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December 6, 2009

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Las Vegas company sued in stock dispute

Monday, July 9, 2001 | 10:42 a.m.

Dallas-based securities clearing firm Southwest Securities Inc. sued natural foods company Amazon Natural Treasures Inc. of Las Vegas and its president, Michael Sylver, alleging contempt of court.

Southwest claims Amazon and Sylver violated a November settlement order by refusing to deliver Amazon stock Southwest said it owned and by forcing Southwest to buy Amazon shares on the open market -- allegedly driving up the stock price.

Southwest, which said it holds 440,336 Amazon shares in stock certificates that under the November order were to be exchanged for new stock certificates, said the defendants refused to honor a request Southwest made in December to make the transfer and improperly withheld 206,902 of its shares.

But Sylver disputed the charges.

"Southwest has no claim to the stock because it isn't the beneficial holder of the stock. There'll be a motion for summary judgment by Amazon to dismiss the case."

Separately, Amazon and Sylver sued to recover $233,307 in damages from American Express Corp., alleging it overbilled and charged Amazon for services never rendered and failed to fulfil an alleged agreement to credit Amazon's account.

American Express officials could not be reached for comment.

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