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The former shareholders of Internet On-Ramp, one of Spokane's first Internet service providers, have filed suit in U.S. District Court here against both the president and the former secretary of Redondo Beach, Calif.-based Internet Ventures Inc.
Internet On-Ramp (IOR) was merged into Internet Ventures more than three years ago. As part of the transaction, IOR's shareholders at the time--Bruce Jorgens, David Schmidt, Sheryl Stover, and William Albach--exchanged their IOR stock for shares of Internet Ventures, the four claim in their lawsuit. They allege they had an understanding that Internet Ventures would go public within two years, ensuring liquidity for its shares. They charge that Internet Ventures didn't initiate a true initial public offering, and thus, under the agreement, the exchange of their original shares in IOR now should be rescinded, effectively giving them their company back.
The four shareholders accuse Donald A. Janke, Internet Ventures' president and chairman, and Matthew J. Matern, a former director and secretary of that California company,...