Lines Overseas Management appeals another adverse ruling in SEC subpoena case

A marathon attempt by Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, to block an SEC fraud investigation is entering a new phase of appeal in the United States.In a ‘Final Order’ on February 21, 2007, U. S. District Judge Richard W. Roberts, sitting at the U. S. District Court for the District of Columbia, overruled the objections filed more than two years ago by LOM and Lines to U. S. Magistrate Alan Kay’s order on January 7, 2005 that they comply with subpoenas requiring testimony and the production of documents for an investigation into alleged securities fraud involving shares issued by Sedona Software Solutions Inc. and SHEP Technologies Inc., both of Vancouver, Canada.However, in keeping with their practice of challenging every decision that goes against them, LOM and Lines filed a notice on March 27, 2007 that they are appealing the ‘Final Order’ to the U. S. Court of Appeals for the District of Columbia Circuit.