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BVI fund sues US penny stock in an attempt to recover loan

A British Virgin Islands-domiciled investment fund domiciled is suing a U. S. corporation whose shares are traded on the Over The Counter Bulletin Board for allegedly defaulting on a $500,000 loan. Professional Offshore Opportunity Fund Ltd., which is recognized as professional funds under Section 20 (1) of the BVI Mutual Funds Act, 1996 (as amended), filed a complaint against Franklin Towers Enterprises Inc., identified as a Nevada corporation based in Barnstead, New Hampshire, at the U. S. District Court for the Southern District of New York on April 21, 2008.