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sigh... still waiting for the response to the judge's order to be posted here...
>>Apparently Dave received a court order mid 2008 for the company to hold a shareholders' meeting in 45 days, however Dave buried it and never disseminated it to the rest of the BOD.
Wrong. I spoke with Williams in early 2011 and he related to me the court order and the fact that Turrini refused to obey it. He acknowledged the order in public and on this board.
I am not a lawyer but, having read the judge's orders and finding of facts, I interpret them the same: the Reciever has access to EVERYTHING ever done or written by the illegitimate, unelected officers over the years, including all their unlawful settlements, scam stock issues, and special insider deals. If he is worth half of his reputation, not only will the Receiver find non-binding all those deals, he may recommend criminal and civil prosecution of these bums. We should know soon.
Cool. So, where is it?
Your post links nothing except the post in which the document is mentioned without being linked. Sorry.
Can you post a doc reference or link? Your note says there's a doc but gives no reference.
Thanks.
>>SH posted there was a response filed with the court and he has it see.... #msg-71982574. THAT doc...
There is no doc there. Duh!
Can SOMEONE post the doc number/reference to this document?
>>Browse the doc.
Browse WHAT doc???
But WHO filed it??
Holy Smoke!
I have to laugh. Former management is a proven cabal of crooks as detailed by the DE judge. And people expect them to make available anything they've filed with the court? Come aboard, people!
No one should forget that if it weren't for Williams, we'd still be in grand theft limbo with the former BOD.
Wrong. What part of "the Receiver will liquidate the company and wind-up its affairs" don't you understand?
The Receiver is charged with maximizing the value of the shares. That's pretty straight-forward, and his performance must be validated and judged by the Judge. Expect findings of BOD criminality to be made public pretty quickly. That will retroactively invalidate any of their dealings as board members.
>>There sure seems to be a whole lot of redactitis going around.
Not any more. The judge has given the Receiver the right to see ALL agreements done by our illegal, criminal BOD.
Yes, but (1) the judge has found the BOD who made this deal to have been unelected and illegitimate, without power to make any deals, and (2) the receiver appears to have been given the power to nix any deals made by the BOD he believes to have been fraudulent or improper, and (3) this is likely to include patent assignments, IMO.
Wow! A clean sweep! I'd be fascinated to know what Turrini and Pierce are doing this moment. Packing?
Please let him know that LightSquared has just been denied access to its WiFi transceiver frequencies by the feds because they interfere with the GPS system. LS's investment of X Billions in their current technology is now toast. LS is SO gonna want to talk to the Receiver. Let me know if I can provide any info on what's going on.
It will take 5-10 days before the panic selling is over. Everyone take a breath. Those selling now are most likely day traders buying at .01 and selling at .03 for a vast profit of $110. 8*)
Yes. My Scottrade agent is accepting buy orders phoned in.
All you insider plants ... the judge says you are SO done.
=====================================================
8. APPOINTMENT OF RECEIVER.
SALE OR OTHER DISPOSITION OF ASSETS. The Receiver shall seek to maximize the value of the Company and its assets with the objectives or discharging all lawful debts [1] of the company and returning the greatest possible value to its Shareholders. The Receiver shall carry out this task in a timeframe and manner that is appropriate in the Receiver’s business judgment, taking into account the circumstances facing the company …
[1] We’ll have to wait and see if the Daic vapor settlement is ruled by him to be lawful.
------------------------------------------------------------
17. PLAN OF DISTRIBUTION. No final plan for the disposition of assets of the Company and distribution to creditors and stockholders may be implemented without the notice to creditors and shareholders and approval of the Court. The Receiver shall submit a plan of distribution and any related recommendations to the Court at such time as he deems appropriate.
18. OBJECTIONS TO THE PROPOSED PLAN. Any objections to the final plan of distribution of assets and recommendations of the Receiver shall be filed within ten (10) days after the Receiver’s submission of the plan and recommendations to the Court…
deleted
Also note the Receiver has sole authority to determine what creditors have the right to be paid, and how much. Don't know if this applies to Daic's "settlements," as the settlements were signed by a Board the judge has ruled was illegitimate and unlawful. Same goes for BOD "back pay and interest owed them."
IOW, the more carefully he protects shareholder value, the more he gets paid. That's "goodness" for us.
>>Most receivers get 40%
Source? This is not stated in the judge's order.
Excellent summary. And of course that includes both fraudulent "settlements" with Daic. The $117M judgment to Daic applies to Turrini et al personally and not to CLYW or the shareholders, IMO.
Those who panicked today and sold for a penny are so going to be sorry.
There's a big difference between drug licenses and our patent. Drug licenses require billions -- billions -- of dollars to manufacture and then to distribute the product. Our patents are ready to roll for the cost of basically nothing to the owners.
The patent assignment was the result of a deal made by an illegitimate, unelected BOD, in the judge's words. I don't think anything the BOD has done in the past eight years will stand-up to receivership.
I hope the Receiver is smart enough to consult tech people who know the patents' worth. The proposed CTO might be a good place to start.
If I understand the judge's order, the Receiver can cancel any and all deals made by the former unelected and illegitimate Board of Directors. This would include the double secret probation vapor deal with Daic.
Some perspective at 4:08 PM:
Today's stock spasm involved only 1/4 of one percent of the company stock. 0.0025. IOW, no one smart is selling.
Today's .01/share will be history in a little while. Those that panicked will have a very bad year.
Short answer: panic. They somehow believe in the heat of the moment that the pps will go down to zero. Obviously, they are wrong.
Well, look at it this way. The Order requires the Receiver to tell shareholders at least 15 days in advance of any deals he proposes. If he is shown to be incompetent I am certain the shareholders will, ah, make their displeasure known and cc: the judge. This process is not taking place in a vacuum.
If these patents are truly worth what is said, bidders will bid it up to a true value. That's the real world. The CLYW BOD spent eight years suppressing the patents' value. That's over now. My question is what are the Receiver's qualifications to auction off a hi-tech patent that almost no one understands in detail?
Disagree.
APPOINTMENT OF RECEIVER
8. “SALE OR OTHER DISPOSITION OF ASSETS. The Receiver shall seek to maximize the value of the Company and its assets with the objectives or discharging all lawful debts [1] of the company and returning the greatest possible value to its Shareholders. The Receiver shall carry out this task in a timeframe and manner that is appropriate in the Receiver’s business judgment, taking into account the circumstances facing the company …”
[1] We’ll have to wait and see if the Daic vapor settlement is ruled by him to be lawful. My guess is "no."
People panic-selling now for a penny will be very sorry.
Panic selling by the weak of heart will run its course in a day or two. I don't believe it will be possible for the stock to be worth less than 25 cents when the patents are sold and the profits distributed. Probably significantly more. Remember, the court agreed that the patents' value is between $100M and $1B. And the Reciever has been ordered to maximize the pps in any sale.
Good analogy.
Nope. People are buying and selling. Look at the trading chart today.