LOM secures stay of order requiring compliance with SEC subpoenas

Bermuda-based stockbroker Lines Overseas Management Limited has secured more time in its increasingly desperate battle to avoid co-operating with securities fraud investigations being conducted by the SEC.
In an order on January 13, 2006, the U. S. Court of Appeals for the DC Circuit temporarily stayed a lower court’s order that LOM and its Managing Director, Scott Lines, comply with four SEC administrative subpoenas by January 17. The ruling was in response to an emergency motion for a stay, pending an appeal, filed that same day by LOM and Lines.