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

2 hours ago

Govt may move to shield e-buyers

Oct 25 2014 11:34am CDT | Source: Business Standard

E-commerce to be brought under the Consumer Pro ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
10

4 hours ago

Elon Musk: 'Demon' Skynet is almost self-aware

Oct 25 2014 9:52am CDT | Source: CNBC

Elon Musk is no fan of artificial intelligence, and in a new speech he took his critique a step further, Th ...
Source: CNBC   Full article at: CNBC
 

 
Update
9

5 hours ago

India likely to strike deal with Vietnam for oil exploration

Oct 25 2014 9:10am CDT | Source: Business Standard

Looking to deepen its economic ties with Vietnam, India is likely to strike a deal for exploration and production of oil and gas during the visit of South East Asian nation's Prime Miniter Nguyen ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
8

6 hours ago

How Donald Trump Became an American Billionaire Icon

Oct 25 2014 8:15am CDT | Source: Fool.com

Few people have the personality of the Queens native -- or his ability to grasp success and rise from the a ...
Source: Fool.com   Full article at: Fool.com
 

 
Update
7

6 hours ago

Wonkblog: The U.S. still spends more on space than every other country—combined

Oct 25 2014 8:00am CDT | Source: The Washington Post

Ever since NASA retired its last space shuttle in 2011, American space travel has taken a back seat to news of growing Chinese space ambitions, Indian Mars missions, Iranian space chimps, and Russian space geckos. But make no mistake, the United States is still the global powerhouse in space spending. Read full article >> ...
Source: The Washington Post   Full article at: The Washington Post
 

 
Update
5

6 hours ago

In Praise Of Carl Icahn's Apple Buyback Proposals

Oct 25 2014 7:47am CDT | Source: Forbes Real Time

Carl Icahn's idea that Apple should buy back even more of its own stock is coming under fire from certain quarters. The insistence being that instead of just returning those profits to shareholders the company should instead be investing in expanding its current ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
4

6 hours ago

Al Sigl Community to Celebrate 25th Annual WalkAbout

Oct 25 2014 7:37am CDT | Source: Your News Now - Finger Lakes

The Al Sigl Community of Agencies' 25th annual WalkAbout fundraiser takes place Sunday and there's still tim ...
Source: Your News Now - Finger Lakes   Full article at: Your News Now - Finger Lakes
 

 
Update
3

6 hours ago

"Too Big to Fail" Still Too Big a Risk, Says Nobel Winner

Oct 25 2014 7:30am CDT | Source: Fool.com

This French economist knows how to stop Too Big t ...
Source: Fool.com   Full article at: Fool.com
 

 
Update
2

7 hours ago

International Property Show 2015

Oct 25 2014 6:31am CDT | Source: Africa Business

Welcome to the 11th International Property Show – IPS 2015 – a pioneering event held annually in Dubai for international and local companies involved in the sales and promotion of real estate to individual and institutional investors. Commencing from 30March to 1 April 2015 at the Dubai World Trade Centre. Accredited by the ...
Source: Africa Business   Full article at: Africa Business
 

 
Update
1

8 hours ago

6 ways for pre-retirees to get secure retirement

Oct 25 2014 5:45am CDT | Source: USATODAY

Risky spending, high debt and financial illiteracy threaten financial futures.    ...
Source: USATODAY   Full article at: USATODAY
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Mauritania closes border with Mali after Ebola death
Nouakchott, Oct 26 (IANS) Mauritania has closed its border with Mali after an Ebola death was confirmed in the border area this week, a health official said Saturday.
 
 
Number of Ebola cases crosses 10,000: WHO
Geneva, Oct 25 (IANS/EFE) The World Health Organisation (WHO) confirmed Saturday that the number of Ebola cases has risen to more than 10,000 in the eight affected countries, two of which, Nigeria and Senegal, had recently been declared free of the virus.
 
 
India-born Sundar Pichai is Google's new product chief
Washington, Oct 25 (IANS) In a major restructuring of Google management, India-born Sundar Pichai, who is already in-charge of Android, Chrome and Google Apps, has been made the chief of core Google products, according to a technology magazine.
 
 
Mali: Country with 300 Indians records first Ebola death
Accra (Ghana), Oct 25 (IANS) The authorities in the West African nation of Mali, where the Indian embassy says there are between 200 and 300 of its nationals, have confirmed the death of the country's first Ebola patient, a two-year-old girl.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla