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The BOD seems to do a lot of things it is not supposed to ... and there will be no time for a TRO because by the time you find out its done millions of shares will be issued and sold.
And the purchase and sale agreements will probably include a poison pill; that in the case that the shares were illegally issued we owe the people who purchased the shares $3,000,000.
It seems to be the way you get money out of this company, through bogus suits that we either settle for ridiculous amounts of never defend.
And our CEO went to law school...wonder if there is a connection.
Don't worry ... pretty soon you should be able to buy stock in Calypso International.
DE Wine and Diac are probably putting the paperwork together for the IPO as we speak.
Wonder if Kyle will be the CFO for that venture too. No more conflict of interest since we are apparently all good friends with special relationships.
The company seems to have a lot more money than I thought. Wonder what we did with that $160,000+ we got for that 5 million shares that we do not have in treasury to issue.
I see dilution in our future.
Not really. A court is hesitant to grant a TRO unless you can show imminent harm, as in the case where Diac tried to steal the patent. Since harm was not even certain, since the outcome of the vote was unknown, my guess is a court would be hesitant to stop it.
So is this new, or part of the old line. I remember a few months back when everyone was trying to get a hold of Turrini that he claimed to be in New York meeting with prospective clients and nothing came of it. Just curious if this is new or more of the same.
Where did this come from?
I believe the law may have other ideas.
There were a lot of creditors out there. We will not know how many until the books are caught up, and even then all we will probably see is the total liability. It would be a good thing to pay off all those loans as I imagine many of them include a lien on the patent.
That sounds like it is probably accurate. I am not sure how he came by the shares. Don't recall. Interesting timing, but probably not important.
Sorry, I was referring to the Cytrynbaum suit. If it is what I am thinking is has to do with the $3 Million poison pill inserted in the contract. Curious if somewhere in the settlement there isn't a clause to pay him off with funds from the T-Mobile Deal, should one ever occur.
As I recall, that money was due to Baxter, so I think I may be wrong.
Is that what that case was about? If it really is then every shareholder ought to be thoroughly pissed off. Turrini made an ultra vires deal - he should be solely responsible for any damages incurred because of it, not the company. I should not have to give up what amounts to a quarter of the share price to fix his "mistake".
I suppose it is no surprise that the company is "NOT IN GOOD STANDING". Looks like we are in for more of the same.
Not much of a resume. Looks more like a sales flyer.
Good catch though. Did not remember that name, although I should have. It is pretty memorable.
Wonder if this is who we are going to hire to do all the licensing of the patent?
If yes, I wonder what their cut will be. Acadia wanted 40% if I recall correctly.
Am I reading that right, does it say they opened this company a month ago?
"Updated 10/27/2011 - This profile of Technology Broker Company L.P. was created using data from Texas Secretary of State"
http://www.corporationwiki.com/Texas/The-Woodlands/technology-broker-company-l-p/38501288.aspx
Diac is not after a licensing agreement. He will start a new company with the patent as the centerpiece and go public. That is the way you make money.
JMHO
Maybe. Wonder why the profile in the 8K of or new director doesn't mention Technology Broker Management L.L.C.
http://www.corporationwiki.com/Texas/The-Woodlands/technology-broker-management-l-l-c/38501285.aspx
"Technology Broker Management L L C in Spring, TX is a private company categorized under Management Services. Our records show it was established in and incorporated in Texas. Current estimates show this company has an annual revenue of $120,000 and employs a staff of approximately 2."
Could be a different guy.
Rohan Russel. If you go back to the California filings you will see that he was the person ex-management wanted for the board. He must no longer be in the Family and Friends plan.
Apparently loyalty doesn't account for much.
If you wanted his talents you did not need to make him a director. The only reason to do that is to allow you to have a quorum without Walsh. You need three to have a quorum.
Its the Friends and Family plan! Only, I was really hoping for Rohan.
Well that is interesting. First, if all you own is the patent in the US why do you pick up a director who has experience in Latin America? Second, if there was a problem with getting things through the board with four members why return to that number of directors almost immediately (unless you know that director is in your pocket)? Third, if you just spent the money to hold a special meeting to vote on the removal of a director why didn't you ask us, the Shareholders, if we wanted this new guy?
You just can't make this stuff up.
When Williams puts a motion before the chancellery court to invalidate the election and remove management I am sure it will request that any actions done after his alleged removal be nullified, but I don't think he will get a TRO. There is no need since all parties are most likely already on notice so, assuming the court sides with Williams, which I think is a fair probability, nothing will be valid (other than the settlement, assuming there are no material changes). The court will most likely consider it unnecessary.
I will be startled if he does not file to nullify the election.
So, you may be right. They may be waiting for the court to clarify things. But I seriously doubt that ex-management cares about the legalities that much to file the 8K one way or the other.
We might need to talk in the near future.
I would agree. The most foolish thing they ever did was never challenge that award. Regardless of the merits of the underlying case (which were just as shaky) we could have paid of Diac with the money from the Carlos by-out and he would have been out of the picture with Calypso owning the world. But that was never really the plan now was it.
That may be true, but it won't stop them from implementing the "Friends and Family Plan" on the board. How much you wanna bet that either Desmond or Rohan will be on the board by the end of the year?
Just remember, there are no savings with this plan. It costs the company $120K a year for each friend they add on to this plan.
No, because the opportunity presented itself. With Kyle and Drago coming a special relationship and Drago needing to form a new company to advance his foreign patents it is hard to say what may have transpired once ex-management was no longer in fear of independent director oversight.
Again, I don't know. It is just strange that a deal that had been executed so long ago is taking so much time to get to the court.
And no, I do not believe that it had anything to do with assigning the foreign patents. Maybe with who is going to pay for all those assignments. I am guessing we will have to, along with any other expense. Which means that we will have to authorize more shares (probably also done at the meeting) to sell to an investor (possibly DE Wine), but what I really expect is for management to try to secure more loans. We are mushrooms until the settlement is made public.
Unless the settlement is as advertised I don't see any of this as being good for the Shareholder.
JMHO
Interesting that a deal that was already executed is going to take a so much more time to file with the court. There is no reason to do anything with the foreign patents before the court accepts the deal. In fact, the court should accept the deal before any actions regarding the patent assignments are made ... just makes sense.
But again, time will tell why this deal is taking so long.
Fools or foolish for believing that the "election" means that Williams cannot sue anyone. Actually, ex-management already knew that would not change. It is those who believe that this special meeting was ever about Williams litigious tendencies who are the fools. It was about control. It was about raping the company for the benefit of a few.
You do not need to believe me now. Time will tell.
JMHO
I think they were either foolish or fools.
That is just it, you are not trying something different, you are trying the exact same thing that brought us to the verge of losing the patent in the first place. One that has failed to close a single deal in over five years, at least two of which there was no question about who owned the patent.
Not that long ago I was a verdant Turrini supporter. I even argued with DSU that he was an paranoid nutcase for not supporting Turrini. (I probably did not use those terms but that is what I was thinking). But then I started reading the information available: Turrini's statement in the appeal of the default judgement, all the times Turrini claimed to have a deal done that was just hot air, the facts regarding the defualt judgement and the baxter patents. Slowly I came to realize that he is either incompetent or a thief. Since then nothing I have seen has changed that opinion.
I support Williams because he is the only person involved in this company that appears to have the shareholder's interests in mind. In my opinion Turrini is after a quick buck and couldn't close a deal that is favorable to Calypso to save his life and Kyle is only interested in power and prestige. Interestingly She has become fast friends with Drago (at least according to Sosa). Their interests are not aligned with mine as a shareholder. If I make any money it will be incidental to their actions and not because of it.
It took me a long time to figure this out. I suppose, if you are being honest and are not getting something on the side, it is going to take you a long time to figure it out too. You want to believe the hype because it means big returns. But every time that something is supposed to get done it will be late, or there will be that one more clause that needs to be added to the contract, or we just need another investor to get us over the top. There will always be another reason why the company does not succeed.
This is all just my opinion based on what I have seen and read. You are certainly entitled to yours. If you are right I will apoligize all the way to the bank, but to quote Keith Emerson "I fear tomorrow I'll be crying".
GLTA
That is too bad for management.
How is that you come by this morsel of information?
This is turning into the longest eight days I can remember.
I suspect, judging by the fact that the meeting was held next door to DE Wine and that the vote count was pretty much Diac and DE Wine, that there will be an anouncement of a new financing partner - DE Wine - who have agreed to give us a couple hundred thousand dollars for operating expenses that will be secured by the patent. Once that money runs out we will go through this whole thing again with DE Wine who will take the patent for failure to pay back the money.
We don't need any more loans we can't pay back.
JMHO.
We will see. I am waiting to see what is really in the settlement and to read the next round of court documents. The company still as open litigation in California - the state that we opened that new office in, but was apparently not nice enough to hold the special meeting in. That may or may not include the action to remove management. Then there will be the fillings in Delaware.
I am waiting for the ex-management groupies to start screaming about the cost of litigation that ex-management created by not being willing to negotiate with Williams.
But that is OK because Kyle has a special relationship with Drago, so everything is going to be peachy.
Don't hold your breath. Ex-management seems to have a problem with understanding the laws of the State of Delaware and the rules set forth by their own bylaws. I think I will wait a little while to see how this one actually plays out.
Just curious, did they even mention how many votes there were against management's proposal?
If that was really the vote then I would not be doing your victory dance just yet.
I believe Castor has a point. I believe you needed almost 100M votes to remove Williams. If management did not get that, then Williams is still on the board.
Wait, I forgot, that is the ex-management.
Probably did not bother to count...
Why did you change your post? I was hoping you would elaborate on that "special relationship" Kyle has with Drago.
Not really sure it matters