Shield Law Group, the Osage-owned law firm retained by Principal Chief Geoffrey Standing Bear to investigate the former management of the Osage, LLC, is setting the stage for potential legal action.
According to a prepared release on April 28, a formal demand was issued to New Market Technology Fund on April 22, a Delaware-based limited liability company, for information regarding a failed investment of $1,000,000 over the course of several months in 2010 with no dividends, principal or earnings revenue having been returned.
NMTF listed former OLLC, Chief Executive Officer Carol Leese as the owner of the 5.09 percent interest in NMTF and not the OLLC. That designation was changed in April 2014 upon request of the current OLLC management, Jim Parris, according to the release.
According to an April 22 report from Shield Law Group to Standing Bear, very little information regarding certain transactions and other activities were presented to investigators on the many numerous investments the OLLC made over the years.
“A lack of cooperation, in some instances, from existing personnel in permitting unfettered access to documents that we need,” wrote Amanda Proctor, owner of Shield Law Group. She also noted a lack of bookkeeping, unsecure files, lack of comprehensive inventory of hard copy and electronic files, historical records stored off-site at one or more locations.
Currently, only two of the companies which OLLC is the sole or majority equity owner is Osage Pinnacle Design Group and Osage Innovative Solutions.
“Based upon the information we have been provided and have analyzed to date … we would recommend OLLC and its direct or remote subsidiaries cease active operations, while continuing in existence for purposes of liquidating debts or obligations of OLLC and pursuing legal claims held by OLLC,” she wrote.
Check back to osagenews.org as this story develops.