According to the docket, the US Court of Appeals upheld the settlement and dismissal of the claims on April 4, 2003. On May 21, 2001, the district court entered its order of final settlement approval and final judgment of dismissal, which was appealed on June 10, 2002.
According to the firm's 10-KSB filing dated 1/04/2000, on January 14, 1999 the Company filed a petition for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for
the District of Delaware. The petition for relief did not include the Company's
two operating subsidiaries, Calibur Systems, Inc. and Jackson-United Petroleum
Corporation. On October 7, 1999, the United States Bankruptcy Court for the District
of Delaware entered an order (the "Confirmation Order") confirming the Debtor's
Second Amended Plan of Reorganization dated July 23, 1999 (the "Plan").
Pursuant to the Plan, the plaintiffs have released the Company,
its affiliates, and their respective officers, directors and employees from all
claims, including but not limited to claims for contribution and indemnity,
asserted by them in this lawsuit.
According to a PRNewswire press release, the complaint alleges that certain entities and individuals that purchased or arranged the purchasing of United Petroleum convertible debentures in reliance upon the transaction exemption afforded by Regulation S as promulgated by the SEC under the Securities Act of 1933 participated in a fraudulent and manipulative scheme to undermine the integrity of the market for United Petroleum stock during the Class Period.