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cmkxtra
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Webinar #51 notes 9 hours ago tfant53 likes this.
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Post by cmkxtra on 9 hours ago
Litigation Update: 7/15/15 they received a big pile of bank records from WF and have been digging through them since then. Unfortunately these records have not lead to asset recovery as hoped. Due to paper reduction acts WF was in their rights to destroy some of the older records on earlier bank accounts (86 accounts for Edwards alone) that would have helped us.
Most of the documents are for newer accounts and by time we got the info on those accounts, they were not helpful in finding anything. The 2003-2005 accounts were the most critical when most of the alleged criminal activity took place exchanging money were deleted and WF doesn’t have copies. WF is within their rights.
Recently we received several hundred thousand pages of new discovery. That is even a bigger process. There are some new bank accounts that we’ve not seen before. Most of the old ones were for Edwards, but the new ones are for other players/insiders. It’s a very complex pile of information—but our researchers are digging through it.
Criminal Trial: Still scheduled for March of this year…unless they change their mind and move it again. He has not heard anything about it. Hopefully the trial will come off and justice will be served. SK does plan to attend the trial. He’s not been subpoenaed to testify and doesn’t know if he actually will be since his involvement is so long after the criminal activity took place the judgments took place. His knowledge is limited. He could testify to the affects that the criminal action has had on so many people—and how bad the impact has been for so many people.
2015 Review: Very active year in the life of NHHI.
Settled the WF case.
Went through the back/forth litigation on the Nicole Durr judgment and attempted to go overseas and domesticate those assets. Durr came back to the USA and tried to have the judgment overturned. We ultimately won again—and she appealed the second judgment as well.
So now the Supreme Court of Nevada had a mediation hearing in September 15…and at this point, we’re not going to get a full recovery from Nicole Durr. There will be something—but it won’t be for the full face value of the judgment. It’s because she isn’t going to pay what she owes. Her family is extremely wealthy (billions) and has a lot of resources to protect themselves and hammers those they owe money to. Once the dust settles he will report what the company settles for in mediation.
In the case of this Nicole Durr ‘thing’ Casavant loaned her $1.5 million—which SK says could have only come from CMKX share sales—and that’s the monies the company is trying to get it back. Durr never had intent of paying it back and she won’t pay it all…but she will pay something.
Also in 2015 hired a new collections firm. After sitting here for years awaiting on a primary law firm to do some work o the $135 million in judgments that the company currently holds—it was obvious they didn’t have the ability to handle it all and keep their business open. After waiting on them for some time, he hired this other collection firm.
We need a situation where we can accumulate a critical amount of cash to really create a viable business. While we likely won’t get the $135MM, he expects that we can get a significant amount. Yet after the WF fight to get the funds there and the 2-year battle with Durr…he felt he needed someone to really go after it. This is what the company he hired focuses on—collections—and they’ve never had this big of opportunity to go after. Hence, they’re energized to go after it aggressively.
Frizzell, while he has done an excellent job in many ways—and got the judgments—hasn’t had the ability to chase these judgments. So SK went after the outside help. He was in their office the other day and he says they’re really excited and see it as an opportunity to put themselves on the map with some massive and good recovery work. If they’re successful, and we have a lot of assets for them to go after, then CMKM/NHHI can turn those into cash.
SK hoped that the Durr case would have delivered as much as $800K for a settlement with interest. That would have been enough to start building a company. But we’re going to have to bring it in one judgment at a time.
Formation of NHHI, LLC: Affiliated with CMKM in a sense because of the fact that SK manages both companies. It has a similar set of investors—himself with some CMKX investors. In time he believes it will be a benefit to CMKM.
Those are the high points that took a lot of hours to accomplish those things. It’s a slow and painful process of the ashes of a $200MM fraudulent company.
He knows many shareholders have run out of patience—but he doesn’t feel it’s a time to give up—nor to party. The company is moving forward slowly but surely. There is a chance that over time…the company could become something of value…or transaction of some deals that will bring value.
The Website: The Newsmax link pays a per-click fee for people looking at the trending news. It was advertised to him that it would include news items people would actually be interested in. As it turns out it devolved into a supermarket rag type site. So he took it down from the website altogether.
The Amazon link is still on there and it produces close to $100 per month from those who use the link to purchase items they do from Amazon by way of commission to the company.
Oil & Gas: In anticipation of any monies to be had from the company’s legal actions…he looked at several things a company could expand into. With 50,000 shareholders and approximately 700 billion shares with just over $200 million invested…he needed to look for something that would deliver a return large enough to pay the investors their money back. So as he researched what wealthy people became wealthy from…O&G has made more millionaires and billionaires than any other industry and he believed presented the best opportunity for the company to develop into.
>> And at this point SK’s audio dropped out completely. I sent him a text…been waiting and apparently he has not been able to re-establish audio for the webinar. <<<
He’s back.
Started pursuing the O&G option when oil was $100 a barrel and he feels that the drop has worked in the favor of the company. So now the company is getting in when the cost of entry is much lower—in addition of having no debt. He still thinks the company is on the right track and is the direction the company has to go to build a company valuable enough to get shareholders their money back and possibly return to trading.
He doesn’t anticipate a quick return and foresees oil to be normal at $50-70 per barrel and that will bode well for NHHI.
He is now providing a historical view on the O&G industry and its current financial challenges. He is networking with others (foreigners and old-timers) in the industry trying to see if there is some kind of JV opportunity.
He is in the process of applying for an operator’s license which ultimately will provide more money for the company…and attending some trade shows where the industry trades/sells. His purpose is to network with others in the industry.
NHE: the fundraiser has gone well there—and he plans to close it out in a few days. There’s room for a handful more investors to get involved.
The business plan remains the same with a few tweaks. The company now has an equity stake from NHE that will provide benefit for NHHI(CMKM) eventually. He hopes to grow a revenue and profit stream that has regularity and exponential growth.
Taxes for 2015 will be filed in September 2016, and we will not see the WF settlement until then.
“That’s where we are and where headed.” --Steve Kirkpatrick
Notes from pr
