Caldera Hearing Will Use American Arbitration Association Rules
Wednesday, June, 15, 2011
The American Arbitration Association's rules will govern an upcoming hearing between Caldera Resources, Inc. and the Global Gold Corporation. The hearing has been scheduled for August 23rd and 24th, but will continue into September if the parties need more time to present their case before the arbitration panel, which is expected to issue a binding ruling at the close of the case.
Justice Herman Cahn to Follow American Arbitration Association Rules
The court-appointed arbitration panel consists of a single member, Retired Justice Herman Cahn, who served on the State Supreme Court of New York. The hearing will take place in New York Cities at the offices of Judge Cahn, who specialized in commercial disputes when he served on the state high court.
Bill Mavridis, the CEO and President of Caldera Resources, expressed confidence in the arbitration process, stating that Caldera would “prevail and investors should be positive about the future of the Company”. At issue is the termination of a joint venture between Caldera and the Global Gold Corporation. In October of 2010, Caldera received news that Global Gold would unilaterally terminate the joint venture, but the agreement between the parties provided no authority for such an action. If successful, the action would bypass the binding arbitration rules set forth by the American Arbitration Association.