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I think everyone already figured this out. The 4/25 hearing was about MOKHTARIAN and it was dismissed. The trial is still set for 2/23
If the court had ruled in VCSY's favor the news would have been out immediately.
I don't know about alive and well but there are still (some) signs of life. So VCSY isn't a complete quadriplegic, at least one limb still moves.
I really don't see this trading again. It just looks like a rudderless ship. I don't see the possibility of completing any of the objectives stated in the 12/21 memo.
If this is true, we need to get a Status update around the end of the second quarter. The last update dated 12/2/21 outlined objectives for 2022. It would be nice to know (at the mid-year mark) where we stand with respect to those stated goals
D&O coverage
The only beneficiary was Wade and maybe some strip club employees. It doesn't really matter anymore. "What's done is done"
It was a collateralized loan (25% of Now, a going concern). It's an indication of the kind of person Wade was, someone that didn't want a legitimate institution looking over his shoulder
13 years of easy money and this anus (Wade) has to barrow from Farias at 12%.
I don't think we are there, But the expansion of the money has to stop or be significantly slowed. A lot of the run up and excessive PE ratios has been tied to earnings and the expectation that money would be easy. That was not the case in 2000. The overall market will sort itself out. VCSY on the other hand looks bad
Neither Powell nor Yellin are up to the task. They don't even begin to shrink the money supply until 6/1. They could dampen (some) inflationary pressures, by returning domestic oil production to pre pandemic levels. They will not do it.
As Musk would say "I Can" is more important than IQ.
I see no reason for optimism in the market or for VCSY
I don't think anyone doubts your word. That's why the 1.5-2-year estimate is such a punch to the gonads
My guess is they dismissed the issues (of 4/25) involving Robert Mokhtarian and we are going to trial next year. That's why we are a year or two away from relisting. Just a guess.
I know now it will be next year 2022 tax year. I'm pretty much done with this. Dead money
If today was 4/5 instead of 5/5. I would write the entire position off as a total loss on my taxes. Then just wait and see.
A disappointment from the get-go
The judge may not hear about it until 2/23 when the trial takes place. Once you go to trial it's anyone's game. Two years is a long time
Sounds like we are back to the snail's pace.
I really hoped we had turned the corner.
I'm sure he and the company have agreed to terms that are beneficial to both parties
Steady re-occurring revenue
Won't ask for details. I'm sure your position requires discretion
I believe he may be actively involved in the one of the suits.
RLHMAN: #5274
"So if vcsy can get those 82 million shares, then we start trading. Say the stock goes to 10 cents with some good prs, that would be a good amount of money to fund our company."
It would be nice to claw back those shares. Then he can never benefit from the company if it makes money. I'm not sure it makes sense to hold up any progress pending that outcome
I thought that was a stated goal. To claw back his shares and that relisting would not occur until that time
I guess this is what happens when you get info second hand
right.
Hopefully that Dallas judgement will lead to the forfeiture of his shares and whatever other assets he still holds
For me, my primary interest is getting their financial house in order and getting relisted
It also does not have any info on the disposition of the 4/25 hearing in LA
I think you are right about this. The trial goes on
The original suit was:
Lawsuit vs Farias - Lakeshore Investments, LLC vs. Now Solutions, Inc., Vertical Computer Systems, Inc
After that there were a number of counter suits and cross complaints.
Maybe the original suit brought by Lakeshore was dismissed.
Just a guess
I hope that this is the case, and they can finally get down to making and selling products/services
I know it's around 40 a month. If you could just have a flat fee for the one document, it would be worth it but I'm not a lawyer and have no use for a reoccurring service. Cancelling these things is always harder than signing up (for obvious reasons)
I have enough reoccurring monthly charges I don't need one more
Yep, I think you are right about that. At least that's my understanding of the suit.
The sooner they can put this chapter behind them the better, as far as I'm concerned
If this is truly the end of the suits. I hope the company will now concentrate on getting relisted and generating income. IMO increasing shareholder value is the priority. Everything else can be handled by the appropriate authorities.
YES, "If this Lakeshore case is settled" that would be significant event, worthy of a clarifying statement from the management. IMO
I'm not aware of any other legal proceedings after LA
I guess I'm unsure of the scope of this dismissal statement. If it covers the entire proceeding or just the matter at hand on 4/25. If there has been a settlement or the case was thrown out, that would be great news.
If this is the end of these proceeding the management team should post a statement (online) to that effect
L.A. Does this mean the entire case is dismissed??????
04/28/2022 Order - Dismissal
Filed by Court
04/28/2022 Certificate of Mailing for ((Ruling on Submitted Matter) of 04/28/2022)
Filed by Clerk
04/28/2022 Minute Order ( (Ruling on Submitted Matter))
Filed by Clerk
I see we still haven't heard anything about the California hearing
I would like to see the shares and any other ill-gotten gains returned as soon as possible. Then a relisting and resumption of trading.
If there are criminal cases, they can move along at their own speed
I assume those shares are held "in Street name" at some brokerage firm in a trust account. Seems like a court order could be gotten to seize them or at least hold them until a new cusip is issued. IMO
A 20 million dollar judgement against him ("The court orders VCSY to recover from the Defendant Richard Wade"). I would expect that to mean a forfeiture of assets. Whatever he may have