A group of Leisnoi Corporation shareholders were recently surprised to discover that each of their personal bank accounts had been emptied without their knowledge. Those affected are the same eleven shareholders who are plaintiffs in a lawsuit against the Leisnoi board of directors.
That lawsuit was filed two years ago in an attempt to get information from the self-appointed board of directors of the Leisnoi Village Corporation. The board had failed to hold annual meetings and did not provide audited financial statements as required by law. There were also several problems with the proxies that shareholders use for voting on corporation business. One of the plaintiffs in the lawsuit is JoAnne Holmes.
(Leisnoi 1 "…parts of the law suit.")
While Judge Tan ruled in the board’s favor in some aspects of the case, the judge also determined that the Leisnoi board was wrong for not complying with federal law as dictated by the Alaska Native Land Claims Act. In spite of that, the judge required the eleven shareholder plaintiffs to pay half of the Leisnoi Board’s attorney fees for the two year long case. That decision resulted in the execution of a writ that wiped out the plaintiff’s bank accounts.
(Leisnoi 2 "…based on law or fact.")
The group of plaintiffs, which is now down to Holmes and just two other shareholders, have filed two appeals. The latest one is in response to the loss of the shareholders’ personal accounts.
(Leisnoi 3 "…we’ll be appealing that.")
Holmes said that some of the eleven plaintiffs are elderly on fixed incomes who lost their life savings and had their retirement funds levied.
(Leisnoi 4 "…that’s where we at.")
The total judgement against the plaintiffs was 91,134.48 dollars.