2009-10-21 15:54 ET - Street Wire
By Stockwatch Business Reporter
Silverado Gold Mines Ltd., an OTC Bulletin Board-listed company with controversial history, is being sued by its former law firm, Sangra Moller LLP, over unpaid fees. In a brief statement of claim filed with the Supreme Court of British Columbia on Sept. 16, 2009, Sangra Moller alleges Silverado owes it $77,765.61.
The suit claims Sangra Moller entered an agreement to provide legal services to Silverado on May 22, 2008, and to issue invoices upon request. Sangra Moller alleges that between September, 2008, and March, 2009, it issued six invoices for legal fees to Silverado for a total of $87,765.61. According to the statement of claim, Sangra Moller threatened Silverado with a lawsuit and on July 30, 2009, Silverado, to avoid legal proceedings, agreed to make three payments covering the amount owed.
The suit states Silverado made the first payment of $10,000 on Aug. 5, 2009, but failed to pay the second for $30,000, dated Aug. 10, 2009, or the third for $47,765.61, dated Aug. 25, 2009.
Sangra Moller is seeking payment of the $77,765.61 owing, plus interest and costs. The statement of claim was filed by Kevin D. Loo of Nathanson, Schachter & Thompson LLP.
BCSC cease trade order
On May 13, 2008, around the same time Silverado hired Sangra Moller, the British Columbia Securities Commission suspended Silverado from trading. Silverado had published changes to gold mineral resources on its Alaskan properties without filing four material change reports (see Stockwatch April 16, 2008, May, 5, 2008, and Dec. 22, 2006). Silverado also failed to file a preliminary distribution prospectus. After Silverado submitted the requested documents, the BCSC revoked the order on Aug. 5, 2008. The company has also been a frequent feature in columns by The Vancouver Sun's reporter David Baines.
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