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I asked Dierdre if she would keep shareholders in mind, honor the contract as it was signed with Rob Howe, and ask that Billy pay for any additional financing from his proceeds in arbitration.
Dilution. I thought it was to raise capital for the lawsuit, but I'm hearing it was to pay off the old IceWeb debt.
That's what we'll end up with at Carter's new "waterfall."
Ahhh.
I reached out to Dierdre on LinkedIn. She didn't respond, as expected. I did, however, get a profile view.
We need to get someone into that arbitration hearing to represent us. But we'll have to pay. I don't think we need to hire someone on contingency at this point, it all depends on the outcome of the arbitration. If we don't have ears and a voice at the hearing, we will never know the outcome until the settlements are over and we either end up with .007 per share or nothing.
There seems to be a third Unified Company with Billy Carter at the helm: UnifiedOnline! LLC in Delaware, with $13 million in holdings. So I'm wondering if this is where the proceeds from the dilution went? It was formed in 2015, when he was given the 903 million shares.
https://fintel.io/i/unifiedonline-llc
https://fintel.io/i/unifiedonline-llc
They're all connected -- Bentham, Billy, Dierdre, Mischcon. Dierdre engaged Bentham and gave them a cut before she hired Billy. Dierdre hired Mischcon.
I agree. We need representation in that arbitration hearing. Then we go from there.
The $1.2 million Leane borrowed was probably for costs. There are filing fees every time a filing drops -- usually hundreds of dollars, but the costs vary. There were flights, hotels. Normally, though, the attorneys absorb the costs and take a higher contingency, or absorb the costs and add it to their contingency fee when the case settles. So I'm not sure where the $5+ million Carter borrowed went, or the proceeds from the dilution of 500+ million shares.
We need to act soon. I don't like the idea of hiring an attorney on a contingency just to get us into the arbitration hearing. If it doesn't go well in arbitration, then we can talk about suing Carter and Leane for breach of the contract, breach of fiduciary duties, etc. and tie their hands.
Did someone start a gofundme? Where's the link? I would think people who have 10's of thousands of $$ invested here might be willing to pitch in. We would need 50 people to pitch in $150 each.
Most attorneys take cases on a contingency, roughly 30%, so an hourly fee is the way to go. He said he needs to look at the TRO first. If he decides we don't have a case, he'll refund the remaining fees.
Yes, they did. Apparently, Leane had an "advisory" agreement for 22.5% that Carter and Mischcon convinced her to cancel, so Carter could give himself that 22.5%.
Contract Law. I just got off the phone with an attorney in the Dallas area. It won't be cheap -- $525/hr. The first 14 hours would come out of a $7,500 retainer. But it's much cheaper than an attorney working on a 30% contingency fee if we prevail.
I have a lawyer ready to take the case, and get us into the arbitration. We need a 7,500 retainer.
There are 1.6+ billion shares outstanding. Phantom shares, or naked shorts, would not appear in the OS on OTCMarkets. The stock was diluted.
I found an attorney in Dallas who is willing to take a look at the case. We have a right as shareholders to make a specific demand to review the records and books and have representation in the arbitration hearing. He said it does sound like they are trying to cut shareholders out, and that's why they insist on a private arbitration.
His fee is $525/hr, and he requires a $7,500 retainer. The first 14 hours will come out of the retainer. Is that amenable to traders here?
Of course, I'm just using Google, since I don't know any attorneys in the Dallas area.
Findlaw has a list of contract attorneys in the area, if anyone wants to help me with outreach -- see if it's possible to get minority shareholders represented in the arbitration hearing.
https://lawyers.findlaw.com/lawyer/firm/contracts/dallas/texas
I've been checking around. Most want the case on contingency. I think we just need an attorney in Texas in that arbitration hearing at the moment.
Our case would be a Federal case since we're scattered all over the country. I would love to get a lawyer into that arbitration meeting, though. I think that's where we need urgent representation. The problem is, arbitration hearings are private and we have no idea where or when it is taking place.
Carter's new company, UO! IP, may be a problem as well.
Carter and Leane are in on this. The contract initially stated Leane (Chanbond) got $5 million plus 44.7 million shares of UOIP and Carter would receive 918 million shares of UOIP, after attorney fees and costs. The remainder would be split 50% to CBV (the patent creators) and 50% to UOIP.
These "side contracts" or "advisory agreements" are invalid. Carter awarding himself 20% as "CEO" after Howe's death and after letting the company get delisted, is a breach of his fiduciary responsibility to shareholders.
Mischcon gets paid first. Then Bentham. Billy created "UO! IP" after the fact. That's his "newly formed company" that he awarded 20% (to himself), after he worked with Mishcon to cut Leane out of her $20% by voiding her "consulting agreement," that was also apparently signed after the contract between UOIP and Chanbond, before he finally agreed to add her back in -- IPNAV and Chanbond are the same (22.5%) Dierdre's company that purchased CBV.
UOIP net is us. UOIP pays taxes on the full settlement, before the attorneys, lenders, Bentham, Leane, Billy, and the patent creators are paid, btw.
We really don't know how "small potatos" this is at this point.
Chanbond is Dierdre, who Carter attempted to cut out of the settlement when he created his own company, UO! IP, giving himself that cut. Now she's back in, along with his newly created company, leaving us with "UOIP net," at about 0% to 9%.
You're missing UO! IP, Carters newly formed company giving him 22.5%.
If billing has taken out millions in toxic loans and dumped hundreds of millions of shares on the market, why couldn't he keep the company current?
So he could do the work before she swooped in to take back control in the 11th hour?
We need a lawyer in Texas, and a shareholder in Texas. Otherwise, we will need to ask for removal.
This was the number that were issued at the time the contract between UOIP and Chanbond was signed. It was an attachment to the original contract. It doesn't necessarily mean our shares don't exist, it just means they didn't exist at that time. You can see there were 6 billion in the AS at the time.
She's the one who hired Mishcon. The work is done and they are ready for trial. Nothing left to do now but go to trial or accept an offer. If the $50 million offered was from Cox, I agree with her, it's far too low.
The verified transfer agent on OTC Markets was Olde Monmouth in New Jersey. I emailed them once before the stock was delisted and never got a response. I would think they would have an idea as to when the dilution started, whether it was before or after Rob's passing.
http://oldemonmouth.com/contact.html
Her equity interest would go up dramatically if she rescinded the contract with UOIP. She would net half of the proceeds after costs -- loans, attorney fees.
But this is not a bankruptcy. There is a big difference here. With over 900 million shares, Carter will have more than enough money at the end of this to cover any additional costs he ran up over the last several years.
I was thinking last night that that might be why he formed UO!IP in NC. I, too, am thinking we should file a complaint with the SEC.
The status quo was Leane owned Chanbond and UOIP wasn't in the picture. She didn't have 44,700,000 shares before the contract was written. The patent creators were getting 50% after costs and she was getting 50%.
I would like to think so. But then I thought Carter would protect his 900+ million. So I digress.
I reached out to Leane on LinkedIn. I guess we know now why we haven't heard from Chanbond since August and why the court date got pushed out so far.
I'm suspecting the offer came from Cox. Just speculation on my part, but they were up first. If the offer was from Cox and it was $50 million, it probably is too low. Following is what I come up with from the top 7 providers using current subscription numbers at Teece's bottom estimate (@ .28 X 12 mo. X 7 yrs):
Comcast 19,900,000 subs $468,048,000.00
Charter 15,530,000 subs $365,265,600.00
WOW 518,500 subs $12,195,120.00
Cox 4,132,000 subs $97,184,640.00
AB 410,921 subs $9,664,861.92
Cable One 818,330 subs $19,247,121.60
Mediacomm 829,000 subs $19,498,080.00
$991,103,423.52
Keep in mind that these numbers fluctuate, but have actually gone down substantially the past few years. However, they may still up from 7 years ago.
It's still securities fraud. There were over 500 million shares dumped into the market AFTER the agreement between UOIP and Chanbond was signed and AFTER the company quit reporting. Carter diluted and let the stock get delisted. It's fraud if he cuts out UOIP shareholders now.
The file came with a blacklisted url attached. Probably malware. My antivirus blocked it - the attached url. I would be careful if you don't up-to-date antivirus software.
Was that directed at me? I'm feeling kinda paranoid lately for some reason...
The only judge I can find on the docs is the judge who issued the TRO. I don't have any idea who will be hearing the arbitration.
I wonder if Leane is even aware of the dilution after the agreement was signed? Maybe a letter to Leane would be more appropriate, letting her know there are 1.619 billion shares outstanding. Where did the proceeds from all of those shares go?