ok here is what I dug up. some is old news. but look at the pattern.
Joseph Hagan, president of Gallant Brands, was a manager of WealthColony Management Group, LLC . Up till May , 2017. That is when Jeffery Freedman was appointed to his place. That was according to exibit 4, may 25, 2017. Here is the copy :
In May 2017, Joseph Hagan ceased to be a Manager of WealthColony Management Group, LLC
On May 25, 2017, WealthColony Management Group, LLC, as the General Partner of the Limited Partnership, delivered a letter to the Board of Directors of the Issuer on behalf of the Limited Partnership, requesting that the Board of Directors promptly (i) appoint Jeffrey Freedman and Patrick Guadagno as members of the Board of Directors and (ii) accept the resignations of Jamieson Karson and Ronald Crane as members of the Board of Directors.
then on june 2. as we know :
Restructuring
Phase I ?
WealthColony Management Group, LLC will work with other interested parties to establish and fund a new company (“Newco”) which will acquire all bulk wholesale (i.e., non-tetra/grocery) rights from the Issuer to manufacture and sell Soupman products, including sales to franchisees, convenience stores, national restaurant chains, retail merchants and food truck/carts for $1,000,000.
Soup management refused to sit down and work out a deal.
WealthColony Management Group, LLC concerns were :
?
The interests of the Board are not aligned with the interests of the Company’s shareholders and, in that connection, WealthColony Management Group, LLC noted that neither of the current Board members has made any significant financial investment in the Company but management has received substantial cash and/or equity-based compensation in recent years despite declining results;
?
The Board’s refusal to meet with representatives of WealthColony Management Group, LLC suggests that the Board has an agenda which may not include preserving shareholder value;
?
Recent events, including the arrest of the Company’s former President and Chief Financial Officer with respect to matters relating to the Company’s tax obligations, raise significant corporate governance and Board oversight concerns; and
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The Board’s financing strategies in recent years have been detrimental to shareholders and have placed the Company in a precarious position, including the threat of a bankruptcy or insolvency proceeding.
WealthColony Management Group, LLC also advised that it is concerned that shareholders of the Company have been improperly diluted by reason of the Board’s inappropriate issuance of shares.
notice how wealth colony is concerned about shareholder value?
in August :
In August 2017, WealthColony Management Group, LLC (“WealthColony”) resolicited the consent of certain stockholders with respect to the removal of each of Jamieson Karson and Ronald Crane as directors of the Issuer and the appointment of Jeffrey Freedman and Randy Beller as directors of the Issuer.
On August 18, 2017, WealthColony transmitted a letter (the “ Delivery Letter ”) to Jamieson Karson, the Chief Executive Officer of the Issuer (the “ CEO ”) in which WealthColony delivered written consents pursuant to and in accordance with Section 228 of the General Corporation Law of the State of Delaware (the “ Written Consents ”), signed, in person or by proxy, by the holders of shares of Common Stock, Class B Convertible Preferred Stock and Class C Convertible Preferred Stock representing approximately 51% of the voting power of the Issuer’s outstanding capital stock, which percentage exceeds the minimum number of votes that would be necessary to authorize or take action at a meeting at which all shares of voting stock were present and voted
and was approved .
Then on sept 8, :
On September 8, 2017, Gallant Brands, Inc., an affiliate of WealthColony Management Group, LLC, completed the purchase of substantially all of the assets of the Issuer for a purchase price of approximately $6,700,000 including $2,000,000 in cash and approximately $$4,700,000 of indebtedness which was acquired from a secured creditor of the Company and credited to the purchase price.
From the very beginning wc, has been fighting for the shareholder value.
Joseph Hagan is part of the plan to put this together and restore the shareholder value. He was put in as president for a reason, ( former wealth colony manager) imo, I think we are going to be very happy.
