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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 78 / 83

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

breach of the Uniform Commercial Code, breach of duty of good faith and

fair dealing and conversion. Sheerin has against Michael Ward, Royis Ward, and James

now non-suited B. Smith.

her

claims

In

September

2002,

Zavala

Gathering

Syst

note

to Betty

L. Sheer

the

Company

issued

of ZG

Gather

lawsuit

again

partners separate

County, Texas

on this

Tidelands for

the pr

December 29th,

2003,

on the

note. On

April

asking

the court

to di

promissory

note as it

the outcome

of the She

as a pre-closing dep em, the Company exec in, a partner of ZG Ga

1,000,000

shares of i

ing, Ltd.

On December

st

Tidelands

in

the

15

promissory note inciple amount of Tidelands answered

se the thi

1, 2004, Tidelands smiss or abate Sheerin

was related to and it erin third party cross

osit to the purcha uted a $300,000 p thering, Ltd. In ts common stock t 3, 2003, Sheerin 0th District Court eking a judgment note, plus inte s lawsuit denying filed a plea in

's lawsuit on

the

s outcome was

dep

action

against

se of the romissory addition,

  • o

    various filed a of Bexar against

rest. On liability abatement $300,000 endent on Tidelands

in Cause note and

Number 2002-C1-16421. The

shares

of

common

stock

outcome of statements

the litigation described reflect this belief.

Company believes that

should

be

cancelled

above.

Accordingly,

the promissory based upon the our financial

  • -

    27-

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

NOTE 14 - LITIGATION (CONTINUED)

-------

----------------------

On

September

15,

2004 and again on October

15,

2004

respectively,

Sheerin

third

amended

her

party

cross

pleadings

to include a third and

action

against

Tidelands

adding

fourth a claim

amended for the

$300,000 promissory deleted her claims

note. against

In these amended

pleadings,

Carl

Hessel

and

Ahmed

Karim.

Sheerin also After adding

the claim on th Sheerin against Cause Number 20

e $300,000

promissory note to the third party

Tidelands in 02-C1-16421.

Cause

No.

2002-C1-16421,

Sheerin

claims of dismissed

Tidelands won a her tort claims for conversion

partial summary

judgment

against Sheerin as

pled against Tidelands,

save

of

500,000

shares

of

Tidelands

and except stock.

only

to all of her claim

Sheerin seeks found to be due

amounts of

actu

exemplary

dama

damages

against

Tidelands

for indemnity for any sums

from her to al damages,

Northern statutory

Natural Gas Company,

unspecified

damages,

unspecified

amounts of

ges,

attorneys

fees,

costs

of

suit,

and

prejudgment

and

post judgment interest.

On

August

5,

2005,

Northern

Natural

Gas

Company

filed its

Fourth

Amended Ori a defendan Tidelands Partners, L the $1,700, that Tidela such promi Northern is and sale a agreement

ginal

Petit

t to

Nort

for

$1,950

td.

(the pr

000

promis

nds is

alte

ssory

note

a third-pa greement b Tidelands

ion which, f hern. North ,000 promis edecessor to sory note si rnatively l s totaling rty benefici

etween

ZG a

agreed

to as

or the first time, named Tidelands as

ern

seeks

to impose

liability on

sory

note

signed by

McDay Energy

ZG Gathering,

Ltd.) and Sheerin and

gned

by

McDay

only.

Northern

contends

iable

to

Northern

for

payment

of

both

$3,709,914

plus

interest

because

ary

under a December 3,

2001 purchase

nd

Tidelands

claiming

that in such

sume

and

satisfy

all

indebtedness

due

78

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