Professional Offshore Opportunity Fund Ltd.

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BVI-domiciled PROOF Fund sues second US penny stock

For the second time in less than three months, a British Virgin Islands-domiciled investment fund has filed a complaint against an Over-The-Counter Bulletin Board-listed penny stock for allegedly defaulting on a loan.The latest action was brought by Professional Offshore Opportunity Fund Ltd. at the U. S. District Court for the Southern District of New York on June 29, 2008.

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.