Ameri Metro Inc.
04/24/2024 | Press release | Distributed by Public on 04/24/2024 12:18
Material Event - Form 8-K
Item 8.01 Other Events.
On April 19, the Board of Directors unanimously passed a resolution to conditionally proceed with Ameri Metro Inc. filing a lawsuit against the Securities and Exchange Commission and against Andrew Lentz.
| 1. | A bogus lawsuit was filed by Andrew Lentz for more than $389,000,000. Mr. Lentz was a former consultant to a related entity of Ameri Metro, Inc. (ARMT). Mr. Lentz was fully aware that this bogus lawsuit would cause significant damage to ARMT including, but not limited to, not being able to meet its financial reporting requirements. To date, his strategy has worked. |
| 2. | Andrew Lentz boasted to many ARMT affiliates about "blowing the whistle" on ARMT to the SEC. In fact, the SEC indeed accepted the Lentz TCR (complaint) and acted upon it by opening an investigation and issuing questionnaires to all but a few ARMT Stock Class B shareholders. Only an insider such as Andrew Lentz was privy to that very private information. ARMT is currently supporting a lawsuit against Lentz and the SEC on behalf of our Class B shareholders for violations of personal privacy, fraud and extortion. In that regard, Lentz was not in a position to file a lawsuit of this magnitude, notably having filed personal bankruptcy three times, thus fraudulent. |
| 3. | Even though Andrew Lentz clearly made materially false statements to a Federal agency (i.e. the SEC) causing serious damage to ARMT, the SEC has not pursued, to our knowledge, a criminal complaint against him via the Department of Justice. In fact, in an abuse of discretion, the SEC continues to pursue de-registration of ARMT regardless of merit. |
| 4. | Also, the SEC has not issued its final position on accounting for digital currencies. The proposed SEC position remains in direct conflict with GAAP standards and the AICPA's proposals. We agree with the AICPA's position because the SEC's position opens the door to massive financial statement manipulations. |
Abuse of Discretion
"An abuse of discretion is a plain error, discretion exercised to an end not justified by the evidence, a judgment that is clearly against the logic and effect of the facts as are found." Rabkin v. Oregon Health Sciences Univ., 350 F.3d 967, 977 (9th Cir. 2003)(citation and internal quotation marks omitted); see also In re Korean Air Lines Co., Ltd., 642 F.3d 685, 698 n.11 (9th Cir. 2011).