Closing arguments were heard today in the case between Krem Radio and Sagis Limited, one of the many companies in the Ashcroft business empire. As we’ve reported, Sagis has gone to court to get its 10% holding in Krem – which it claims it is owed as part of a 1994 transaction in which it loaned Krem $100,000. $25,000 of that was to be repaid with the transfer of 50,000 shares in Krem from Evan X Hyde. The share transfer was signed but it was never effected – and Sagis was never placed on Krem’s register of shareholders.
And Sagis was apparently content to leave it at that until 2007 – at the height of enmity between Partridge Street and Market Square – when Sagis re-activated the claim. That’s what attorneys on both sides have been arguing about for the past two days. Ashcroft flew in a team of British attorneys to take care of Sagis’s case and Krem retained organizational allies Michael Young and Lois Young Barrow.
Both sides made vigorous closing arguments this morning and those went right up to 1:00 in the afternoon. For Sagis, Vincent Nelson argued that it was simply a case a fraud, X Hyde signed a share transfer that he did not intend to honour. For Krem, Michael Young argued that the transfer instrument could not have been enough to transfer the shares – and if Sagis had been genuinely interested – it would have made its own checks – but for 12 years, it did not. Young also noted that X Hyde has offered to re-pay Sagis the $25,000 plus interest and the offer was declined.
That’s what was put to the judge but what happens in the court is only one half of this case. To a large extent it will be tried in the court of public opinion. Mose Hyde talked about that after today’s closing arguments.
Mose Hyde, Kremandala
“Ultimately it is a very serious judgment because we are pretty sure we know what is the long term intent of our opponents. They want to secure a seat to create mischief and destruction so it’s an important judgement. We are pretty confident, we believe our attorneys did a very good job and now it is in the hands of the judge.”
Jules Vasquez,
Are you intimidated by the formidable resolve and the resources of your opponent, that this court is just one stop?
Mose Hyde,
“We would be a fool not to be Jules. I think ultimately that is very daunting to us, the fact that this guy can take us back and forth across the Atlantic and we are quite sure that he intends to if it doesn’t go his way. But ultimately for us it is important for the people to get a sense of what’s involved here. I think the court of public opinion is important and I think it is important for people to understand the mindset and what ultimately are the objectives here. I mean when a billionaire becomes so consumed by poor ‘lil Krem and owning 10% and $25,000 to the point that he brings in his foreign dream team, it says about where he wants to go. Imagine, it’s incredible.
We believe that this is ultimately malice and we have expressed and it is a matter of evidence that we are willing to give back the $25,000 with interest. We just don’t have any interest to be infected by the type of viral presence that is Michael Ashcroft and the companies that he owns and controls at this point in time.
I think looking back in retrospective, somebody might say, ‘but you did have contact with him in 1994.’ It amounts to almost getting married but not consummating the marriage and then finding out years down the road that you know what, it was divine intervention that you didn’t because then that person is infected with some stuff you wouldn’t want to have gotten your own damn self. So at this point in time, we don’t want to be forced to lie down with him. Point blank.”
Lead counsel for Sagis, Vincent Nelson declined comment. The Chief Justice has reserved judgement for a later date.
