POW! Entertainment Inc. (fka POWN)

[firehorse]

My payout is complete and this saga is over. cheers to all.

[shajandr]

Mr. fka - another winner!

[firehorse]

Still no payout...

[rickn23]

I saw this a few minutes ago:

UPDATE: On July 24, 2023, the Settlement Payment was distributed to all DTC participants at the rate of $0.01060037 per share.

https://powentertainmentmergersettlement.com/

[firehorse]

Still no payout...

[firehorse]

Still no payout...

[firehorse]

Still no payout...

[firehorse]

Still no payout...

[firehorse]

Still no payout...

[firehorse]

Still no payout...

[firehorse]

Still no payout...
Has been 4 months since the judgement to pay in Feb 2023. Now we are 2 months past that payout date. someone is sitting on the money making money.

[firehorse]

Still no payout...

[firehorse]

Still no payout...

[firehorse]

Still no payout

[rickn23]

Ocean Tomo Transactions Announces UCC Public Notice of Disposition of POW! Entertainment Intellectual Property Assets

https://www.prnewswire.com/news-releases/ocean-tomo-transactions-announces-ucc-public-notice-of-disposition-of-pow-entertainment-intellectual-property-assets-301752004.html

[firehorse]

2/21 the deadline for the payout has passed yet no pay out

[firehorse]

Looks like final payout to happen before Feb 17, 2023.

[rickn23]

Thanks.

[firehorse]

Congratulations Rick. Well done.

[rickn23]

Proposed injunction overreaches
U.S. District Judge Joan B. Gottschall challenged Pow! Entertainment LLC — owner of copyrights on the late Stan Lee’s comic book creations — to justify the broad relief it requested in a permanent injunction against hundreds of defendants who allegedly used PayPal, eBay and Amazon to sell counterfeit merchandise. When the defendants defaulted, Pow asked for money judgments and a permanent injunction obligating non-parties — PayPal, eBay, Amazon and a bunch of financial institutions — to “permanently restrain and enjoin any China or Hong Kong based accounts connected to the defaulting defendants” and hand over all the money in the accounts (including future deposits) until Pow receives full payment.
By Steven P. Garmisa

https://www.chicagolawbulletin.com/courts-and-cases

[rickn23]

Looks like POW! filed another trademark lawsuit. Looks similar to the one from earlier in the year.

https://dockets.justia.com/docket/illinois/ilndce/1:2020cv06550/392904

Earlier in the year:
https://www.courtlistener.com/docket/16879116/pow-entertainment-llc-v-the-individuals-corporations-limited-liability/

[rickn23]

[rickn23]

Proposed change of company name
The Board of Directors hereby announces a special resolution to be proposed at the extraordinary general meeting to approve the proposed changes
The name of the company is changed from "Camsing International Holding Limited" to the English name of the company
Was changed to "MH Development Limited", and the Chinese dual foreign name was changed to "Chengxing International Holdings Limited"
"Company" is changed to "Good Development Group Co., Ltd.", subject to the fulfillment of the conditions set out in the paragraph "Conditions" below
It can be implemented after completion.

Proposed change of company name
Directors ("Directors") of Chengxing International Holdings Limited (the "Company", together with its subsidiaries collectively referred to as the "Group")
The meeting ("Board") recommended that the English name of the company be changed from "Camsing International Holding Limited"
Is "MH Development Limited" and adopts the Chinese name "Beauty Development Group Limited" as the company
Company’s dual foreign name to replace its existing Chinese name "Chengxing International Holdings Co., Ltd."
Company name”), it can only be implemented after the conditions set out below are fulfilled

https://translate.google.com/translate?hl=en&sl=zh-TW&u=https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1102/2020110203416_c.pdf&prev=search&pto=aue


Better link:
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1102/2020110203415.pdf

[rickn23]

The Last Days of Stan Lee

A heartbreaking tragedy about the (alleged) abuse of the Marvel Comics creator by those who swear they loved him

https://www.aarp.org/entertainment/celebrities/info-2020/stan-lee-elder-abuse.html

[PIbecky]

JC has enough money, and Camsing was the only offer. Camsing owns POW, and the creditors own Camsing and they want control. Together, they will own POW.

[firehorse]

It seems as though there was plenty of time for another entity to offer more money for POW! entertainment than Camsing offered. No other offer came in that I am aware of. It doesn't look good for her case unless she can come up with money to buy it back or present a better offer.

[PIbecky]

https://www.prnewswire.com/news-releases/stan-lees-heir-hopes-to-rescue-fathers-legacy-from-alleged-chinese-criminal-enterprise-301100570.html

LOS ANGELES, July 28, 2020 /PRNewswire/ -- In a story right out of a Marvel comic book, life is imitating art. The late legendary super hero comic creator Stan Lee, who created hundreds of well-known comic book characters including Avengers, Spider-Man, Hulk, Iron Man, X-Man and Thor to name a few, now has his daughter JC Lee who is the sole heir and trustee of his estate, bravely taking on the alleged Chinese criminal enterprise, Camsing International, the parent company of POW! Entertainment in appeals court. Convicted criminal, Vivien Lo, who was arrested on July 2019, and found guilty of a three-year, $1.6 billion finance fraud against China's largest hedge fund company, runs Camsing and is the chairman and founder. Lo touted owning the Stan Lee name to further the financial frauds she directed.


(PRNewsfoto/The Estate of Stan Lee)
Growing up in New York City, JC Lee thought the world of her father, Stan Lee, and watched how hard he worked over his lifetime to be successful. Now, JC Lee alleges, his former business partners are stealing Stan Lee's legacy of iconic comic characters and stories that he wrote. JC Lee is now on a mission to seek justice to recover and protect his legacy. "These stories and characters are not only loved by the world, but I am missing my family as these characters are my brothers and sisters. I feel like I have been robbed in the most hurtful way from all of his fans and I want to reach out to all of his fans and tell them about the real Stan Lee. I miss Spider-Man and the rest of my family and I am sure they miss me as I am missing my father," says, Ms. Lee.

In a recent decision on June 25, 2020, a Los Angeles Federal Court Judge, Otis Wright, II, dismissed claims by Stan Lee's estate to protect and recover the name and legacy of Stan Lee from POW! Entertainment. The Court claimed the case had already been tried, and was therefore, "res judicata." However, that decision was based on previous litigation where the Court never saw the evidence of illegalities, fraud and manipulation. Because of that, the Court not only dismissed the estate's claims, but also sanctioned Ms. Lee with a $1 million dollar fine and her lawyers with a $250,000 fine.

Therefore, Lee and her attorneys are appealing the decision and relying on evidence that was not considered by the Court. The media coverage of Camsing's collapse and suspension of trading of its stock has emphasized the use of Stan Lee's name in furthering the criminal activity. "In our appeal, we will prove to the court how Camsing, a known Chinese criminal enterprise, fraudulently acquired POW! Entertainment, the company founded by Stan Lee and Gill Champion. Furthermore, we will prove that my Dad's former trusted business partner, Gill Champion, aided and abetted Camsing in an act of betrayal and an illegal acquisition." This acquisition is also now the subject of a POW! Entertainment Shareholder Class Action lawsuit alleging various illegalities in connection with the acquisition by Camsing engineered by Gill Champion.

The Estate's counsel will appeal the action by the Court with the hope of focusing the court's attention on all of the evidence supporting the allegations of fraud and illegalities perpetrated against Stan Lee by Camsing International and POW's co-founder, Gill Champion, which has been tragically ignored and unreasonably sanctioned by the court.

SOURCE The Estate of Stan Lee

[firehorse]

I have no idea

[PIbecky]

Is there any time frame to determine what claims can be made on the reserve ?

[firehorse]

The Merger Consideration Per Share, which is estimated at approximately $0.05 per share, will be payable in an initial installment that reflects the reserves and an estimate of post-closing transaction expenses, with additional payments to be made when and if funds become available from the reserves and estimate of transaction expenses which is estimated at approximately $0.008 per share if no post-closing claims are made or post-closing transaction expenses incurred.


Initial Merger Consideration Per Share paid October 2017 was $0.04691

To date, no other payment to shareholders has been distributed.

[PIbecky]

Did anyone get paid for your stock when there was the Camsing/POW merger?

[PIbecky]

Did anyone get paid for your stock when the Caming/POW merger happened?

[rickn23]

Genius doesn't mention any financials associated with the deal. Genius , also mentioned the deal was dependent on further due diligence.

Camsing bought POW! Entertainment, not just the IP. POW! became a wholly owned subsidiary of Camsing.

Camsing wasn't mentioned in any of the public documents, I assume if a deal is actually signed the particulars will be available in an 8K filed by Genius.

[firehorse]

How does GNUS get access to POW IP when it is supposedly held exclusively by Camsing International Holding? Camsing bought the IP and there was plenty of time for another buyer to step forward. None did. Does GNUS mention anything about a cost associated with using Stan Lee IP? The mess continues.

[rickn23]

Genius stock has been up. Recent warrants and debt were converted to shares at a cost basis of 21 cents a share. 21 cents a share is what Genius gets. Genius doesn't get any more if the stock sells for more.

Genius was trading around $2.30 per share when they made the conference call press release about this "deal" last week.

I'm not sure what the motivations were on releasing this before Genius finished their due diligence.


I thought Camsing International owned POW!

[PIbecky]

Genius stock. I'm not sure how POW can sell anything. GILL transformed all of POW, INC. to POW, LLC with him the only owner.

[rickn23]

Who's stock? Genius Brands? Their stock was up prior to the announcement, running on older news. POW! is no longer publicly traded.

Not a lot of details were provided on this deal (still in the making). Will probably have to wait until the deal is signed and Genius Brands files an 8K.

[PIbecky]

Federal Court Fines Stan Lee's Heir $1mm for Seeking Federal Court Action to Recover the Name and Brand from a Chinese Communist Criminal Enterprise that Illegally Acquired POW Entertainment using Funds Obtained in a $1.6 Billion Fraud on Chinese Hedge funds with the Acquisition Being Challenged Now in a Shareholder Suit in Court in Delaware.

The Federal District Court ruled that the Estate of Stan Lee and his sole heir was precluded from asserting their rights to petition the federal Court to expose myriad frauds committed by Stan Lee's partner and prevent recovery of the Stan Lee brand from the fraudulent acquisition by a Chinese communist criminal enterprise- Camsing International - acting through POW Entertainment- a company that was fraudulently purchased in 2017 with the assistance of its co-founder Gill Champion who betrayed his relationship with Stan Lee to benefit personally at Stan Lee's expense.

The Court was uninterested in the fact that Camsing International and its Founder and Chairman Vivian Lo, who was arrested in June 2019, for defrauding the largest hedge funds in China of $1.6 billion, which was used to buy POW Entertainment and use Stan Lee's name to further the ongoing frauds it committed from 2016 until the company was forced to stop trading its stock on Hong Kong when its founder was sentenced to 10 years in prison.

The shareholders of POW Entertainment are currently suing Champion and POW for the illegalities in the Camsing acquisition.

The evidence of these frauds was precluded from being presented in Court by the Estate on the basis that previous litigation asserting rights Stan Lee assigned to his original company Stan Lee Entertainment, resulted in a determination that Stan Lee's employment contract was unenforceable and that somehow precluded the enforceability of all rights that were assigned forever and unconditionally to Stan Lee Entertainment which is now partnering with the Estate to recover Stan Lee's name and brand.

We hope that the Appellate Court will not permit this travesty to become binding.

Genius Brands, a US Public company, has announced that it has made a deal with POW Entertainment to exploit Stan Lee's name and brand internationally with the knowledge that Stan Lee and the Estate have challenged the use of Stan's name and have presented a California Judgment that is enforceable everywhere around the world except in California where the Federal Court denied the Estate the opportunity to demonstrate the illegalities that were engaged in by the Chinese Communist criminal enterprise that now owns POW.

Here is Stan Lee saying he never gave the rights to POW or Camsing

[PIbecky]

Are they doing this to try and get the stock up? Then they can sell out.

[rickn23]

I listened to the conference call this morning. I found it odd, that Genius Brands announced the deal, but it hasn't been completed. Genius Brands still has due diligence to perform.

[drillinvillain]

https://seekingalpha.com/news/3588833-genius-brands-and-stan-lee-s-pow-entertainment-collaborates-to-create-stan-lee-universe?utm_medium=email&utm_source=seeking_alpha&mail_subject=pown-genius-brands-and-stan-lee-s-pow-entertainment-collaborates-to-create-stan-lee-universe&utm_campaign=rta-stock-news&utm_content=link-3

[rickn23]

Regarding Interplay, I could see that one catching fire one day...if companies like HTZ can go up 10x in BK why not IPLY to .25

I agree, that's why I was going to gamble. But, market makers tried to push the price up on me with no trading volume. I don't play that game anymore.

Good luck.

Edit
Yeah, I noticed that about the website. If the game is profitable, they might come through with the website.

I noticed that other Baldur's Gate 3 is being made, but, Interplay doesn't own the IP.

[firehorse]

I did contact the POWN lawyer a while ago and was told they are still working through things. I imagine the lawsuits like the one just completed are related to the delay. I never did hold out much hope for it happening since the lawsuits seemed to never end and those must cost something. Although this last one seems they can get fees paid.

Regarding Interplay, I could see that one catching fire one day...if companies like HTZ can go up 10x in BK why not IPLY to .25 with a new web site. But the web site does not seem to be happening either.

[rickn23]

I doubt it. You should have contacted the company after the first year was up and asked about it.

I see you are still in Interplay. Saw the pop the other day but not much since. The only game I see them currently working on is Kingpin:Reloaded. Supposedly releasing in Q2 2020.

I was going to gamble and tried to buy shares. But, the bid moved up when I placed a limit order. It did that twice. The last trade on Interplay executed 3/10 of a cent above my bid. I gave up.

[firehorse]

Maybe now POWN shareholders will be paid the deferred merger consideration.

[rickn23]

Stan Lee's Daughter Sanctioned for Bringing Frivolous Suit to Reclaim Superhero Rights


https://www.hollywoodreporter.com/thr-esq/stan-lees-daughter-sanctioned-bringing-frivolous-suit-reclaim-superhero-rights-1300561

Judge Dismisses JC Lee’s Suit Against Stan Lee’s POW

https://comicbook.com/irl/news/judge-dismisses-jc-lee-s-suit-against-stan-lee-s-pow/

https://www.documentcloud.org/documents/6958183-JCLee.html

[firehorse]

the drama never ends with this company

[rickn23]

Joan Celia Lee v. POW Entertainment, Inc. et al, No. 2:2019cv08353 - Document 27 (C.D. Cal. 2020)

Court Description: ORDER DENYING DEFENDANT POW! ENTERTAINMENT, INC.'S MOTION FOR SANCTIONS 10 by Judge Otis D. Wright, II . (lc). Modified on 3/18/2020 (lc).

https://law.justia.com/cases/federal/district-courts/california/cacdce/2:2019cv08353/759911/27/

[rickn23]

POW! Entertainment Asks Judge to Toss "Grossly Selfish" Lawsuit Filed by Stan Lee's Daughter

https://www.hollywoodreporter.com/thr-esq/pow-entertainment-asks-judge-toss-lawsuit-filed-by-stan-lees-daughter-1273801




https://www.scribd.com/document/444621383/Lee-v-POW-MTD

[rickn23]

Updated info:

https://dockets.justia.com/docket/illinois/ilndce/1:2019cv08368/371885