360° Coverage : Colorado Based HEI Wins Decisively in Denver District Court...

11 Updates
Colorado Based HEI Wins Decisively in Denver District Court Court; Denies Colorado Securities Commission Attempt to Expand Regulatory Authority
Photo Credit: PR.com

Colorado Based HEI Wins Decisively in Denver District Court Court; Denies Colorado Securities Commission Attempt to Expand Regulatory Authority

Oct 21 2013, 3:34pm CDT | by PR.com

Colorado Springs business practices validated by Denver District Court in suit with State Securities regulators.

Colorado Springs, CO, October 21, 2013 --(PR.com)-- In a case being watched closely by securities regulators and lawyers alike, Colorado Springs based oil and gas exploration company, HEI...

Filed under: news

YouTube Videos

 
 
 

1 year ago

Colorado Based HEI Wins Decisively in Denver District Court Court; Denies Colorado Securities Commission Attempt to Expand Regulatory Authority

Oct 21 2013, 3:34pm CDT | by PR.com

Colorado Springs business practices validated by Denver District Court in suit with State Securities regulators.

Colorado Springs, CO, October 21, 2013 --(PR.com)-- In a case being watched closely by securities regulators and lawyers alike, Colorado Springs based oil and gas exploration company, HEI Resources, Inc. (HEI), its President and CEO Reed Cagle, and its employees received a favorable judgment following a four-year long challenge from the Colorado Securities Commissioner. The Court’s decision validates HEI’s and Cagle’s business structure and practices.

In bringing the lawsuit, the State sought to expand its regulatory authority by designating interests in joint venture partnerships as securities, despite contrary rulings by a federal district court, the Colorado Securities Board, and a Colorado jury.

Following a seven day trial in which the Court heard from numerous experts and more than a dozen joint venture partners, the Honorable Michael A. Martinez issued a thoughtful, 33-page order outlining his factual findings in the case and his decision that joint venture interests offered by HEI are not securities.

“It’s unfortunate that I have spent the time, money, and emotion defending against these baseless claims, but I have an obligation to my employees and my partners to fight these claims and preserve the ability of my partners to continue to enjoy the benefits of direct participation programs,” said Cagle.

Among other allegations, the state alleged that investors in the company’s oil and gas exploration projects were elderly, uneducated and not capable of making wise investment decisions. Contrary to their depiction, HEI partners testified as to their wealth, education and business savvy. One partner described herself as a “smart and tough” businesswoman running a multi-property real estate business. Another partner was a former Wall Street financier who brought in many of his friends from major Wall Street titans to participate in partnerships alongside him.

Judge Martinez was ultimately unswayed by the State’s arguments, finding that, "There is no indication that HEI targeted any specific age or demographic group other than to establish that HEI actively sought out individuals that were wealthy, educated and sophisticated investors with sufficient business experience to exercise the significant partnership powers granted them under the joint venture agreements."

The Court found HEI’s partners to be educated, wealthy and experienced in business affairs, with many holding executive management positions or owning their own businesses. Based upon these facts, and dozens of others from the 16 witnesses that provided testimony at trial, Judge Martinez concluded the following:

"The persuasive and credible evidence in the record compels the court’s conclusion that the partners in the joint ventures were capable of intelligently exercising the partnership powers granted to them."

“Mr. Cagle has fought long and hard to protect his partners, to protect his employees, and to uphold his integrity and reputation,” stated Otto Hilbert, a senior partner of Robinson, Waters and O’Dorisio, who represented Cagle at trial. “His efforts have helped to keep general partnerships available in the industry and free from costly and unnecessary regulatory oversight.”

“Colorado is my home,” said Cagle. “I have raised my family here, and HEI supports the local economy, multiple charities, and provides jobs and support for dozens of families in Colorado. This ruling is a tremendous victory for us all.”

About HEI Resources, Inc. Cagle founded HEI Resources in 1997 for the acquisition, exploration and development of domestic oil and gas reserves, and based upon partner demand, has recently expanded into mining. Despite the inherent risks involved, the company has been at the forefront of providing direct participation opportunities, having sponsored more than 100 joint ventures in these combined industries. For more information, visit www.heipartners.com.

Contact Information:
Tuckahoe Strategies
Ramsey Poston
386-547-2608
Contact via Email
www.TuckahoeStrategies.com
@TuckahoeStrat

Read the full story here: http://www.pr.com/press-release/523194

Press Release Distributed by PR.com

Source: PR.com

 
Update
11

1 hour ago

SunEdison's Plan To Go Big In China

Oct 30 2014 12:31pm CDT | Source: Forbes Real Time

SunEdison is embarking on an ambitious plan to enter the booming Chinese solar market. It's not the first American company to try, but it may just be doing so at the right time and with a better strategy. The solar power project developer recently announced a joi ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
10

1 hour ago

Colony Financial Inc.: Is It Time to Buy This Dividend Stock?

Oct 30 2014 12:28pm CDT | Source: Fool.com

Colony Financial is an attractive investment for investors looking for exposure to real estate debt and equity investments, want to protect themselves against rising interest rates, and desire recurring quarterly div ...
Source: Fool.com   Full article at: Fool.com
 

 
Update
9

1 hour ago

Activist Paints Bleak Picture of DuPont Deal

Oct 30 2014 12:25pm CDT | Source: WSJ.com: Europe Home

Trian Fund Management is slamming DuPont over the sale of its paint division as buyer Carlyle prepare ...
Source: WSJ.com: Europe Home   Full article at: WSJ.com: Europe Home
 

 
Update
8

1 hour ago

Has Samsung Lost Its Grip to China?

Oct 30 2014 12:12pm CDT | Source: WSJ.com: Asia Home

The sharp drop in Samsung’s mobile-phone business raises the question: Will Chinese companies soon rule ...
Source: WSJ.com: Asia Home   Full article at: WSJ.com: Asia Home
 

 
Update
7

1 hour ago

3D Printing Stocks: Why Expertise Could Become More Important Than Products

Oct 30 2014 12:02pm CDT | Source: Fool.com

Why 3D printing investors should care. ...
Source: Fool.com   Full article at: Fool.com
 

 
Update
5

1 hour ago

Why Vistaprint Limited Shares Took Off Today

Oct 30 2014 12:00pm CDT | Source: Fool.com

The small-business marketing specialist is firing on all cylinders after a strong fiscal first ...
Source: Fool.com   Full article at: Fool.com
 

 
Update
4

2 hours ago

UNM wants partner to develop sports and entertainment district near Pit

Oct 30 2014 11:30am CDT | Source: New Mexico Business Weekly

The University of New Mexico is looking for a developer to enter into a public-private partnership for what it calls a "south campus sports and entertainment district" adjacent to The Pit, Isotopes Park and University Stadium. The site is on two acres — located on the southeast corner of University Boulevard and Avenida Cesar Chavez — immediately west of the football stadium, east of The Pit and south of Isotopes Park. The site is now used for par ...
Source: New Mexico Business Weekly   Full article at: New Mexico Business Weekly
 

 
Update
3

2 hours ago

Merger will mean expansion for one of Cincinnati’s largest accounting firms

Oct 30 2014 11:21am CDT | Source: Cincinnati Business Courier

One of Greater Cincinnati's dozen largest accounting firms, Decosimo, could double the size of its local office in the next few years as the result of a merger. Decosimo, based in Chattanooga, Tenn., and Elliott Davis, a Greenville, S.C.-based accounting firm that doesn't have any local operations, said Wednesday that they'll merge effective Jan. 1. The deal will create a firm that will ...
Source: Cincinnati Business Courier   Full article at: Cincinnati Business Courier
 

 
Update
2

2 hours ago

Lipika Pelham: Enslaved abroad, oppressed at home

Oct 30 2014 11:16am CDT | Source: Business Standard

We should be mortified by the terrible indignity that Bangladeshis face in their own land, which is forcing many of them into a life of servitude an ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
1

2 hours ago

How to Raise Money for a Prototype

Oct 30 2014 10:52am CDT | Source: BusinessWeek

A guide to turning an early product idea into something ready for product ...
Source: BusinessWeek   Full article at: BusinessWeek
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

China's aid to fight Ebola arrives in Ghana
Accra, Oct 30 (IANS) Chinese medical supplies and equipment to aid Ghana's fight against the outbreak of the deadly Ebola Viral Disease arrived at the Kotoka International Airport in Accra late Wednesday night.
 
 
EU lifts decade-long economic sanctions on Zimbabwe
Harare, Oct 30 (IANS) The European Union (EU) has lifted its decade-long economic sanctions on Zimbabwe in a move that will see the trading bloc extending 234 million Euros (about 300 million dollars) to support programmess in the country.
 
 
World Bank pledges more funds for Ebola flight in West Africa
Accra, Oct 30 (IANS) The World Bank announced Thursday an additional $100-million support package in its Ebola response activities for three West African countries ravaged by the epidemic.
 
 
Did you sleep well? This device will show
Tokyo, Oct 30 (IANS/EFE) Japanese video game company Nintendo Thursday announced it will develop a device to track and improve the quality of sleep, the latest venture of the company to get into the "eHealth" business.
 
 
 

Latest from the Network

11 held for digging women's graves for 'ghost marriages'
Beijing, Oct 30 (IANS/EFE) Chinese police have arrested 11 people for allegedly digging up dead women's bodies from their graves to sell them for rituals known as "ghost marriages", Hong Kong's South China Morning Post...
Read more on Politics Balla
 
Argentina's Congress passes energy-overhaul bill
Buenos Aires, Oct 30 (IANS/EFE) Argentina's lower house of Congress, controlled by President Cristina Fernandez's allies, gave final approval Thursday for a new Hydrocarbons Law that was harshly criticised by...
Read more on Politics Balla
 
UN chief seeks help against female genital mutilation
Nairobi, Oct 30 (IANS/EFE) UN Secretary General Ban Ki-Moon called on the media Thursday to speak out and help put an end "within this generation" to Female Genital Mutilation (FGM), a practice suffered by 130 million...
Read more on Celebrity Balla
 
Over 9,000 kg marijuana seized in Tanzania
Arusha (Tanzania), Oct 30 (IANS) Tanzanian police Thursday said they have seized 9,102 kg of marijuana in an ongoing crackdown operation in northern part of the country. The seizure follows an operation carried out in...
Read more on Politics Balla
 
China's aid to fight Ebola arrives in Ghana
Accra, Oct 30 (IANS) Chinese medical supplies and equipment to aid Ghana's fight against the outbreak of the deadly Ebola Viral Disease arrived at the Kotoka International Airport in Accra late Wednesday night. The...
Read more on Business Balla
 
US 'deeply concerned' about Burkina Faso situation
Washington, Oct 30 (IANS) The US is "deeply concerned" about the deteriorating situation in Burkina Faso resulting from efforts to amend the constitution, the White House said Thursday. "We believe democratic...
Read more on Politics Balla
 
Israeli PM calls for halt to incitement
Jerusalem, Oct 30 (IANS) The world must end its silence and condemn "Palestinian incitement" that fuels violence in Jerusalem, Israeli Prime Minister Benjamin Netanyahu said Thursday, hours after a Palestinian gunman...
Read more on Politics Balla
 
Mozambique's ruling party wins general elections
Maputo, Oct 30 (IANS) Mozambique's electoral authorities Thursday announced Filipe Nyusi, the candidate of the ruling Frelimo party, as elected the fourth president in general elections since the country gained...
Read more on Politics Balla
 
EU lifts decade-long economic sanctions on Zimbabwe
Harare, Oct 30 (IANS) The European Union (EU) has lifted its decade-long economic sanctions on Zimbabwe in a move that will see the trading bloc extending 234 million Euros (about 300 million dollars) to support...
Read more on Politics Balla
 
Chris Hemsworth wants to raise kids in Australia
Chris Hemsworth wants to raise his children in Australia. The 'Avengers' actor is keen to return to his home country with wife Elsa Pataky and their kids India, two, and twins Tristan and Sasha, seven months, after...
Read more on Celebrity Balla