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.