Cootes Drive LLC Files Amended Complaint Against Internet Law Library (ELAW)

Apr 19, 2001, 01:00 ET from Cootes Drive LLC

    NEW YORK, April 19 /PRNewswire/ -- Cootes Drive LLC today announced that
 on April 13, 2001 it filed a motion in New York Federal Court to amend its
 complaint against Internet Law Library, Inc. (Nasdaq:   ELAW).
     The proposed new pleading sets forth several new material developments.
 Specifically, Cootes Drive alleges that, since filing its original complaint,
 Cootes Drive has served a notice of redemption of all of its preferred shares
 of Internet Law Library stock in the amount of $2,214,011.60, which amount
 Internet Law Library has failed and refused to pay, in breach of the
 agreements between the parties.  The new allegations also include Internet Law
 Library's default on a $500,000 promissory note in favor of Cootes Drive since
 the filing of the complaint.
     Cootes Drive's proposed amendment also contains allegations that Internet
 Law Library defrauded Cootes Drive by failing to disclose material information
 with respect to the background of a key officer at Internet Law Library.
     The new pleading further alleges that Internet Law Library has not
 disclosed to the investing public: (1) Cootes Drive's call of the promissory
 note on March 1, 2001, (2) Internet Law Library's failure to honor the
 promissory note and its obligation to pay more than half a million dollars,
 (3) Cootes Drive's issuance of the notice of redemption on March 15, 2001, (4)
 Internet Law Library's failure to honor the outstanding demand for $2,214,011
 set forth in the notice of redemption, and (5) the liquidated damages that
 that continue to accrue against Internet law Library as result of its
 contractual breaches.
     The proposed Second Amended Complaint would amend Cootes Drive's current
 pleading (Case No. 01 Civ. 0877 (RLC)), which was filed in February 2001 in
 connection with Internet Law Library's failure to deliver shares of common
 stock despite contractual agreements requiring the Company to do so.
 
 

SOURCE Cootes Drive LLC
    NEW YORK, April 19 /PRNewswire/ -- Cootes Drive LLC today announced that
 on April 13, 2001 it filed a motion in New York Federal Court to amend its
 complaint against Internet Law Library, Inc. (Nasdaq:   ELAW).
     The proposed new pleading sets forth several new material developments.
 Specifically, Cootes Drive alleges that, since filing its original complaint,
 Cootes Drive has served a notice of redemption of all of its preferred shares
 of Internet Law Library stock in the amount of $2,214,011.60, which amount
 Internet Law Library has failed and refused to pay, in breach of the
 agreements between the parties.  The new allegations also include Internet Law
 Library's default on a $500,000 promissory note in favor of Cootes Drive since
 the filing of the complaint.
     Cootes Drive's proposed amendment also contains allegations that Internet
 Law Library defrauded Cootes Drive by failing to disclose material information
 with respect to the background of a key officer at Internet Law Library.
     The new pleading further alleges that Internet Law Library has not
 disclosed to the investing public: (1) Cootes Drive's call of the promissory
 note on March 1, 2001, (2) Internet Law Library's failure to honor the
 promissory note and its obligation to pay more than half a million dollars,
 (3) Cootes Drive's issuance of the notice of redemption on March 15, 2001, (4)
 Internet Law Library's failure to honor the outstanding demand for $2,214,011
 set forth in the notice of redemption, and (5) the liquidated damages that
 that continue to accrue against Internet law Library as result of its
 contractual breaches.
     The proposed Second Amended Complaint would amend Cootes Drive's current
 pleading (Case No. 01 Civ. 0877 (RLC)), which was filed in February 2001 in
 connection with Internet Law Library's failure to deliver shares of common
 stock despite contractual agreements requiring the Company to do so.
 
 SOURCE  Cootes Drive LLC