An American District Court has refused Lines Overseas Management bid for a one-month extension to comply with four regulatory subpoenas.

The US Securities and Exchange Commission has been trying to enforce the subpoenas for information relating to alleged market manipulation of the securities Sedona Software Solutions Inc. and SHEP Technologies Inc. since first serving them on managing director Scott Lines and LOM in 2004.

The Lines family and LOM deny any wrongdoing, but have fought the subpoenas on several grounds including their assertion that providing such information would put LOM and Mr. Lines in violation of Bermuda law.

A US District Court Magistrate Judge rejected their arguments however and ordered LOM and Mr. Lines to comply with the subpoenas last January. Two weeks ago, US District Court Judge Roberts upheld his colleague?s order and gave Mr. Lines and LOM a deadine of January 17 this year to produce the documents and other information wanted by the SEC.

On Friday, Judge Roberts also denied LOM?s motion for a one-month extension on his deadline stating that LOM?s grounds were based on ?speculative premise? and the position they put forward was one that LOM ?could have avoided well before now?.

LOM?s motion had focused on the fact that on January 5 this year, they instituted proceedings before the Supreme Court of Bermuda, seeking a declaration that LOM is entitled to disclose certain information in response to the SEC subpoenas.

Besides desiring ?adequate time for the Bermuda proceedings to occur,? LOM also told the court they needed sufficent time to identify all responsive documents and to address issues of burden and relevance with the SEC.

In his denial, Judge Roberts ruled that the Magistrate Judge had already concluded that LOM and Lines had not demonstrated that compliance would subject them to liability under foreign law. He also noted that LOM ?enjoyed? nearly a year of ?status quo? to prepare and to respond to the subpoenas and institute Bermuda court proceedings since the Magistrate Judge?s original compliance order dated back to January 2005.

?LOM?s delay in identifying responsive documents and in seeking a determination from a Bermuda court is of its own making and does not warrant a further extension of the status quo,? Judge Roberts ruled.

LOM?s motion failed to offer any new reason to doubt Magistrate Judge Kay?s determination that LOM?s compliance with the subpoenas would not constitute a violation of foreign law, Judge Roberts said.

The judge also denied LOM?s bid for a stay ?to the extent that the Bermuda court does not conclude that LOM may release the material at issue under the law of that jurisdiction.?