.... and possibly more bits for the Organizational Chart.
This was pieced together while trying to research what happens when a YA/CC client defaults on financial obligations.
"Robert Farrell, our (Sagamore Holdings') Chief Executive Officer and Joseph W. Donohue, Jr., our Chairman of the Board of Directors co-founded Cornell Capital Partners, LP.
In November 2003, Mr. Farrell and Mr. Donohue left Cornell Capital Partners, LP to form Sagamore Holdings. Cornell Capital Partners, LP and Yorkville Advisors Management, LLC are controlled by the same natural person."
"Sagamore Holdings, Inc. (the "Company" or "Sagamore Holdings") is a holding company that was formed and incorporated in the State of Florida on August 30, 2004 to acquire substantially all of the net assets of Nexus Custom Electronics, Inc. (NXNO) ("Nexus"), a wholly-owned subsidiary of Jaco Electronics, Inc. ("Jaco"), through its newly formed, wholly-owned subsidiary, NECI Acquisition, Inc. ("NECI").
At some point in time it appears that NXNO defaulted on their obligations to Cornell, perhaps with the assistance of some well-placed shorting, and Cornell seized NXNO's assets, then assigned the rights to TTGL in exchange for 9 million dollars worth of new debentures between TTGL & Cornell.
TTGL is in fact Titan Global Holdings, another current Yorkville Advisors client.
This was speculation put forth by a source: "Cornell believes they have a better chance to get paid back from TTGL then they did with NXNO so they moved the debt from one company to another by seizing everything from NXNO."
As it happens, Cornell may have been right. TTGL is one of the few Cornell clients to be up in PPS for very long after a Cornell financing. As you can see from the table in the iBox, as of 12/28/07 TTGL was at $1.48/sh, up 85% since 10/16/06, the date of a $6MM Convertible Debenture.
In Summary: Two co-founders of Cornell Capital Partners left Cornell, created Sagamore Holdings, acquired NXNO, borrowed money from Cornell, (or borrowed money to acquire NXNO, not sure) defaulted on the deal letting Cornell have NXNO's IP/assets and give it to TTGL, another holding company, which possibly could have a better shot at a higher share price by virtue of a new name, new symbol, new shareholders, new etc.
I find all of that to be at least interesting. Cornell will at times do what it wants to do with IP or assets that it owns by virtue of a client defaulting on its financial obligations to Cornell. YA/CC might not be particularly interested in nurturing startups, so don't let anyone tell you they are lol.
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