X hits on this document

PDF document

Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 77 / 83

272 views

0 shares

0 downloads

0 comments

77 / 83

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

environmental and related cleanup costs of a non-capital nature when it is both probable that a liability has been incurred and when the amount

can be reasonably with any degree of

estimated. certainty

Although it is

the

financial

not possible to quantify

impact

of

the

Company's

continuing

compliance

efforts,

management

believes

any

future

remediation or other compliance

related costs will not have a

adverse results

effect on the

consolidated

of consolidated

operations of

financial condition the Company.

or

material reported

NOTE 14 -

LITIGATION

--------

----------

On January 6, 2 lawsuit titled Tidelands Oil & 150th Judicial 2002-C1-16421. it sued Betty L she executed p $1,950,000. No answered North generally denie of fraudulent i claim that the

003,

we

were

served

as

a

third

party

Northern

Natural Gas Company vs. Bett

Gas

Corporation,

ZG

Gathering,

Ltd.

an

District Court, Bexar The lawsuit was initiated

County, Tex by Northern

ou

Sheerin

for

her

failure

to

make

p

ayable to

Northern

rthern's

suit was

in the original

filed

on

November

pri

13

ern's

lawsuit

on January

6,

d

Northern's

claims

and

raised

2003. the affi

nducement note does

by Northern, estoppel, waive not comport with the legal re

y

defendant

in a

Lou

Sheerin

vs.

d Ken Lay,

as,

Cause

in the Number

Natural Gas when

ayments

on a note

ncipal

amount of

, 2002.

Sheerin

Sheerin's

answer

rmative

defenses

r

and

the

further

quirements

of

a

  • -

    26-

TIDELANDS OIL & GAS CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2005, 2004 (RESTATED) AND 2003

NOTE 14 - --------

LITIGATION (CONTINUED) ----------------------

negotiable instrument. Sheerin se

eks a judicial ruling that Northern be

denied any

recovery

counterclaim

against

on the Northern,

n

ote. ZG

Sheerin's Gathering,

answer included a and Ken Lay generally

alleging, among Lay, fraudulentl a general denial a third party cr entered into an ZG Gathering L agreed to satisf thereby relievin

other things, tha y induced her exe of Sheerin's cou oss claim against agreement to purc

td.

and

that,

a

t

Northern,

ZG

Gathering,

Ltd.

and

Ken

cution

of

the

note.

Northern

has

filed

nterclaims.

Sheerin's

answer

included

Tidelands. She hase the Zavala s a part of the

alleges that Tidelands

Gathering System from

agreement,

Tidelands

y g

all of Sheerin

the ob

ligations

of all

obligations

due and owing to

Northern,

she

had

to

Northern

on

the

$1,950,000

promi

delay the

Tidel

of the case.

Ti

The case was

not

ssory

note in

que

ands'

answer

dat

delands settled

particip at that

stion. Tidelands and Sheerin e in order to allow time for ated in a mediation on March

agreed to mediation 11, 2003.

time.

Tidelands

answered

the

Sheerin

suit on March 26, allegations.

2003.

Tidelands'

answer

denies

all of

Sheerin's

On May 24 first and

and June 16, 2004

respectively,

second

amended

original

answer,

Betty Lou

affirmative

Sheerin filed her defenses, special

exceptions and second

original

third

party

amended original cross-actions and

counterclaim, requests for

second amended

disclosure.

In

these amended

pleadings,

she sued Michael

Ward,

Royis Ward, James B.

Smith,

Carl Hessel and

Ahmed Karim

in their

claims

against these

individuals

are for

individual

capacities.

Her

fraud,

breach

of

contract,

77

Document info
Document views272
Page views272
Page last viewedFri Oct 28 22:10:21 UTC 2016
Pages83
Paragraphs15149
Words37471

Comments