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Yes while convicted software thief TMM has accomplished NOTHING I hear that other company is REALLY killing it! LOL
Yes, we have been waiting 30 years for that TMM "real deal" and it sure hasn't happened yet. It's always "just wait till next year!"
I hardly think that dreaming about real patents will do the convicted software thief TMM any good. TMM is hopeless as everyone already knows.
I think we all know that with TMM there are always a few who get tomorrow's news today. Its always been that way.
"Tmmi management isn't particularly competent."
Truer words never spoken. LOL
I never try to convince anyone of anything. We are just a bunch of TMM shareholders chatting about our worthless TMM stock and discussing how we ended up with a bunch of crooks for management for the bulk of the past 30 years. Holding out for 26 cents!
Yet TMM still down 76% from that 25 cent high so many bought on. Not good.
TMM down 25% in past few days and still sinking wheres the PR? TMM shareholders want to know whats going on!
I presume milking your yak is some kind of Canadian metaphor eh? TMM didnt have nearly as much fun today price continuing to sink while we wait for that bogus PR. Maybe if they posted it here we could all help with the editing.
You do realize that all those claims will be back soon under the umbrella of the Abuse of Process claim which is likely to be refiled any time now right? TMM is going NOWHERE for years to come! LOL
Sorry but 4retire said he was in the courtroom when the judge said she was giving TMM just enough rope to hang themselves. I think everyone here knows who to believe.
And the "new" TMM has totally blown through 13 million investor dollars with NOTHING to show for it havent they?
Revenues since then = ZERO
Customers since then = ZERO
Lawsuit results since then = LOST and branded as Software Thieves
Likelihood of new lawsuits coming against them = 99%
Tmm has been dormant for 30 years! No revenues no customers no nothing! And in debt well over a million bucks!
Yes thanks I will probably have a big fall and maybe a big summer too although I dont expect to make any money from my vast TMM investment its just a 30 year old dog never accomplishes anything.
Yes its true I am always right which is not an easy task. Hard work and doing my homework always pays off!
Me heck no Im holding out for 26 cents darn we got soooo close last year or was that last last year besides you guys would be far too bored with me gone.
I guess you missed it but there was a 4 year long case then a trial and TMM was convicted of software theft. Not good for TMM.
TMM LOSES LAWSUIT!!!
DIMENSION, INC., a Nevada Corporation;
DIGITAL FOCUS MEDIA, INC., a dissolved California Corporation,
Counterclaimants,
v.
TMM, INC., a Nevada Corporation, and DIGITAL FOCUS, INC., a California Corporation;
Counterdefendants.
Case No.: A-13-678054-B
Dept. No.: XI
FINDINGS OF FACT, CONCLUSIONS OF LAW AND JUDGMENT
This matter having come on for non-jury trial (footnote 1) before the Court on November 16 -18, 2016, F. Christopher Austin, Esq. and Ryan Gile, Esq. of the law firm of WEIDE & MILLER, LTD. appeared on behalf of Counterclaimants DIMENSION, INC. and DIGITAL FOCUS MEDIA, INC., and Joe Laxague, Esq. of the law firm of LAXAGUE LAW, INC. and Arash Shirdel, Esq. of the law firm of PACIFIC PREMIER LAW GROUP appeared on behalf of Counterdefendants TMM, INC. and DIGITAL FOCUS, INC., and the Court having read and considered the pleadings filed by the parties; having reviewed the evidence admitted during the trial; and having heard and carefully considered the testimony of the witnesses called to testify; the Court having considered the stipulations of counsel; the oral and written arguments of counsel; and with the intent of deciding all remaining claims before the Court pursuant to NRCP 52(a) and 58; the Court makes the following findings of fact and conclusions of law:
PROCEDURAL POSTURE
The Counterdefendants moved to voluntarily dismiss its Complaint. The Court granted that motion by order entered on February 22, 2016. Following certain motions related to the counterclaim, the remaining issue for trial related to the claim for declaratory relief in the counterclaim. (footnote 2)
FINDINGS OF FACT
I. The PVS/SGI Code also known as the VDK 2.0 Code (the "Code") was created by Iterated Systems, Inc. ("ISI") who is the predecessor in interest of MediaBin.
2. TMM, Inc. ("TMMI") is a Nevada corporation, and the purported holder of the license to the Code.
3. Digital Focus, Inc. ("DFI") is a California Corporation, who entered into an agreement with ISI, for a license to the Code.
4. Digital Focus Media, Inc. ("DFMI") is a California Corporation, who alleges it obtained the license to the Code from DFI.
5. Dimension is a Nevada corporation, and the purported holder of a license to the Code who is the successor in interest of DFMI.
6. Larry Panik ("Panik") was a shareholder in TMMI, DFI, and DFMI.
7. Panik is currently the president and sole director of Dimension.
8. Panik also at certain times served as an officer of DFI and as a director of DFMI.
9. In early 2000, a group of twenty-nine investors transferred their TMMI stock to Thomas Simpson ("Simpson") to use as collateral for a loan for TMMI. Simpson sold the shares without the prior authorization of those shareholders. A portion of the proceeds from the sale of the shares, $500,000, was needed to pay ISI for the License to the Code.
10. On or about March 2000, DFI entered into a license agreement with ISI for the license to the Code ("License Agreement").
11. The License Agreement was executed by Simpson on behalf of DFI and by Alan Sloan on behalf of ISI.
12. The License was purchased for $500,000, and Simpson put the License in a pre-existing inactive company that Simpson owned called "DFI."
13. Under the terms of the License, ISI was to receive 5% of DFI 's stock in exchange for the License. After execution of the License Agreement it was determined that as a subchapter-S corporation, DFI could only issue stock to individuals and not to a company such as ISI.
14. Simpson formed DFMI as the "vehicle for the License Agreement."
15. On or about September 2000, DFMI and ISI signed the Second Addendum to the License Agreement. The Second Addendum indicated that a merger between DFI and DFMI had occurred. (footnote 3)
16. The investors were issued DFMI stock in exchange for the TMMI stock they had previously transferred to Simpson.
17. Simpson conducted business between DFI, DFMI and TMMI without conducting any shareholder or board meetings.
18. The shareholders, who had transferred shares from DFI to DFMI, were repeatedly assured by Simpson in writing that the License-the only asset held by DFI-had been transferred to DFMI:
• In June 2000, Simpson wrote to shareholders "since DFMI is the owner of this technology, it can pursue the licensing of this capability to various providers around the world." (Exh. E1) (footnote 4)
• On September 11, 2000, Simpson wrote a letter to shareholders "We have spoken to Iterated Systems about the transfer of the source code and they support the move in amendment and state that the original contract allows for this. All the source code is at DFMI." (Exh. E2)(footnote 5)
• On October 26. 2000, Simpson wrote to DFMI shareholders "There is a great deal of work ahead of us to complete the task of making your CODEC the only choice for producers." (Exh. E3) (footnote 6)
• On October 27. 2000, Simpson wrote a letter to shareholders "The code that DFMI has reengineered from the fractal source code is DFMl's and DFMl's only. .. . TMM has no rights implied or otherwise to use or view DFMI's source code." (Exh. E4) (footnote 7)
• On April 18. 2001 , Simpson wrote a letter to Hoyt that an interim board of directors of DFMI would have authority to "nsure the safety of all DFMI assets including but not limited to the Fractal Codec." (Exh. E5) (footnote 8)
19. Simpson also assured the shareholders that the documents needed to transfer the License from DFI to DFMI had been executed:
• In a November 2000 communication with shareholder Hoyt, Simpson said: "Paper work transferring the Codec's contract from DFI to DFMI is available for review in the DFMI and DFI due diligence books. (Exh. E6) (footnote 9)
• On April 25, 2001, Simpson wrote a letter to shareholders, "I contacted Robin Haskins [CEO and Chairman of DFI] . . . and asked him to please send me a letter explaining that the Codec that was purchased in the name of DFI was in fact the property of DFMI. He was happy to do that and I received his letter shortly after that. (footnote 10) I also informed ISI, who had no problems also, and made note of this with an addendum to the contract. (Exh. E6). (footnote 11)
• Haskins confirmed DFMI's ownership of the PVS/SGI Source Code in a letter to Simpson, "I have also informed the DFI shareholders that all Iterated source code will be delivered to DFMI and DFI warrants that it has no claims on said code. This code was paid for and belongs to DFMI and will be held by DFMI." (Exh. E8). (footnote 12)
20. In December 2000, Panik filed a derivative lawsuit against, among others, DFMI.
21. As part of the settlement agreement to the 2000 lawsuit, on June 1 , 2001 , Simpson resigned as officer and director of DFMI.
22. Also as part of the settlement agreement to the 2000 lawsuit, on June 1, 2001, Simpson, Joe Stratter on behalf of DFI and Panik executed a "Letter Agreement" in which they all acknowledge that DFMI may have some rights to the License Agreement, through a merger or assignment.
23. This settlement agreement to the 2000 lawsuit was approximately 10 months after the alleged merger between DFI and DFMI.
24. Simpson, (footnote 13) as the primary corporate representative of the company, (footnote 14) cannot now claim that those activities were unauthorized by his failure to follow proper corporate governance procedures which would detrimentally impact the other shareholders who relied upon his representations and actions.
25. In 2002, DFMI filed suit against, among others, TMMI regarding the ownership of the License Agreement. That agreement ended in a settlement agreement, in which Simpson agreed to turn over to DFMI an executable version of the source code, which could not be modified, in exchange for approximately $150,000 subject to an audit called for under that agreement.
26. DFMI never provided Simpson with $150,000, as a result of the audit which found additional monies were owing from Simpson.
27. Simpson signed both the DFMI and DFI federal tax returns for 2000 and that he used the same tax accountant to prepare both returns.
28. DFI did not list the License as an asset in its 2000 return.
29. DFMI did list the License as an asset in its 2000 return.
30. The schedule for the form 1120 filed by DFMI for the tax year ending 12/31/2000 identified in the section "other current assets" the property "Fractal Codes" a beginning value of $0 and an ending value of $846,500. This is consistent with the acquisition of the license as a result of the execution of the assignment and second addendum executed effective March 28, 2000.
31. From 2002 to 2011, DFI never listed the License as an asset on its tax retums. (footnote 15)
32. Panik entered into a secured promissory note with DFMI in March 2007, to provide a cash infusion for continued operations. As a result of DFMI 's inability to repay the loan, Panik foreclosed on all of DFMI's assets, including the rights to the License Agreement.
33. Panik then transferred the rights to Dimension.
34. Simpson on behalf of DFI assigned the License to DFMI. (footnote 16)
35. Simpson on behalf of DFI represented to various individuals and entities, including the IRS, that it had made such and assignment.
36. DFMI and its shareholders detrimentally relied upon the representation made to them.
37. TMMI had notice of DFMI's and its successor-in-interest Dimension's claims to the License at the time it acquired DFI.
38. Simpson was not a credible witness. The Court relies to the extent possible on the documentary evidence.
39. Any finding of fact set forth herein more appropriately designated as a conclusion of law shall be so designated.
CONCLUSIONS OF LAW
1. DFI assigned the License to DFMI.
2. Dimension is the successor to DFMI 's rights in the License.
3. Dimension is the sole holder of the License to the Code.
4. Simpson listed the right to the "fractal codes" on DFMI's federal tax returns and not on DFI's. This representation is one which is given great weight by the Court especially given the representation made in communications Simpson made to the shareholders.
5. The representations made by Simpson were relied upon by Counterclaimants to their detriment.
6. As a matter of public policy, DFI is prohibited from asserting a position contrary to that which it took on its federal tax returns.
7. TMMI is not a bona fide purchaser because TMMI had actual notice that DFMI, Panik and Dimension claimed rights to the License at the time TMMI acquired DFI in 2012.
8. Counterdefendant DFI is estopped from denying the assignment of the License to DFMI.
9. Because DFI also represented, contemporaneous to the execution of the Assignment and thereafter, that DFI had assigned the License to DFMI and because the Court has found that DFMI relied to its detriment on that representation, DFI is also estopped from now denying it made such an assignment.
10. Any conclusion of law set forth herein more appropriately designated as a finding of fact shall be so designated.
JUDGMENT
THE COURT HEREBY DECLARES that Counterclaimants are the sole and exclusive owners of the License to the PVS/SGI Source Code, also known as the VDK 2.0 Code.
IT IS SO ORDERED.
Dated this 22nd day of November, 2016
All I can remember about TMMs lawyers is that they got stiffed about $500,000 according to the TMM financials and that they lost the case. Talk about a bad day. LOL
You asked about his reference to TMM as PS. Do the math so to speak. LOL
Conference? No idea.
Down about 25%, ouch!
Another interesting sign of accumulation today. I still think someone is slowly but surely establishing a position getting ready to make a move. Otherwise, why start buying up a debt ridden shell that hasnt moved in several years? Dirt cheap right now, whoever it is can buy many millions of shares for peanuts.
It sounds like he is saying TMM was trying to reach the judge and he just forgot to put the "O" in the middle.
Well nice to hear it straight from you but kind of harsh on yourself arent you? OK maybe not the description fits you rather well. LOL
Yes you should immediately sell everything you own and buy all the TMM you can get your hands on! Worst case, you've got years of valuable tax losses to enjoy!
Yes! TMM what a wonderful investment! I see it skyrocketing upward! Then I see it dropping soooo fast. Maybe you can make a few bucks if you get lucky or get that magic phone call like some get. But if you miss your timing.... sayanora savings!!! LOL
I wasnt attacking voyt I was pondering what was going on with the recent volume and buying in general. Its a shell in need of a home just wondering if it found one yet. No ax to grind here. LOL
Yes exciting close for all of us TMM shareholders a big jump pump but can we all catch the wave before the inevitable crash nobody wants to be left holding the bag! Of course we are also all worried that whatever BIG news TMM has might just mean that Dimension ends up with everything anyway seems likely to happen I know everyone agrees wonder how those appeals are going probably not too good for some maybe we get some news on that next month.
Looks like our next TOTALLY BOGUS PR is getting closer! High volume and rising price for this worthless POS TMM! Should be fun to watch this latest pump and dump but dont get caught in it. LOL
LOL look whos desperately fishing for how a totally different company is doing. Not to worry I told you they are doing really really really well! But Im sure they appreciate your concern.
But meanwhile back on subject, how is TMM doing? Apparently NOT well. That next PR must be stuck in editing. Or maybe the new "partner" is saying NO to any release. Maybe in another 4 years when the court case is over. LOL
A lot of recent accumulation it sure looks like someone is taking a large public position maybe getting ready to make a bid on the shell. Will the Brown family and all the other major debtors finally let it go and take their losses? Not sure why else this many shares would be moving at ask prices.
If you read the whole story it doesnt sound like TMMers Neff or Hallinan will avoid whats coming. And others are likely to join the party. Bernie Madoff is likely setting extra places at the table now. LOL
http://law.justia.com/cases/federal/appellate-courts/ca3/15-2475/15-2475-2017-01-27.html
Not to worry the sub penny is coming back to TMM once the scam implodes and everyone realizes there is NOTHING there.
Not a great time to be one of the payday loan guys propping this junk up either. Besides the bad news for the TMM chief investor and the TMM lawyer it looks like they are looking further down the septic tank ladder.
"The government has notified our Court that it has empaneled a new grand jury that is “continuing to investigate unindicted persons, and considering whether additional charges should be brought against persons already indicted.”
Yes they do its another TMM insider pump and dump in progress right now keep watching.
As everyone knows TMM is sitting on another total bogus PR to be released any day now. Insiders are all well aware hence the high volume the past few weeks. More pre-sales? Joint study project?
Who knows all we know is it will result in NOTHING but a dumping opportunity for those in the know. The past few of these TOTAL BS PRs have fallen flat will this one?
TMM indicted key personnel update, looks like their case is not going well:
https://www.law360.com/articles/857265/payday-lender-can-t-fight-privilege-ruling-3rd-circ-says
TMMs lawyer and largest shareholder, TMM at its finest:
http://www.delawareonline.com/story/news/crime/2016/04/07/del-lawyer-indicted-native-american-payday-loan-scheme/82751628/
Prominent lawyer indicted in payday loan scheme
Longtime Wilmington resident accused of being part of a scheme that charged over 700 percent interest on payday loans.
A prominent Wilmington lawyer has been indicted in a massive payday loan scheme that charged over 700 percent interest on loans by pretending the lenders were Native American tribes exempt from the law, according to prosecutors.
Federal authorities in Pennsylvania are claiming Wilmington resident Wheeler K. Neff, 67, and Pennsylvania resident Charles M. Hallinan, 75, conspired to violate the Racketeering Influenced and Corrupt Organizations Act, or RICO, by using the “rent-a-tribe” model to avoid consumer protection laws that set caps on loan interest rates in Pennsylvania and other states, according to an indictment unsealed Thursday.
They did this by looping in American Indian tribes as the supposed lender so they could claim tribal immunity from state regulations and deflect class-action lawsuits, the indictment claims.
Hallinan, a well-known name in the payday lending industry, operated under a string of business names that included Easy Cash, My Payday Advance and Instant Cash USA. His businesses generated $688 million in revenue between 2008 and 2013, the indictment says.
Do you deny TMM down 80% from its recent high after another FAKENEWS PR? Just one of the 30+ FAKENEWS PRs TMM has issued the past 5 years not a single one has come to ANYTHING has it?
Do you deny that TMMs largest shareholder is an indicted Racketeer? As well as another very very large TMM shareholder who also was the TMM lawyer?
You are correct TMM has promised the moon in dozens of bogus PRs and followed through on exactly NONE of them. And yes TMM should have a will and quickly! I wonder who gets the company pen? As the main asset I think Cavanaugh should keep it. He's worked so hard to get the company to this situation. LOL
So much jealousy around here but really the focus here should be on TMM, Yes they are a total LOSER but they are OUR LOSER so let's help them just accept it.