USA: Mingo Bay Beverages Expects Judgement
Mingo Bay President Larry Moses announced that he expects that a judgement against the company will be filed today in Ft. Lauderdale, Fla. Moses stated that the judgement was rendered on September 7th as a result of an ongoing litigation matter over the past five years.The judgement in the amount of $1,314,000.00 was totally unexpected said Moses, and Mingo Bay (OTC Bulletin Board: MGBA) has already begun the appeal process. "While this is definitely a situation that we will have to overcome, we will not let it get us down," said Moses. "Mingo Bay has several lucrative projects in the works and we'll just look at this as a means of motivation, not a setback."Moses agreed to step back into Mingo Bay after resigning, when then President Ralph Miller left the company. Mingo Bay has begun a search for a new CEO to restructure the South Carolina Beverage Manufacturer and handle the daily operations of the company.Moses further stated that company counsel has already been advised to investigate the alternatives available to the company, including the filing of a petition with the U.S. Bankruptcy Court.The company met with an SEC attorney and a financial advisor on Tuesday and Wednesday to begin the process of completing all filings required by the SEC to become a reporting company on the bulletin board.Moses declined further comment.
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