edgar Filing: TIDELANDS OIL

& GAS CORP/WA - Form 10-K

Sheerin's allegations.

On May second second

24 and June 16, 2004 respectively,

Be

amended

original

answer,

affirmative

amended

original

counterclaim,

sec

cross-actions Michael Ward,

and requests for disclosure. Royis Ward, James B. Smith,

I Ca

tty Lou Sheerin fil

defenses, special ond amended origi n these amended ple rl Hessell and Ahme

ed her first and

exceptions and

nal

third

party

adings,

she sued

d Karim

in their

individual

capacities.

Her

claims

against

breach of contract, good faith and fair

breach of the

Uniform C

dealing

and

conversion

claims against

Michael Ward, Royis Ward, and

these individuals ommercial Code, b . Sheerin has now James B. Smith.

are for fraud, reach of duty of

non-suited her

In

September

2002,

as a

pre-closing

depo

Sys

tem,

a pa

rtner

shar

es of

Gathering Sheerin, 1,000,000

the Company executed a $3 of ZG Gathering, Ltd. its common stock to vario

2003,

Sheerin

filed a

separat

Court

of Bexar

County,

Texas

On

December

3,

150th

District

judgment

again

On

December

29

st th,

Tidelands

for

the

principle

sit to the purchas 00,000 promissory In addition, the us partners of ZG e lawsuit against

on

this

promissory

amount of the note

e

of the Zavala

note

to

Betty

L.

Company issued Gathering, Ltd. Tidelands in the

note seeking a , plus interest.

  • -

    16-

2003, Tidelands answered this lawsuit denying liability on the note. On April 1,

2004,

Tidelands filed a plea in abatement

asking the

court to dismiss or abate

Sheerin's

outcome

was

lawsuit

on

dependent

the

on

$300,000

promissory

the

outcome

of

the

note

as

Sheerin

it was related to third party cross

and its action

against Tidelands in

promissory

note

and

Cause Number

2002-C1-16421.

shares

of

common

stock

should

The

be

company believes

that

the

cancelled

based

upon

the

outcome reflect

of the litigation this belief.

described

above.

Accordingly,

our

financial

statements

On September amended her

15,

2004 and again on October

pleadings

to

include

a

third

and

15, fourth

2004

respectively,

Sheerin

amended

third

party

cross

action against

Tidelands

these amended

pleadings,

promissory

note. In

against

Carl

Hessell

adding a claim for the $300,000 Sheerin also deleted her claims

Sheeri

n

Numbe

r

and Ahmed Kar third party Sheerin dismi

claims

of

ssed

Cause

g

im.

After addin

the claim on the $300,000

pr

against Tidelands 2002-C1-16421.

in

Cause

omissory note to the

No.

2002-C1-16421,

Tidelands won claims pled a 500,000 share

a partial summa gainst Tidelands s of Tidelands s

ry

judgment

, save tock.

and

against Sheerin a

except

only

her

cla

s to all of her tort im for conversion of

due from her

to Northern Nat

damages, stat

utory damages,

fees, costs o

f suit, and prej

Sheerin seeks

damages

agains

t

Tidelands for indemnity for

ural

Gas

Company,

unspecifie

unspecified udgment and

amounts of exemplar post judgment inter

any sums found to be

d amounts y damages, est.

of actual attorneys

On August Original Northern.

5, Pet No

2005,

Northern

ition which,

rthern

seeks

fo to

r

Natural Gas Company the first time, named

impose

liability

on

filed Tidelan Tidela

its Fourth Amended ds as a defendant to

nds

for

$1,950.000

promissory Gathering,

note signed by McDay Energy

Partners,

Ltd.

(the

predecessor

Ltd.)

and

Sheerin

and

the

$1,700,000

promissory

note

signed

by

to ZG McDay

only.

Northern contends that Tidelands is alternatively

liable to Northern for

payment of both such promissory notes Northern is a third party beneficiary

totaling $3,709,914 plus interest because under a December 3, 2001 purchase and sale

agreement agreed to

between ZG and Tidelands

claiming that

assume

and

satisfy

all

indebtedness

due

agreement

Tidelands

Northern

by Sheerin

in such

and

owing

and ZG. Northern also gas gathering system in question.

claims that it is and pipeline that

entitled to foreclosure of a lien was the subject of the promissory

on the notes

Tidelands has won a summary

judgment

motion it filed against

Northern and the

19

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