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Bob L. is out trying to raise capital and investors for his new "project".
Here's his latest staged interview. I plan on following him closely and being very helpful in letting anyone that is reading comments various locations they can look to get a clear view of REAL history of IMSC and not the simple one liner in his bio that says he successful sold the company to L-3 for Millions. I have a feeling he is the type of person that will never achieve success on his own anyway but I feel compelled to participate in sharing information where he is leaving gaps!
https://www.proactiveinvestors.com/companies/news/212635/quantum-plots-course-to-meet-demands-of-future-212635.html
For those of you that want to keeps tab on the Captain of the IMSC TITANIC:
https://www.nasdaq.com/press-release/quantum-computing-inc-listed-on-otc-pink-sheets-20180919-00486
I'm going to work up a few press releases as we move fwd as well : )
Due Diligence = Implant Sciences + CEO
(also look into Securepoint Technologies)
BOB L is CEO of a new company. Looks legit : )
http://quantumcomputinginc.com/
There's a yahoo board!
You might be spot on with that assessment seeing that our ex-Prez certainly...
a) is no LEADER so he would need to follow somebody.. and lest we forget an overwhelming 79% of the shareholders concurred a resounding no confidence in any future "leadership" role. (I think it's free Slurpee Friday at the Reston 7-Eleven so that's something to do this week!)
b) seems to be very good at "taking"
Anyone see this little article about our old lending pals and biz partners of our former executive team re: witness intimidation? Good to know they are staying to true to who they are right to the end. Hope that govt witness ex-PP employee has tons of info to share about everything :
http://dealbreaker.com/2017/08/feds-kindly-ask-platinum-partners-founders-lawyers-to-refrain-from-intimidating-key-witness/
I'm going to call this document "You don't call..you don't write...you don't care anymore do you!?" The opening paragraph is priceless. It's like a jilted 7th grader relationship!
Perhaps a little karmic payback as you can smell the desperation and the financial squeeze coming down!
http://www.kccllc.net/imxacquisition/document/1612238170814000000000001
Bonus points for having the gall to try and pull the courts hearts strings by invoking the "family card" on the benefits plea. Payback is a bitter pill.
CBurg - I would never take trading advice from anyone on a message board. This should be simply another place in your pursuit of due diligence and what you need to do for yourself. Anyone that claims to know the answer to your question will only be speculating because none of us know (and believe me I spend hours upon hours trying to find out the answer!). Everyone has different circumstances.
What is fact is we just got past a major milestone with the Shareholder vote and it looks like there are a couple more hurdles in our path before this is resolved in its entirety. That much I believe to be an honest and true assessment. But anyone putting a pps estimate on distribution is not providing you with information that is of any substance.
hope that helps.
int10a - it looks like that massive document is looking to be decided on during the Aug 28th hearing (so it may not get any airplay today) so it looks like a play off between the independent trustees decision (if he/she decides against the executives claims) and the judge's possibly overruling. Not sure I really get
the exact play here but you can be sure it is pre-meditated and not in anyone's interest other than those that filed it. But that's sort of been the way things have been all along,right? AT LEAST WE CAN SAY NOW IT'S COMPLETELY TRANSPARENT AS FAR AS MOTIVE!!!
The requests within the doc are absurd..they've all been on vacation since Oct imho!
And a bonus for 2017...is that for meeting qtrly projections?! HAHAHAHA!
78+% said no thanks to furthering our investor /current leadership relationship...i know it hurts but it doesn't entitle them to put on the bad bart train robbers suit with bandanna covering their faces and declare " all you ladies and gentlemen kindly put your wallets and purses in the bag that we are currently passing around and the train will be back moving along shortly". They've received enough of our "money for nothing".
I suppose we all saw this coming...take a look at what our fine leaders are trying to exit the gift shop with
http://www.kccllc.net/imxacquisition/document/1612238170802000000000004
July 27th...polls are closing. One last sigh!
What is it Family Feud where they say "Survey says" !!!
The company doesn't have to show all the financials yet because this current vote in its simplest form is whether or not give them the access to our assets to use as they wish.
If the Vote goes to Reinvestment in Securepoint and they decide to go forward with this VIVOS merger then they will have to show us in depth financials and put this to yet another vote to shareholders of record " at that time" (that's right more voting!!) If shareholders of record do not like what they see of these financials, the merger does not go forward HOWEVER Secure Point have control over our money until it is all used up. At that point they may or may not find another Company to buy. It has been very clearly stated in "their plan" filing that they are not obligated to successfully engage another business opportunity within the 12 months allocated
One thing is for certain here if the Reinvestment Plan is the winner of the day.... and that is our current executive team will keep getting paid until the money runs out. Our current CEO is getting paid at the rate of 300k a year since the bankruptcy was filed last Oct, virtually having no Company to run. Our previous CEO was getting paid 270 K a year with over 85 employees and bringing in over 50 Mil in revenues.
Voting ends on Thurs. We'll have our answer soon enough
Sure I am all for clarity and transparency.
You are correct.
I believe anything pointing at that survey as useful data is misguided at best.
My point from the outset has been why have a survey that
tells you nothing of value nor support any argument or assertion one would try and make on topic at hand?
And Yes we did discuss my concerns about the survey's accuracy and thanks for pointing me to development but you might have missed my reply which as I recall was along the lines of .......
No thank you. i have no interest in in soliciting development features. Furthermore bringing us up to present --- even if I did there isn't enough time for that functionality to come on line to have any value anyway. also I'm glad we had this discussion as it brought up a whole other dimension....
"THE HONOR SYSTEM" .I don't think there is any development I know of that can police that in a survey of anonymous users in environment like this.
Another check in the column that this survey is impossible to validate.
That's why we have a VOTE going on with shareholders with valid ballots so that the outcome is all on the up and up. That's the Survey results I want to see! Soon enough!
Re: Survey - our we talking about that same survey we decided was incomplete as it didn't take into account a big part of the weighted calculation ...i.e. how many shares folks own and therefore doesn't really tell us much? Also since the board works on anonymity we have no way of validating shareholders and well..anybody.
Speaking of shares owned a hearty welcome to our newest moderator!
One question/observation... I saw you mentioned on July 18th that your 150k shares will be committed to the Vivos reinvestment plan (fair enough and thanks for sharing your thoughts/intentions) yet then July 20th you mentioned 1M shares being committed. Now of course you could have accumulated 850k shares since that last post..not in the open marketplace by volume that I saw but perhaps gifted. That aside the only rough part is voting was dependent on ownership as of June 14 2017 so that 850k delta (I hate to be the bearer of bad news) is sadly going to be not available to be tallied in the vote.
Fellow investors- I am a big believer in learning from the past but not repeating mistakes so my message is simple on this.
1) Of course IMSC was a mess and we suffered the fate for taking the risk of investing there. That's old news, lesson painfully learned I think most if not all of us own the bad decision made. Don't forget but don't need to relive it in minutiae every day and get pulled backwards into the vortex. Looking forward we have a decision in front of us and that's where the focus should be. At least I believe that to be the case. (The IMSC story is a good book or article one or more of us gets to write in the future --and hopefully make back some of the cash we lost!)
2) I voted for Liquidation and did not sell my shares because I have zero confidence in the people at the helm right now and don't trust a word that they publish. MY VOTE IS IN the independent auditor/trustee to get in there and tell us what the real deal is in the end. That's what I'm voting for...that person to wrap this up. I'm voting for the executives and anyone else on the Securepoint payroll to stop being paid as soon as that vote is in the court books. That's what I am voting for.
So please read the latest filing of letter of intent that I posted yesterday and refer back to my post yesterday of you want a few highlights and make up your own mind about all of it.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133119439
If you do want some history today....Remember this letter? He's still our Chairman of the Board of Directors!
https://web.archive.org/web/20161209044553/http://www.implantsciences.com/letter-to-shareholders-on-l-3-transaction
GLTA and looking fwd to hopefully putting this behind us and getting on with our lives and ideally better investment choices in the future!
If you haven't voted or are on the fence please read this as an examination of some of Securepoint/Vivos recent supplement to the plan.
It's a meaty 74 page doc but here's some highlights for shareholder from exhibit A3 (starts on Page 10), Vivos term sheet signed by Michael Trummelle and KIrk Huntsman. Here are 4 good reasons imho that the Vivos combination is not in the best interest of the common shareholders. Please read the doc for yourself to verify my interpretation but there are quotes embedded below for quicker lookup.
1. Bob Liscouski is slated to be the CEO and he has no experience running a Corporation and no educational or professional experience promoting this technology.
2...Initially, immediately after the merger, the shareholder ownership will be reduced to 33% Besides the future dilution possibility, due to milestones achieved, The 33% could be reduced immediately if the Company, does not have the 7 Mil agreed upon ,available on the merger date.
"In the event the merger date cash amount is not available to Secure Point immediately prior to the merger, the parties may agree that the merger shall be consummated subject to an upward adjustment to the number of shares of the surviving Corporation constituting the initial Merger Consideration, with such upward adjustment to be in proportion to the amount by which available free cash available to SPT immediately prior to the merger is less than the merger date cash amount"
3...There could be a reverse stock split BOTH BEFORE AND AFTER THE MERGER
" To the extent necessary to allow for a sufficient number of shares of unissued common stock of the surviving Corporation to be available for issuance of the initial merger consideration, SPT will approve a reverse split prior to the merger. Alternatively , after the merger, the surviving Corporation may be required to implement a reverse split to facilitate a primary exchange listing."
4...Because of transfer restrictions, shareholders may not be able to sell all the stock they wish within the first six months after the merger.
"For a period of six months after the merger, no stockholder of the surviving Corporation will be permitted to sell shares consisting 5% or more of the average daily trading volume of shares of the surviving Corporation"
http://www.kccllc.net/imxacquisition/document/1612238170717000000000005
Not unlike Zapata...we don;'t own Vivos (yet or ever) so its a multi tiered risk.
One) if you vote for reinvestment...
Two) if they actually consummate a deal.
** oh and read the fine print about Reverse splits(s), percentage of Vivos ownership your IMSC shares gets you and all the other fixns in the Letter of Intent.
Reminder where we are with the great flying machine acquisition that never happened (a:being sued in NY STATE court!)
My hope is if you havent already you vote for Distribution/Liquidation, we give the execs their pinks slips and we get and honest independent auditor in there to tell us the truth, distribute the assets and we all move on with our lives without these folks in them any more.
MakeABuck2000 - allow me to point out the only source of estimated payout is not an independent auditor but the company itself so just know where the data is coming from.... "Victory Lap Inc."
On a related note This filing got by me when filed but caught my attention this morning. it contains all of the allegations Zapata has filed. chock full of interesting reading material.....
http://www.kccllc.net/imxacquisition/document/1612238170628000000000003
"Scorched Earth" is a powerful phrase...rarely used and clearly resonates in the minds of the reader.
Resonating so much in fact that I thought "where have I read that before in the past few months?" and then it came back to me!
Here it is starting on page 3 : http://www.kccllc.net/imxacquisition/document/1612238170424000000000006
The court filing entitled " DEBTORS’ RESPONSE TO THE MOTION OF THE OFFICIAL COMMITTEE
OF EQUITY SECURITY HOLDERS, PURSUANT TO SECTION 105(d) OF THE
BANKRUPTCY CODE, FOR A STATUS AND CASE MANAGEMENT
CONFERENCE AS TO PLAN MATTERS "
jump to page 3:
4. Since its formation, the Equity Committee, comprised of only a handful of
shareholders holding an insignificant percentage of the outstanding common shares (even
without factoring in DMRJ’s holdings) has engaged in costly and unnecessarily aggressive
litigation tactics that included, but were not limited to, objecting to the bidding procedures
motion [Docket No. 102] (the “Bidding Procedures Objection”), objecting to the retention of
the Chardan Capital Markets, LLC as the Debtors’ investment banker [Docket No. 131] (the
“Chardan Objection”), filing its discovery motion pursuant to Bankruptcy Rule 2004 [Docket
No. 236] (the “2004 Motion”), and filing its motion seeking standing to pursue certain claims on
behalf of the Debtors’ estates [Docket No. 366] (the “Standing Motion”). Standing alone and in
a vacuum these actions may not seem inappropriate. But, collectively, they demonstrate the
scorched earth approach of the Equity Committee. First, there was the Equity Committee’s
commitment to pursue the Chardan Objection at all costs, including the potential loss of the Sale.
Then, there was the 2004 Motion, when the DMRJ Parties had agreed to cooperate with the
Equity Committee to produce documents and information in response to reasonably targeted
demands. Building on their litigation track record, there was the prosecution of the Standing
Motion, when the Debtors and the DMRJ Parties had agreed to mediate the dispute without the
need for costly replies and contested hearings
I'm glad it's entertaining but I'm not sure I see things the same way.
I'm simply abiding by the rules of democracy and living to fight another day.
The nuance I believe that keeps being missed here is that (speaking for myself) this investor isn't "cashing out" but voting for liquidation because
a) I am not convinced we have been told the truth about the
company's assets
b)I want once and for all to have an honest unbiased independent fiduciary in there turning over all the rocks, shining big bright lights as well as making critical decisions over executive payouts/bonuses.
So I am riding this long journey as a dedicated investor to its legal democratic conclusion. If the majority of my fellow shareholders vote to REINVEST then I have to live with that and will act accordingly as I stated in my previous post . It's really that simple ....and honest.
I've been asked the question "what will shareholders that vote for Securepoint Liquidation do if the vote doesnt go our way?"...here's what I'll be doing and please join me if we find ourselves in this situation:
As soon as we legally emerge from CH 11 I am going to be calling Mgmt every day asking them what they are up to today to grow our company and create a successful business. I'll encourage others to do so as well. I'm sure I'll think of plenty of other things too but that's the beginning.
Folks I would say before you fill out that ballot voting for MERGER you call and ask the company to file the entire Letter of Intent with VIVOS.
This vote isnt about whether VIVOS is for real or not...it's about how does this deal work out for the IMSC shareholder. Remember that! Dont lose sight that that is the most important question (I'll even set aside for the moment that this is nowhere near a done deal)
The PR yesterday had just a few more details in it that should make you cringe a little but get a look at the whole Letter of Intent and see the definition of cringeworthy.
Final Shot: Stay focused and selfish in the last push. If you think the Securepoint Executive management team with the "leadership" qualities they've exhibited to date are going to take you to the promised land so be it. I just dont see it ever happening
Nynewbie - thanks for both your posts and sharing the homework you've done. Some of that I knew...some of which I absolutely did not know! As far as sales mgmt you absolutely need a proven leader and as much as I have a sick taste in my mouth re: IMSC mgmt -- DR Daryl Jones sure knew his product and could sell plenty of it !
AN Open Letter to the Mgmt of Securepoint Technologies from a concerned shareholder:
Dear Securepoint Mgmt- if in fact it is true we have a letter of intent signed between our company Securepoint and Vivos BioTechnologies, Inc would you kindly file it as a material event with perhaps with the SEC or at minimum send out a Press Release containing the contents of the LOI so that we the shareholders/owners of IMSCQ (SecurePoint Technologies) may review and be informed during this critical time where we are being asked to vote on the future of OUR company.
Thank you in advance for you immediate attention to this pressing manner
Just an fyi - Actually Ms severances document was given to the judge days before the ruling (23rd I believe).
I find that the sequence of the court filings unique IDs don't always line up with exactly the sequence that they occurred
still no opinion on the contents of the Voting packet?
Did none of it strike you with any thoughts or did it feel all boiler plate generic stuff?
that's interesting! sequence thing...I'll take a look at that.
What about the Voting packet contents? Was there an appeal from Ms Severance in there as well? I only saw the letters form the EC and the Company but I overlook stuff some times.
Yes I am referring to the Equity Committee .
So back to my question about your feelings on the contents of the voting packet.
Which letter did you feel came with the stronger argument and what specific parts jumped out at you as being compelling or just completely empty rhetoric?
thx!
As you often advise us that sounds like another big waste of money
even bigger question...how do you think the EC's appeal letter that came with the voting packet compared with the Companies one? Which do you think was stronger and what parts did you think really were on point?
Any shareholders looking to vote the Reinvestment option - are you aware of aware of the dilution factor and the potential for not one but possibly two Reverse Splits?
may I ask which way you are going to vote or did you cash out?
All- plz Call or e-mail Brown and Rudnick and ask them for the terms of the Letter of Intent with Vivos before you run off thinking riding it out could be a great deal. From what I can see there is a Reverse Split option (with an option for a 2nd one) as well as a significant dilution of shares if the merger goes through. And that's no joke. I'll see if I can get a copy that I can post here but please know that I speak the truth.
This is NOT a 1:1 share swap of equal value we are talking about (that is if we even consummate the relationship
Just want you all to know the facts here. Things arent surface level with this stock/mgmt and never have been
a couple questions re"vote for staying in business" :
what business are we staying in?
what in your opinion and in your research of Securepoint technologies makes you believe:
a) the company will remain at .07 after emerging from bankruptcy and not plummet if no concrete deal negotiations are in play with Vivos or some other entity? (look up the term TRIP ZERO )
b) or how will the company rise like a phoenix from the ashes under the guidance of current Mgmt (aka same guys from before for the most part)
THX!
Not necessary. I think my post covered everything and cited all teh detaila nd facts just like the EC has all along
Voting Details from another poster on another board:
Fellow Shareholders,
Forgive me if this seems like overkill but I cant stress enough how important it is to properly fill out these ballots and return them on time else have your vote rendered null and void. That being the case I wrote up a brief clarifying post to help make sure everyone that wants to vote fills the ballot out properly as it seems one field not filled and your vote lands in that Null and Void bucket
The Ballot Document is the one entitled Class 6 Beneficial Holder Ballot for Accepting or REJECTNG....... (please read through it...it's not long)
ITEM 1) Number of Class 6 Interests voted - enter the number of IMSCQ shares you had in this account as of June 14th. You can check with your brokerage firm but I believe that information is already visible on the sticker on the last page of the ballot. The second line on that sticker should have your account number<spaces>number of shares<space> Bkr #
(for example mine looks like
:
000000000000000000000x666666666666 100000 BKR# 666)
So in my case I would write in LINE 1 (Class 6 interests) 100,000
ITEM 2) this is a simple recognition that you ACCEPT this overall plan (this is not a vote for REINVESTMENT or LIQUIDATION. that comes later HOWEVER YOU MUST answer ACCEPT here if you want your vote further down on REINVESTMENT or DISTRIBUTION to be Valid)
ITEM 2a) DO you want to REINVEST in SECUREPOINT TECHNOLOGIES (the companies recommendation) OR VOTE for the PLAN DISTRIBUTION OPTION (our Equity Committee's recommendation)
(fwiw and full disclosure: I will be voting with the Equity Committee for Liquidation/Plan Distribution)
ITEM 3) fill in all Contact Information and the all important Signature
Place completed ballot in the Postage Paid envelope provided and send it out with ample time to reach its destination prior to July 27th
2017
Thanks and may we all get to move on with our lives soon!
I'm glad I brought it up as well!
I think I need to break out what I was saying there in some more detail as I clearly didn't make my point:
The EC total expense since OCt 2016 to this filing on 4/30/17 : $5,436.33 (with detailed documents and receipts of public record for expenses)
Securepoints Travel and Entertainment expenses for the month of June 2017 alone : $10,876.78 (237,496.29 total I believe since becoming Securepoint but I would have to verify that)
See the difference? I'm using my business sense I promise
I cant see any reason why a shell company with no business or product drops that kind of coin. Happy to hear what it was spent on though!
Re: the EC's expenses as far as the document you cite it pretty much follows what I;ve come to expect and respect about these folks. Attention to detail!
REASONS FOR TRAVEL: meeting between the Committee and the Debtors held in Boston on January 30, 2017 and mediation held in New York
in early April 2017 (So that all sounds logical...meeting with IMSC and their attys and meeting in NYC with DMRJ/IMSC and attys)
In terms of Ms Severance expenses and I believe a data point you are aware of she lives in Florida so it would stand to reason her expense to travel to Boston and NY would be higher than the folks in De, Ma and NYC.
Of note: The entire EC's expenses for these 8 months is 50% of SECUREPOINTS MEAL and ENTERTAINMENT for just the month of June!
While we are all busy filling out our ballots may I point out some more fun facts for friends and investors (not my opinion. Just data from the court).
Currently mgmt can spend cash as they see fit from what I can tell and if we vote in favor of a company reinvestment that will continue.
Here's a personal fave from the most recent monthly operating report. on page 13, it shows $10,876.78 was spent in a single month for Travel and Entertainment. This for a Company that has NO PRODUCT TO SELL AND NO INCOME COMING IN.
Wanna continue to give them free reign over our money for entertaining?
http://www.kccllc.net/imxacquisition/document/1612238170629000000000002
personally I couldn't agree with you more but I really am a fan of having an objective professional 3rd party to come in and review all the evidence and agreements (much of whihc we have not seen from outside the courtroom) and make a fair assessment.
I'd like to see a clean and fair (as can be..probably will never FEEL fair to anyone that took a bath) ending to a truly messing situation
excellent. Thanks for re-posting although I think this is just a portion of the original but no matter
Here's my post on the same topic..goes into a bit more detail
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=132730181
RE: Why not cash out now if you don't want to vote to reinvest
Ken- thanks for that truly practical question. It's a good one imho!
Another LT investor and I discussed this exact matter (and he is a far more legal savvy mind and far more experienced investor whose advice I take seriously so for what its worth). This isn;t legal advice but just our interpretation of what has been published in the court docs
If the Liquidation option is pursued:
there wont be more salaries or legal fees (The agreement says management is terminated/resigns immediately so no more salaries, office space, fees etc.)
- the only one to get a salary is the Liquidating Trustee and here is what that job entails:
He pays the few bills that are left
(VERY IMPORTANT HERE) decides if management bonuses awarded should be paid. He has SOLE discretion over this.
It will most likely be a few months not years before investors see checks.
And this early wrap up could net more than .07. Take a look at what could be back with the filing (see link below)
Also allow me to point back to what I think is a great distillation of issues from this case
This is a little out of date and some have been resolved but the table on pages 6-8 I think is fantastic
http://www.kccllc.net/imxacquisition/document/1612238170426000000000001
and as I have said already several times...for me it is a burning need to get an independent and honest 3rd party in there to shine bright lights on all the books and make decisions about the assets. I as an investor want this done and I want it ended on an honest note after all the deception and corruption that swirled around what we all hoped was going to be a great American small biz success