On July 28, 2013 the statement below appeared on Optionable's website.
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Optionable Updates Litigation Strategy
July 28, 2013
Optionable announced today that upon examination of evidence relating to
the collapse of its business and share price, clear evidence of actions by Bank of
Montreal (BMO) and The New York Mercantile Exchange (NYMEX) as being the
cause of such collapse has emerged.
In May 2007, BMO, in the midst of significant market losses after previously
announced gains, executed clear strategy to do whatever necessary to steer
attention away from its risk management practices. In fact, internal
communications at BMO between BMO and its crisis public relations firm states
clearly "we feel the strategy of assigning blame to Optionable............ has been
effective to date". The communication then suggests "redirecting the spin by
suing Optionable" as a way to focus the media attention on Optionable.
Optionable had been high profile based on its position as a first mover in the
options technology space and based on the New York Mercantile Exchange
(NYMEX) having bought a minority interest in Optionable.
Incredibly, BMO did in fact sue Optionable and litigation is now pending.
NYMEX then piled on based on the "supposed" bad actions of Optionable and
alleged breach of contract relating to their purchase of minority interest in
Optionable.
NYMEX, which had taken a minority interest in Optionable, was
contractually required to be engaging in technology cooperation and joint
marketing. Instead, NYMEX launched a competing product to Optionable on the
platform of the Chicago Mercantile Exchange (CME) thereby setting up their own
ten billion dollar purchase by CME. Optionable has filed significant counterclaims
against NYMEX .
“Actions by BMO and NYMEX caused approximately 500 million in actual
market value destruction to Optionable shareholders, said Optionable CEO Dov
Rauchwerger. " In addition, the potential for billions more, based on Optionable's
clear lead as the first options platform able to handle complex options trade was
lost. We will not cease to fight until BMO and NYMEX (now CME ) are held
accountable for our beleaguered shareholders actual losses and lost
opportunities". Optionable will be providing timely updates to shareholders as
further investigations of the actions of BMO and NYMEX in this matter are undertaken and as management determines further steps to take in order to
recoup value for shareholders.
About Optionable
Optionable was the developer of a groundbreaking options trading
platform for professional options traders. In May 2007, actions by Bank of
Montreal (BMO) and the New York Mercantile Exchange (NYMEX) destroyed five
hundred million in market value and billions more in lost opportunity costs. Its
business destroyed, the company is now actively investigating and pursuing all
avenues to hold NYMEX (now CME) and BMO accountable.
2 comments:
Sorry for your losses.
Mr.Cassidy is not some fool who got caught up in a Banks move to make him the fall guy.Check his real history. credit card fraud..convicted....US Customs fraud...convicted....he is a career criminal....con artist....His whole life is a lie..He has conned both friends and family out 100's of thousands of dollars.
Follow him on his release from prison and he will lead you straight to his next con.
First things first. THANK YOU for posting a comment on my blog, even a negative one. It's been a few years since anyone has bothered to challenge me on my opinions.
What's more, I even started in pretty much the same place as you're coming from now. I think we're all pretty jaded and expect the worst from politicians and financial leaders.
I sincerely think you are going to be surprised by what the people at the Bank will be forced to admit to when their sworn depositions are taken. Cassidy and Ed O'Connor have already given their sworn depositions, and I've read as much as has been released to the public.
Do you know when I made he switch from wanting and hoping Cassidy to be innocent to KNOWING that he is innocent? When I read his deposition testimony. It was an 'oh my God' moment. If you think I might be mistaken about this, do yourself a favor and read the depositions for yourself. (There are links to Cassidy's deposition at the end of my blog titled "Bank of Montreal Bullying Target Has Spoken" And there are links to O'Connor's deposition at the end of my blog titled "Bank of Montreal Silent on "What was Supposed to Happen?")
Thanks for your interest in this story. Please stay tuned!
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