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Summary Of SITO Shares: A Case Study

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This office represents Nicole Braun with respect to two promissory notes signed by SITO’s former Chief Executive Officer, Jerry Hug. A copy of each of those notes is enclosed with this correspondence. The context of each of these notes was service provided by Mr. Hug, as an officer of SITO regarding the attempted disposition by Nicole Brown of restricted SITO shares. Mr. Hug repeatedly represented to Ms. Braun that he had the full authority on behalf of the Company to assist with the disposition of the shares and enter into the loan agreements. As a result, Ms. Braun lent Mr. Hug a total of $110,000, none of which has yet been repaid. Ms. Braun has subsequently learned that SITO asserts that the Board of Directors was unaware of the transactions, notwithstanding its CEO’s representations to the contrary. One of the purposes of this correspondence is to Demand that SITO acknowledge its responsibility to stand good for the payment of the notes in the event that Mr. Hug were to default. …show more content…
Therefore, a further purpose of this correspondence is to put SITO on notice of the security interest and demand that the Company’s records reflect that reality.
Finally, if it were the Company’s position that Mr. Hug was not acting with the at least apparent authority of the Company given the status vested in him by the Board of Directors, Ms. Braun demands that any consideration whatsoever due or to become due to Mr. Hug by SITO Mobile, Ltd. be withheld pending the outcome of an interpleader proceeding initiated by the Company to determine the rightful owner of those

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