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Unlikely. The judge gave the Receiver the power to review every act by what he himself called "an illegitimate, unelected" clown-car full of officers who he named responsible for the failure of the company. That includes the so-called "settlements" they made along the way to give the company to Daic and others. I would be amazed if the Daic "settlements" are upheld.
Yes, and at $1.71 a share, the patent's value to the shareholders is $342M.
I remain optimistic. Bought more shares today.
Interesting. Many of us -- perhaps most -- had concluded long ago that receivership was the only way to get the crooks out of the company, and that in the absence of receivership, perhaps our grandchildren might see a financial return on our investments.
Then may I ask why you're here?
Don't forget the grassy knoll!
>>The theories about patent suppression and backdoor payments from Diac or telecoms are unfounded,
In your opinion.
Bull. The judge laid-out in spades the entire current and former BOD of "a scam company from the start." He pronounced all of them illegitimate, unelected clowns who engaged in daily wrong-doing. Don't try to pin this just on Williams.
If the heresay here is in any way reliable, then a deal with T-Mobile at a the mentioned fire sale price of $5M would be as big a disaster for shareholders as has been the Board of Crooks.
OK. I will.
While my cost pps is very low, I cannot believe the company will end up being worth nothing. Does not compute.
I also find it difficult to believe that anyone tech savy would invest in the LightSquared model. From the get-go it was to run abutting the frequency range used by GPS. There was zero chance of allowing GPS to be degraded by any commercial system.
LightSquared can run on our patent, if I understand the technology properly. That makes our 923 patent just that much more valuable.
Don't forget LightSquared. Their entire model of 40,000 commercial wireless transceivers has been crushed by the Feds.
Can the Receiver recommend that certain CLYW insiders be referred for criminal prosecution?
>>Well the reality is that in court we found out that the records Dave had in his possession did not contain all of the information needed to produce financials (audited or otherwise).
Almost certainly an element in the Judge's decision.
The CEO's. Turrini's.
What good would it do? Part of a Receiver's job is to cut through all the crap and make the best deal he can for creditors and shareholders. I know it feels good to drop a 1,000 pound container of Daic and Turrini crap on his desk and say, "See!? See!?" But that is no longer the issue. The issue is the court ordered dissolution of the company while protecting creditors and shareholders. It's that simple.
Indicates that Williams was not ready for the trial. Despite this, the judge saw exactly what was happening and assigned the Receiver.
I can't wait to hear the judge's response to Turrini's plea to let him and his buddies keep running the company. That'll be a six-pack and popcorn read.
Thanks for the correction. So Turrini actually told the court about his skimming money from the company?
Your extract is from Williams' claim, not a finding by the court. Unfortunately.
Oh, please! We are talking about a patent worth between $100M and $1B, per court testimony. And you are upset that the Receiver may charge $300/hour to take advice from shareholders and other outsiders? It would take 913 years of billing at $300/hour to even reach $100M. Luckily, the receiver has zero obligation to follow advice from any stockholder.
I just checked the company website. It's frozen as of last September. Not one word about Receivership.
In my business experience, I cannot believe we would get such a small amount for a patent 80% of the industry is already using.
>>More probably we will have an auction and we will get 20/30% of the value bidder gives to patent, instead of 70/90% of a normal situation (10/30% normal costs for management and legal fees).
If you believe this you have to think that creditors will get 40% of the patent's worth, or, above $200M. How the heck did you get to that conclusion?
SirH, Company website is frozen at 17 September 2011. No notice of Receivership.
Let me answer my own last question. This strongly suggests that the reason the fraudulent "settlement" has been kept secret is that it contains a poison pill under which Daic gets additional ill-gotten gains at the cost of further harm to the Shareholders.
"... The Receiver shall have all the authority contemplated by 8 Del. C. 291, including the power to prosecute and defend all claims and suits in the name of the corporation...For the reasons set forth within, a Receiver will be appointed by separate order to take charge of Calypso, dissolve the entity, and wind up its affairs..." for the benefit of its valid creditors and its shareholders.
Doesn't this mean that all company "settlements" since 2004 may be declared invalid by the Receiver? Doesn't this mean that the former BOD's filing on Friday to allow them to keep running the company is against the judge's order for them not to file anything in this matter? Doesn't this mean the former BOD's sudden claim that the recent "settlement" with Daic has not been signed and formalized just catches them in another lie?
Turrini is on record as claiming that he did not show up for the trial that gave Daic $117M because he was ordered by the BOD not to show up; he was at that time a VP. I'd love to hear the Receiver's response to this claim.
If I understand the power of a Receiver, I believe he can get access to the private bank accounts and financial records of the former unelected, illegitimate BOD members. Must make for fascinating reading.
It's hard to believe none of these crooks care about perjuring themselves in court. Perjury punishment has teeth.
Bookmarked. Nice catch.
Thank you.
SUMMARY: "We, the disgraced former BOD and our attorneys, want the Judge to change his liquidation order and instead let us continue to run the company. We're sorry. Really, really, sorry. We have secret ways to save it! Really! Now that we have that out of the way, let us continue as before with us still in charge."
>>I sent the document off to be posted to the drop box just now.
Fine. LINK??
Sosa posted it? Where?
Very good point. SOSA = ?
No. If I read correctly, the judge acknowledged that CLYW owns the patent and believes it is "readily saleable." He then orders the receiver to maximize the shareholder value of the company, see the creditors are paid, see the shareholders split the value of the patent after sale, and then liquidate the company. Pretty straight-forward, and very positive. Not a word of confirming that Daic or anyone else shares in the patent since he finds the BOD illegitimate, unelected, and to have been fraudulently involved in running the business. IOW, he argues that everything the BOD has done was unlawful.
I'll make the argument that the judge's finding of facts was rather calm and dispassionate considering the degree and magnitude of in-your-face criminal activity in which the BOD was involved.
Nice that all agreements between Daic and our unlawful, unelected, illegitimate board* are history. 8*)
*per judge's finding of facts