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VII. SOME GUIDELINES FOR DIRECTORS OF FINANCIALLY CHALLENGED
COMPANIES:
Directors of companies with financial difficulties may face a multitude of practical problems in attempting to anticipate how their actions will be evaluated after the fact. If the corporation is determined to be solvent, their actions will be evaluated in light of the best interests of the corporation and its shareholders. In the event the corporation is later found to have been insolvent, the directors may be held liable to the extent they did not act in the best interests of corporation as a whole. During insolvency, the creditors take the place of the shareholders as the stakeholders of a corporation, but the directors' duties remain the same. A board, however, may be exposed to derivative claims by creditors for breach of fiduciary duties during insolvency. Delaware courts reject the notion of a fiduciary duty change when a corporation is in the "zone" or "vicinity" of insolvency.
As a general rule, directors of companies facing financial difficulties should review the financial position of the corporation before taking action which may adversely affect either shareholders or creditors, and should avoid any impairment (e.g., marginal,questionable or other than arm's-length sales, pledges, or hypothecations) of corporate assets that would otherwise be available to creditors. Further, the directors should take extra steps to ensure that proper procedures are followed so that their decisions are based on a thorough and careful investigation and informed consideration of available information, are taken in good faith, and are for a proper corporate purpose.
**~~EDIG DD~~**By Short & Distort
From notpsalias...
I posted a response to this a while ago, I guessed you missed it because you have posted it once again:
I called that number and spoke to the gentleman on OTCmarkets about this. He said basically that they were just waiting for financials from the NEW reorganized eDigital Company, because the lack of information (the reason that the notice is on there in the first place) was actually from the OLD eDigital Company, which was put on notice BEFORE the Chapter 7 (which btw was dismissed by the judge on October 5th) He said that the notice will be removed once the NEW reorganized eDigital Company (NEW CEO and NEW Board Members) releases their financials.
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
Dr. Patrick Nunally next CEO?...
Patrick Nunally is a Rocket Scientist (Literally)
Looking around at some of the prior companies he has worked for.
http://www.businesswire.com/news/home/20060627005336/en/e.Digital-Corporation-IP-Veteran-Pat-Nunally-Team
Nunally has more than 20 years of experience in wireless and IP development. Nunally has directed the development of several companies' IP efforts including Patriot Scientific. Nunally co-founded and was executive vice president of Wave Interactive Network (now Wave Systems). He also served as president and chief executive officer of Gruppe Telekom (now owned by Philips). Nunally previously held senior positions with Sensormatic, Intellisys Automation, E-Metrics, General Dynamics and Interstate Electronics.
General Dynamics http://www.generaldynamics.com/
Stock Quote: $212.60
They make Rockets and track vehicles for the military
Hydra Rocket https://www.gd-ots.com/armament_systems/rw_hydra.html
We produce main battle tanks, tracked combat vehicles and light armored vehicles, as well as a broad range of high-performance weapons systems and munitions http://www.generaldynamics.com/our-businesses#combat-systems
Here's a couple of patents he has with General Dynamics.
Fault-resistant solid-state line driver
Patent number: 5025178
https://patents.justia.com/patent/5025178
Date of Patent: Jun 18, 1991
Assignee: General Dynamics Corp., Pomona Div. (Pomona, CA)
Inventor: Patrick O. Nunally (Diamond Bar, CA)
Vacuum well process
Patent number: 4934555
https://patents.justia.com/patent/4934555
Date of Patent: June 19, 1990
Assignee: General Dynamics Corp., Pomona Division
Inventor: Patrick O. Nunally
Vacuum well process
Patent number: 4887544
https://patents.justia.com/patent/4887544
Date of Patent: December 19, 1989
Assignee: General Dynamics Corp., Pomona Div.
Inventor: Patrick O. Nunally
Good stuff coming soon indeed!
MM's doing what they do always do before positive news is released, and that is scare the shareholders into selling. Old game. People need to be a little more patient since this is not going to be the old eDigital company anymore. Great time to get in while the PPS is so low. EDIG is moving right along in these early stages. Rome wasn't built in a day! Lots of good stuff going on behind the scenes that is not revealed on message boards...YET! GLTA!
I am filing the 8K.
8K being released SOON!!!
Case 17-04075-LT7 Filed 10/16/17 Entered 10/17/17 11:41:23 Doc 45 Pg. 2 of 2
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to
re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
IT IS SO ORDERED.
------------------------------------------------------------------
>>>> SINCE THE DISMISSAL OF CHAPTER 7 HAS BEEN FINALIZED YESTERDAY (10/17/2017) THEY SHOULD RELEASE AN 8K WITHIN A FEW DAYS <<<<
THIS WILL MOVE UP THE PPS!!!
DON'T FALL FOR THE MARKET MAKERS FAKE OUT!!!
WEAK VOLUME SLAPDOWN IS INSIGNIFICANT!!!
8K being released SOON!!!
Case 17-04075-LT7 Filed 10/16/17 Entered 10/17/17 11:41:23 Doc 45 Pg. 2 of 2
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to
re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
IT IS SO ORDERED.
------------------------------------------------------------------
>>>> SINCE THE DISMISSAL OF CHAPTER 7 HAS BEEN FINALIZED YESTERDAY (10/17/2017) THEY SHOULD RELEASE AN 8K WITHIN A FEW DAYS <<<<
THIS WILL MOVE UP THE PPS!!!
DON'T FALL FOR THE MARKET MAKERS FAKE OUT!!!
Actually it is a MOMO Shake-out...(and a weak one at that, insignificant low volume)
However, that since they do this all the time before positive news is released, it is no surprise.
8K COMING IN A FEW DAYS???
It appears that there still may be some posters who missed out on pertinent information. Although accurate and proven information gets posted on here, they still question it, even with all the similar posts about a particular subject. Anyway, that is why it is important that we all must do our own DD.
AFTER the PREMATURE filing of Chapter 7...
when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments. EDIG is on PPS uptick.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
THE NEW EDIG IS MOVING RIGHT ALONG ACCORDING TO PLAN!
NEW CEO AND NEW BOARD MEMBERS WILL BE APPOINTED SOON!
8K COMING SOON!
(GREAT TIME TO GET IN WHILE THE PPS IS SO LOW)
Read the COMPLETE post Justin.
...It is an original post that was posted even BEFORE the dismissal of Chapter 7 (as PREDICTED) It includes the progression of positive events that apparently some people have missed. It also shows the results of someone doing their DD and the POSITIVE results of that. BTW, to answer your question, October 5th has passed!
This was added later...
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
THE NEW EDIG IS MOVING RIGHT ALONG ACCORDING TO PLAN!
NEW CEO AND NEW BOARD MEMBERS WILL BE APPOINTED SOON!
8K COMING SOON!
(GREAT TIME TO GET IN WHILE THE PPS IS SO LOW)
Dr. Patrick Nunally next CEO?...
Patrick Nunally is a Rocket Scientist (Literally)
Looking around at some of the prior companies he has worked for.
http://www.businesswire.com/news/home/20060627005336/en/e.Digital-Corporation-IP-Veteran-Pat-Nunally-Team
Nunally has more than 20 years of experience in wireless and IP development. Nunally has directed the development of several companies' IP efforts including Patriot Scientific. Nunally co-founded and was executive vice president of Wave Interactive Network (now Wave Systems). He also served as president and chief executive officer of Gruppe Telekom (now owned by Philips). Nunally previously held senior positions with Sensormatic, Intellisys Automation, E-Metrics, General Dynamics and Interstate Electronics.
General Dynamics http://www.generaldynamics.com/
Stock Quote: $212.60
They make Rockets and track vehicles for the military
Hydra Rocket https://www.gd-ots.com/armament_systems/rw_hydra.html
We produce main battle tanks, tracked combat vehicles and light armored vehicles, as well as a broad range of high-performance weapons systems and munitions http://www.generaldynamics.com/our-businesses#combat-systems
Here's a couple of patents he has with General Dynamics.
Fault-resistant solid-state line driver
Patent number: 5025178
https://patents.justia.com/patent/5025178
Date of Patent: Jun 18, 1991
Assignee: General Dynamics Corp., Pomona Div. (Pomona, CA)
Inventor: Patrick O. Nunally (Diamond Bar, CA)
Vacuum well process
Patent number: 4934555
https://patents.justia.com/patent/4934555
Date of Patent: June 19, 1990
Assignee: General Dynamics Corp., Pomona Division
Inventor: Patrick O. Nunally
Vacuum well process
Patent number: 4887544
https://patents.justia.com/patent/4887544
Date of Patent: December 19, 1989
Assignee: General Dynamics Corp., Pomona Div.
Inventor: Patrick O. Nunally
AFTER the PREMATURE filing of Chapter 7...
when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments. EDIG is on PPS uptick.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
THE NEW EDIG IS MOVING RIGHT ALONG ACCORDING TO PLAN!
NEW CEO AND NEW BOARD MEMBERS WILL BE APPOINTED SOON!
8K COMING SOON!
(GREAT TIME TO GET IN WHILE THE PPS IS SO LOW)
AFTER the PREMATURE filing of Chapter 7,
when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
THE NEW EDIG IS MOVING RIGHT ALONG ACCORDING TO PLAN!
NEW CEO AND NEW BOARD MEMBERS WILL BE APPOINTED SOON!
(GREAT TIME TO GET IN WHILE THE PPS IS SO LOW)
If you missed this.......
TENTATIVE RULING ISSUED BY JUDGE LAURA S. TAYLOR
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
17-04075-LT7
10:00 AM Thursday, October 5, 2017
MOTION TO DISMISS BANKRUPTCY CASE FILED ON BEHALF OF CHRISTOPHER BARCLAY (fr 9/21/17)
Hear. The Court is inclined either to grant this Motion or to implement procedures to allow the Trustee to quickly liquidate the only saleable assets of the estate and to close this case with a minimum of expense, including avoidance of the task of corporate dissolution.
Section 707(a) authorizes a bankruptcy court to dismiss a chapter 7 case "for cause." The statute lists three examples of cause; none are applicable here.
That fact, however, is not fatal; the list is illustrative not exhaustive. The Ninth Circuit has explained that if "the asserted 'cause' is not contemplated by a specific Code provision, then we must further consider whether the circumstances asserted otherwise meet the criteria for "cause" for [dismissal] under § 707(a)." In re Sherman, 491 F.3d 948, 970 (9th Cir. 2007 (citing Neary v. Padilla (In re Padilla), 222 F.3d 1184, 1193–94 (9th Cir.2000)).
The "cause" alleged by the Trustee is that there is no legitimate or achievable bankruptcy purpose to be served sufficient to warrant administration of the case. Here there is no opportunity for discharge, minimal if any assets for liquidation exist, and no prepetition creditors require payment. All that exists is the requirement that the Trustee incur expenses beyond the estate's ability to pay them.
The parties both addressed the unpublished BAP opinion in In re M.P. Const. Co., Inc., 2013 WL 829117 (B.A.P. 9th Cir. Mar. 4, 2013). While clearly not binding, the Court finds the reasoning persuasive. That case involved a debtor that was not entitled to discharge and an administratively insolvent estate. The Panel explained:
As articulated by the bankruptcy court, it is fundamental that bankruptcy relief is available for two overriding reasons: to provide the "honest but unfortunate" debtor a fresh start through the discharge provisions of the Bankruptcy Code, and to provide for the fair and equitable distribution of a debtor's assets to his creditors. It is undisputed that MP Construction was not eligible for a bankruptcy discharge. Further, the record establishes with absolute certainty that MP Construction had no assets to distribute to its creditors. Accordingly, the bankruptcy court did not err when it determined that "cause" existed to dismiss MP Construction's case pursuant to § 707(a). The bankruptcy case was filed not for the purpose of securing bankruptcy relief for MP Construction, but for the purpose of protecting and benefitting MP Construction's principals. On this record, the bankruptcy court did not abuse its discretion when it dismissed MP Construction's bankruptcy case.
2013 WL 829117 * 5 (citations omitted). Though the facts in the case at hand are somewhat different, the bankruptcy result is the same: this case will not result in discharge, as Debtor is not entitled to one, and will not result in a distribution to creditors, as there are none.
The Court understands that Debtor's directors want the case to remain in chapter 7, but the directors qua directors are neither creditors nor shareholders whose interest the Court must consider when considering dismissal under § 704. And if the equities are considered, such factors appear to support dismissal. The directors seek to protect their own pocketbooks; they pay no heed to the economic burden they place on the Trustee.
Thus, the Court is inclined to dismiss as there appears to be no legitimate bankruptcy purpose to be served. As a possible alternative, the parties should be prepared to discuss procedures for streamlining this case and hastening completion as quickly and inexpensively as possible.
You know it!
I sure hope so. He and his tech team, coupled with new Board members who actually know what they are doing, will right the ship so they can start sailing. PPS will definitely take off. Right now though the MM's are intent on keeping the PPS low. Just watch how they whack the Ask at a very low volume trade right after they Sell at a much higher volume. Watch at the end of the day when almost daily they end it on the Bid. Just MM games.
AFTER the PREMATURE filing of Chapter 7,
when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
THE NEW EDIG IS MOVING RIGHT ALONG ACCORDING TO PLAN!
NEW CEO AND NEW BOARD MEMBERS WILL BE APPOINTED SOON!
(GREAT TIME TO GET IN WHILE THE PPS IS SO LOW)
Yes. 8K will be filed soon. More positive news will follow.
NEW CEO and NEW Board Members also coming. Moving right along as planned.
Yes! Did you ever hear that song:..
"I heard it through the grapevine"?
I think that Guido wrote it.
You are correct!
Yes, and hopefully coming soon. One thing is certain, the NEW CEO and NEW Board Members will be better managers then the OLD regime, and actually have their fingers on the pulse of their technology. It is a shame that Falk got "tired" and didn't go all in like he should have. If we get Dr. Nunally as CEO, wow! Anyway 8K coming very soon. Should get a nice bump on the PPS.
Accurate DD, knowledge, confidence, dedication, perseverance, and the right people representing SHAREHOLDER interest. Now we did what some said couldn't be done. Great teamwork and support!
PHASE 2 IN PROGRESS.
EDIG TRAIN ROLLING ALONG. GREAT TIME TO GET IN WHILE THE PPS IS LOW!
DID YOU MISS THIS???
FROM SHAREHOLDERS...THIS IS LATEST EDIG NEWS:
AFTER the PREMATURE filing of Chapter 7, when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
THE NEW EDIG IS MOVING RIGHT ALONG ACCORDING TO PLAN!
NEW CEO AND NEW BOARD MEMBERS WILL BE APPOINTED SOON!
(GREAT TIME TO GET IN WHILE THE PPS IS SO LOW)
ITS ALL HERE...ACTUAL LATEST EDIG NEWS:
AFTER the PREMATURE filing of Chapter 7, when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
ITS ALL HERE...ACTUAL LATEST EDIG NEWS:
AFTER the PREMATURE filing of Chapter 7, when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
DISMISSED!
PHASE 2 IN OPERATION. PROGRESSING RIGHT ALONG AS PLANNED!!!
LOL. Another surprise coming soon. GO EDIG!
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
Plan is in place. Phase 2 already in progress.
Latest Pacer News: Trustee hereby withdraws his Notice of Proposed Abandonment of Property!
Richard M Kipperman
P.O. Box 3010
La Mesa, CA 91944
(619) 668-4500
Chapter 7 Trustee
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF CALIFORNIA
In re: ) CASE NO.: 17-04073-LT7
)
e.DIGITAL CORPORATION, a California )
Corporation, ) NOTICE OF WITHDRAWAL
) OF TRUSTEE’S NOTICE OF
) PROPOSED ABANDONMENT
) OF PROPERTY
Debtor. )
_____________________________________ )
PLEASE TAKE NOTICE that on September 7, 2017, trustee Richard M
Kipperman filed with this court his Notice of Proposed Abandonment of Property, at
docket entry #20, in the above-entitled bankruptcy estate.
PLEASE TAKE FURTHER NOTICE that the trustee hereby withdraws his Notice of Proposed Abandonment of Property.
DATED: October 9, 2017 /s/ Richard M Kipperman
RICHARD M KIPPERMAN
Chapter 7 Trustee
You are correct TRAPPER. I was just checking that out earlier.
Yes. This is for RECENT significant company events that have taken place, and that the shareholders should be aware of. I had to emphasize RECENT because there are a couple of posters on here posting OLD and INSIGNIFICANT news from BEFORE the PREMATURE filing of Chapter 7 (that of course was dismissed by the good judge on October 5th)
AFTER the PREMATURE filing of Chapter 7, when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .0087. It was BID .007 X ASK .0087. That is a reflection of the RECENT POSITIVE developments.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
------------------------------------------------------------------
>>>>>>>>AND THEN THIS HAPPENED LIKE SHAREHOLDERS SAID IT WOULD:
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
>>>>>>>>> IT IS SO ORDERED <<<<<<<<<<<
BTW...US SHAREHOLDERS ARE ENJOYING IT MORE!
SHAREHOLDER DD OF DR.NUNALLY...
Patrick Nunnally is a Rocket Scientist (Literally)
Looking around at some of the prior companies he has worked for.
http://www.businesswire.com/news/home/20060627005336/en/e.Digital-Corporation-IP-Veteran-Pat-Nunally-Team
Nunally has more than 20 years of experience in wireless and IP development. Nunally has directed the development of several companies' IP efforts including Patriot Scientific. Nunally co-founded and was executive vice president of Wave Interactive Network (now Wave Systems). He also served as president and chief executive officer of Gruppe Telekom (now owned by Philips). Nunally previously held senior positions with Sensormatic, Intellisys Automation, E-Metrics, General Dynamics and Interstate Electronics.
General Dynamics http://www.generaldynamics.com/
Stock Quote: $212.60
They make Rockets and track vehicles for the military
Hydra Rocket https://www.gd-ots.com/armament_systems/rw_hydra.html
We produce main battle tanks, tracked combat vehicles and light armored vehicles, as well as a broad range of high-performance weapons systems and munitions http://www.generaldynamics.com/our-businesses#combat-systems
Heres couple of patents he has with General Dynamics.
Fault-resistant solid-state line driver
Patent number: 5025178
https://patents.justia.com/patent/5025178
Date of Patent: Jun 18, 1991
Assignee: General Dynamics Corp., Pomona Div. (Pomona, CA)
Inventor: Patrick O. Nunally (Diamond Bar, CA)
Vacuum well process
Patent number: 4934555
https://patents.justia.com/patent/4934555
Date of Patent: June 19, 1990
Assignee: General Dynamics Corp., Pomona Division
Inventor: Patrick O. Nunally
Vacuum well process
Patent number: 4887544
https://patents.justia.com/patent/4887544
Date of Patent: December 19, 1989
Assignee: General Dynamics Corp., Pomona Div.
Inventor: Patrick O. Nunally
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/
Very true bassplayer!
E.DIGITAL CORPORATION, A DELAWARE CORPORATION
CHAPTER 7 TRUSTEE'S MOTION TO DISMISS CHAPTER 7 CASE
17-04075-LT7
The Motion Requesting Dismissal of Chapter 7 Case filed by Christopher R. Barclay, Chapter 7 Trustee ("Trustee")
[Docket 27] was filed on August 24, 2017 for hearing before the Honorable Laura S. Taylor, United States Bankruptcy Judge
on September 21, 2017 at 10:00 am, in the above-entitled Court. Pursuant to the Order on Stipulation to Continue Hearing on
Motion Requesting Dismissal entered on September 8, 2017, the hearing on the Chapter 7 Trustee’s Motion Requesting
Dismissal of Chapter 7 Case was continued from September 21, 2017 at 10:00 am to October 5, 2017 at 10:00 am [Docket
31]. On September 8, 2017, the Debtor filed an Opposition to the Motion Requesting Dismissal [Docket 33]. On September
15, 2017, the Trustee filed a Reply to the Debtor's Opposition [Docket 39].
At the continued hearing on October 5, 2017, Christopher R. Barclay appeared as the Trustee. Kerry Moynihan, Esq.
appeared as attorney for the Debtor.
The Court having reviewed and considered (i) the Trustee's Motion Requesting Dismissal of Chapter 7 Case, (ii) the
Opposition filed by the Debtor, (iii) the Trustee's Reply to the Debtor's Opposition, and (iv) the record of this entire case,
posted her tentative ruling prior to the continued hearing indicating the Court's inclination to grant the motion. The parties
provided oral argument. Hearing no argument to change the tentative ruling, and for good cause appearing;
IT IS HEREBY ORDERED that:
1. The Trustee's Motion Requesting Dismissal of Chapter 7 Case is granted.
2. The above entitled chapter 7 case is dismissed pursuant to 11 U.S.C. Section 707(a) and 11 U.S.C. 105(a), with a bar to re-filing within 180 days pursuant to 11 U.S.C. 109(g)(1).
IT IS SO ORDERED.
Another great post from sunpoop...
Unfortunately with the dismissal comes the return of FF and the BOD's. They are still EDig however there are strong steps being taken as we speak to have them appoint an "Interim CEO" then resign....They all know the alternative, which is quite disasterous for them, so it is anticipated there will not be too much trouble getting this done....The BOD's have a major, major, and I repeat major problem with their "Fiduciary Duties" or lack of.....If they try to cause problems an immediate "shareholders" lawsuit will commence WHICH THEY HAVE NO CHANCE OF WINNING AND WILL BE QUITE EXPENSIVE FOR THEM.
We are now in a "one step at a time" mode and the next step is getting rid of FF and the BOD. How long that will take is anyones guess but the above gives them quite a bit of incentive to act quickly. Once they are "permanently" gone with Pat (hopefully) as the new CEO then a shareholders meeting will be called to elect new BOD members and after that step EDig will be back in business.....
There is other news on the horizen, some of it will be a very big surprise and very welcome but let us just take step #1 first. There is no way Pat or any of us wish to create undue anticipation or optimism until it is warranted....
I must admit however, I feel pretty good....This day was a GOOD day allround for us EDiggers.....
Minute Order...
Debtor e.DIGITAL Corporation , A Delaware Corporation
Thursday , October 5 , 2017. 10 AM
bankruptcy Judge Laura S. Taylor
Reporter Jennifer Gibson
Matter ; Motion to Dismiss Bankruptcy case filed on behalf of Christopher Barclay
Appearances : Kerry Moynihan , attorney for e.DIGITAL corporation , a Delaware Corp
Christopher Barclay , Chapter 7 ,Trustee
Disposition : Motion dismissed pursuant to the courts tentative ruling . Order to be submitted by Mr Barclay
LATEST NEWS FROM THE COURT RULING
The Delaware case dismissed entirely!
This is what we were waiting for:
Though the facts in the case at hand are somewhat different , the bankruptcy result is the same : this case WILL NOT result in Discharge, as Debtor is not entitled to one , and WILL NOT result in a distribution to creditors, as there are none.
The court understands that Debtors directors wants the case in chapter 7 , but the directors qua directors are neither creditors nor shareholders whose interest in the court must consider when considering dismissal under 704. And if the equities are considered , such factors appear to support dismissal. The directors seek to protect their own pocketbooks, they pay no heed to the economic burden they place on the Trustee.
Thus , the court is inclined to DISMISS as there appears to be "no legitimate bankruptcy purpose to be served". As a possible alternative , the PARTIES should be prepared to discuss procedures for streamlining this case and hastening completion as quickly and inexpensively as possible.
I guess you missed this...
Latest Pacer News !
Tentative ruling issued by Judge Laura Taylor
October 4, 2017
(Snippet)
This case will not result in Discharge, as debtor is not entitled to one, and will not result in a distribution to creditor , as there are none.
The court inclined either to grant this motion or to implement procedures to allow the trustee to quickly liquidate the only saleable assets of the estate and to close this case with a minimum of expense, including avoidance of the task of corporate dissolution.
The Directors seek to protect their own pocketbooks , they pay no heed to the economic burden they place on the Trustee.
Latest Pacer News !
Tentative ruling issued by Judge Laura Taylor
October 4, 2017
(Snippet)
This case will not result in Discharge, as debtor is not entitled to one, and will not result in a distribution to creditor , as there are none.
The court inclined either to grant this motion or to implement procedures to allow the trustee to quickly liquidate the only saleable assets of the estate and to close this case with a minimum of expense, including avoidance of the task of corporate dissolution.
The Directors seek to protect their own pocketbooks , they pay no heed to the economic burden they place on the Trustee.
FOR ALL INTERESTED SHAREHOLDERS:
UNITED STATES BANKRUPTCY COURT
THURSDAY, OCTOBER 5, 2017
DEPARTMENT 3
CHIEF JUDGE LAURA S. TAYLOR, PRESIDING
10:00 AM to 11 AM
1 - 01-10964-LT Ch 11 TRI-NATIONAL DEVELOPMENT CORP.
STATUS CONFERENCE ON CHAPTER 11 PETITION (fr 6/29/17)
ATTORNEY: COLIN W. WIED (TRI-NATIONAL DEVELOPMENT CORP.)
2 - 14-06556-LT Ch 13 THOMAS JAMES & CLAUDIA MAY GOUGH
MOTION FOR RELIEF FROM STAY, RS # JCW-1 FILED ON BEHALF OF THE
BANK OF NEW YORK MELLON F/K/A THE BANK OF NEW YORK AS
TRUSTEE FOR FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES
TRUST 2007-AA1, ITS ASSIGNEES AND/OR SUCCESSORS, BY AND
THROUGH ITS SERVICING AGENT
ATTORNEY: ANDREW MOHER (THOMAS JAMES GOUGH, CLAUDIA MAY GOUGH)
3 - 16-03405-LT Ch 7 JUAN DANZOS & CECILIA SALAZAR-DANZOS
MOTION FOR RELIEF FROM STAY, RS # JCW-1 FILED ON BEHALF OF
WILMINGTON TRUST, NATIONAL ASSOCIATION, AS SUCCESSOR
TRUSTEE TO CITIBANK, N.A., AS TRUSTEE FOR BEAR STEARNS ALT-A
TRUST, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-6 (fr
8/31/17)
ATTORNEY: DAVID L. SPECKMAN (JUAN DANZOS, CECILIA SALAZAR-DANZOS)
4 - 16-04214-LT Ch 7 TODD E MACALUSO
OBJECTION TO DEBTOR'S CLAIM OF EXEMPTIONS FILED BY SCOTT R.
BURTON ON BEHALF OF TODD E MACALUSO.
ATTORNEY: SCOTT R. BURTON (TODD E MACALUSO)
5 - 16-06238-LT Ch 13 CYNTHIA LEAH GARDNER
MOTION FOR RELIEF FROM STAY, RS # CJR-1 FILED ON BEHALF OF
DEUTSCHE BANK NATIONAL TRUST COMPANY, ET AL
ATTORNEY: MAUREEN A. ENMARK (CYNTHIA LEAH GARDNER)
6 - 17-02823-LT Ch 7 CHRISTINE FOUCHER
MOTION TO CONVERT CASE FROM 7 TO 13 FILED BY CHRISTINE
FOUCHER
7 - 17-04075-LT Ch 7 E.DIGITAL CORPORATION, A DELAWARE CORPORATION
MOTION TO DISMISS BANKRUPTCY CASE FILED ON BEHALF OF
CHRISTOPHER BARCLAY (fr 9/21/17)
ATTORNEY: JEFFREY I GOLDEN (E.DIGITAL CORPORATION, A DELAWARE
CORPOR)
YES IT DOES SUM IT ALL UP...
LAST UPDATE BEFORE TOMORROWS HEARING...
AFTER the PREMATURE filing of Chapter 7, when the share price bottomed out at .0005 on 7/13/17, there has been a slow, but steady uptick in the share price because there has been POSITIVE developments SINCE that time (the PAST).
RECENTLY On 9/27/17, there was NEW high of .008. It was BID .007 X ASK .008. That is a reflection of the RECENT POSITIVE developments.
The filing of Chapter 7 appears at THIS TIME to be premature and less significant as noted by the share price increase. Most likely what will happen is either shareholders will see the reorganizing and restructuring of EDIG with a Chapter 11, or possibly a takeover which will undoubtedly drive up the PPS quite significantly.
The Creditors meeting on 9/19/17 was attended by quite a few shareholders who reported positive results (thanks again guys) Still there is another important trial on October 5th when most likely the judge will quash the filing of Chapter 7 and allow for the Trustee to assign NEW Board Members and CEO, so EDIG can get back on track. Looking good thus far!
FROM REAL SHAREHOLDERS...
REALITY:
Fred Falk mismanaged this company bigtime and what he has done was to file for Chapter 7 (which the judge will surely dismiss) prematurely in an attempt to get out of it. He has failed the shareholders horribly. They STILL have patents, and they had very LITTLE debt. They STILL have ongoing lawsuits against infringements that are "beneficial" to eDigital Company that are on hold. Dr. Nunally has stated that he has a proven tech turnaround team committed to stepping in. Also, there are other things being worked on that are POSITIVE and not discussed on message boards. All the negativity that you bring up is not going to stop the dismissal of a liquidation Chapter 7, changed to a reorganizing and restructuring Chapter 11. But thanks for your opinion anyway.
A bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge; however, much of the bankruptcy process is administrative. In cases under chapter 7 or 13, this administrative process is carried out by a case trustee appointed by the United States Trustee, to oversee the case.
The trustee if he sees fit (and he does) will then appoint a new CEO and NEW Board Members to restructure and reorganize a NEW eDigital company (or possibly a take over)
OCTOBER 5TH COMING SOON!
>>>Need to read this...
EDIGITAL CORPORATION IS A GOOD RISK/REWARD PLAY...
https://insiderfinancial.com/e-digital-corporation-otcmktsedig-is-a-good-riskreward-play/143092/