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Eight billion.
Yeah, and Daic now has to foot the legal bill to save his (arguably illegitimate) shares in CLYW. What delicious irony.
Have a nice day.
Thank you for explaining that only you have the right to post opinions here.
My impression of your posts -- strictly subjective, of course -- is that you have since 2009 continued to badmouth our chances of receiving any money for our shares. If the Markman rules that our patent has been valid since 2004, we will hardly be on "bended knees." We will be in the driver's seat pending the outcome of the subsequent infringement trials/sale of the patent. May I ask ... Are you posting for yourself or for former company officers? We shareholders are in a better position now than since 2004.
We just don't know. Free shares distributed by the BOC may be just as valid as those we purchased with our money. We have no information about what the BOC did regarding inside deals and they did not keep the SEC informed, either. We shareholders do not have our own lawyer to keep us informed.
I share your optimism with two caveats:
1. A favorable Markman is great but will not then move swiftly to a settlement with TM or a sale of the patent for our profit. TM just got $8 billion from AT&T and thus can tie a favorable Markman up in court for years if it so desires. Of course, such a move might slap them with treble damages when the case is finally settled in our favor. It's a race track bet.
2. I assume that among the dozens of illegal deals we suspect the Board of Crooks undertook is an illegitimate award to themselves of millions or tens of millions of shares. Frankly, we don't know what the BOC did since 2004 and thus who knows what the receiver may discover and then either allow or disallow. Williams tried to open the books and failed, achieving only a copying of tens of thousands of loose pages of financials, crossword puzzles, pizza orders, emails, and who knows what else. I personally believe the BOC is up to their eyeballs in criminal activity re. CLYW. We are going on six months since receivership was declared and we owners are no closer to understanding just WTH went on with the BOC.
This said, I believe we will see a resolution in less than three years and know where we stand by next spring. As for people selling shares privately for pennies -- bad decision. That's like tearing-up a lottery ticket because they can't stand the suspense.
A review of the eastern Texas district court decisions hurting CLYW strongly suggests it is corrupt and in the pocket of such characters as Daic and Turrini. How in the hell can a judge who is reported to be golfing buddies with some litigants be allowed to rule on such litigants' cases? Bravo to Williams who, whether by intent or not, moved our injuries at the hands of the BOD and the highly suspect Texas courts ("If you don't show up at the trial I'll award Daic $117M, ok? And you can then deal with him privately.") to Delaware and a whole new ball game.
I just watched "Rogue Trader" on cable. One guy destroyed the oldest investment bank in Europe and ruined thousands of lives. Echos of our situation kept ringing in my ears.
The Markman is irrelevant as long as TM's motion to dismiss remains unanswered by the court.
Can anyone explain why there has been no ruling on T-M's motion for the CLYW suit against them to be dropped? Won't the Markman be worthless if the suit is dismissed?
>>We have to move on this and be proactive, gee it's our shares, patent, savings etc. Only we genuinely care what we get out of it. Even the receiver in reality doesn't give a hoot about us, he's getting paid.
Don't know about your last comment. What lawyer wants on his resume, "Screwed-up biggest potential shareholder windfall in the past 20 years" ?
Uhhh... shouldn't we first determine if the receiver will give ANY of us the time of day before we anoint someone?
The judge ordered the receiver to wind-up CLYW while getting the greatest return to us owners. Who says that makes the patent go away? One option is to create a new corporation that owns and leases the patent. That would mean a cascade of yearly licensing revenues, plus claw-backs from companies who infringed since 2004. The only thing to make that unattractive would be for a large player to pay a huge amount to buy the patent -- and its claw-back rights -- outright. Of course, Daic comes to mind as the purchaser of the patent outright, for which he would have to pay us. Divine justice.
Thank you. If it goes well for us, TM may decide to settle. One can hope.
December 2010, December 2011? WTH?
When is the Markman hearing? So many dates have been posted I have no idea.
IOW, nothing starts until next March. Bummer.
Thanks. And the date of the Markman?
>>>Broadly speaking, NPEs buy up troves of patents not to develop products ...
Huh? Because they cannot afford to develop them or because they want to suppress them? Regardless, money for a patent they want to suppress is still money to the owners.
>>>as the value of the patent will start to be known based on the trial in Texas.
Which trial? What date?
Are calls and emails to Turrini being returned?
If I understand your reasoning and suppositions, you believe our patent will never be accepted by the industry or government, which will work to continue to suppress it until it expires or becomes obsolete. Is that your position?
It has been alleged repeatedly on this board that Daic and the BOD had friendly judges in Texas, making their scam much easier to perpetrate. Perhaps someone here has a pointer to these past posts.
If the receiver drags his feet on settling what is clearly a detailed and documented scam against shareholders he would, IMO, be violating the spirit, if not the letter, of the judge's order. I cannot imagine the judge had in mind making the winding-up of the company another unending case of domestic abuse of shareholders.
If I understand what the judge ruled in creating receivership, the receiver can keep or dump any and all agreements and settlements made by the unelected, illegitimate Board since their refusal to hold elections, perhaps as far back as 2004. Thus all the trashing about in TX courts is vacated.
>>>IMO the 3 year timeline talk is coming from the Delaware statutes... http://delcode.delaware.gov/title8/c001/sc10/index.shtml
...once a corporation has been woundup/dissolved, there is a 3 year continuance for lawsuits, etc...which may be extended by the court...
The patent sale and proceeds to shareholders can occur long before a single additional suit is filed. I'd be fine with waiting three more years to see the allegedly criminal former and current officers in court.
Interesting interpretation. I keep going back to the issue of patent suppression, which seems a slam dunk in this case, at least ethically. This is, I believe, the potential personal threat hanging over the heads of the former Board of Schmucks, in their varying iterations since 2004. Has there been word one from any of the former talkative officers since receivership? That we are almost five months since receivership and have had no information from the receiver's May report to the court is most disappointing. OTOH, the court events due in the next several months will be high drama indeed.
I was replying to another poster who claimed that nothing would happen with CLYW until the judge's three year limit on action had been reached. I believe that interpretation is incorrect.
My understanding of the judge's order is not that the sale of the patent has to wait until February, 2015, but rather, that it can be sold when the receiver believes he has gotten the best deal for we owners.
In most states there is a 36 months statute of limitations on civil wrongs/law suits.
Is anyone letting the receiver know what is going on around him? His utter silence is not reassuring. In this way he is even less loquacious than the Board of Crooks.
Does this decrease the value of our patent?
What makes you think he hasn't? He certainly isn't answering his email.
I agree. The judge's order appointing the receiver seems to allow the receiver to take any and all actions he deems fit to maximize the money going to the owners (us) as he rolls-up the company. I do not see any restraints upon what past actions he can void as it is the judge's stated opinion that CLYW and its Board of Crooks have been criminal enterprises since at least 2002. As someone has already pointed out, CLYW practiced willful fraud in the Texas courts, eps. the reprehensible $117M default judgment against CLYW as the result of Turrin i not bothering to appear in court to defend CLYW. I talked with Turrini on the phone about this (and kept good notes), and his explanation was that "the BOD prohibited him from appearing on court to defend CLYW." If he is telling the truth, we have amajor fraud perpetrated upon shareholders and the Texas courts. If he is not telling the truth, he perjured himself and resulted in CLYW perpetrating fraud in the Texas courts. Either way, it is not surprising that he has vanished. Maybe he's back in South America in a country from which he cannot be extradited.
While I have in the past been unfortunate enough to have bought stock in other fraudulent companies, I have had no other experience as an owner of a company to which a receiver has been appointed to make things right. I won't discount Daic's possible continuing efforts to screw us for his own benefit. His entire history is, IMO, that of a pirate. His actions, and those of his wife, being on and off the BOD and into and out of CLYW officer jobs while being given tens of millions of shares and dollars by the Board of Crooks really screams for the FTC and the TX and DE courts to take a close look. I would like to believe that our current situation neuters him from causing us even more damage. I'll leave that assessment to others with better knowledge of the courts.
I think its key that the Judge declared CLWY a criminal enterprise since it was Kleer-Vu. That suggests the Receiver is free to keep or trash any settlements and agreements the Board of Crooks made since the company's beginnings.
BTW, anyone know why the patent's inventor sold it to CLYW for pennies?
Uh, the settlement gives the patent to Daic outside the U.S. Doesn't this create standing to sue?
Whomever owns the patent after the company is rolled-up and ended will have standing to sue any other infringers.
See post 56608.
With not one word from the Receiver about which secret scams between our Board of Crooks and Daic he will hold valid, how can we assume anything? What if he declares that all the settlements and court decisions re. Daic were based upon fraud, "fruit of the poisonous tree," and thus invalid? I don't know enough about the law to comment one way or another. And our being denied the quarterly report doesn't help matters.