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NUNCHI only came.about.as a new.carrot in.2011 in order to deflect from a possible markman loss on EDIGs main flash R patent. Also, the DAY BEFORE a long time VP and smooth talking BS artist departed EDIG announced their new "Innovations Group" headed by (dR) Nunally. In my opinion the timing of the events was no coincidence. Their first innovation was NUNCHI which Nunally in an investor conference call promised would be rapidly commercialized and he did not simply mean nuisance value lawsuits in my opinion. He was emphatic. In my opinion all this was done simply to make it seem like EDIG still had a "business" should the markman ruling be unfavorable which it was. The sad result was a bunch of tiny nuisance value settlements. That is who and what you would be giving more money to. IN my opinion.
I.believe you.mean mR. fALk. He will.collect his.401K. which I believe had a 1 for 1 company match as part of his bennies package. That belongs to him so he will have a happy retirement I think. No more salary though everybody was terminated with the chapter 7 filing. All in my opinion.
EDIG keeps trading because there are no listing requirements financially on the pink sheets and I assume if EDIGs fees (I believe there are to be listed) to be listed on the OTC markets exchange is all paid up they are good to go until whenever it expires. Because there is buying and selling does not mean there is a bright future for EDIG. Chapter 7 is "the end". Buying and selling could be market makers shorting and covering and additional sellers cleaning out their shares. There are also momentum players drawn in by the volume and, realizing no stock keeps going straight down, buy some shares for the small retracement it might see. It seems like right now there are some sellers left though. In my opinion.
Actually he dropped out of TWO Community Colleges and studied Meteorology and Aviation. I always thought he did very well for himself. Strung the shareholders along with implied potential right up until the last PR in May! In my opinion.
People.wondered why.Nunally would.give.up his.IP to EDIG for a consulting fee. Then some folks said he got a cut of the settlements or something. Now we find there is some agreement I do not remember anybody ever posting that if EDIG tanks the patents revert to him. Very odd. Too bad they are garbage anyway. If an army of hungry lawyers could not make more than nuisance value money on them I doubt they are worth more than that. Less now since if you look up what a company that has an IPR on its patents which settles at the PTAB before trial means you will see it is interpreted as your patents are weak and not worth much.
Nunally should have know the prototypes promised year(s) ago were not in fact progressing or he should have found out. He should have known the patents remained vaporware and the settlement tiny and insignificant. If he felt there was true value there not being exploited by EDIG he could have used his leverage to change things by threatening to quit.
I share your opinion on sinking more money into a nunally led venture! Totally crazy. EDIG was his patents and they had years to product benefit for shareholders beyone the benefit for the lawyers few EDIG employees and PN. They did not. Lots of folks look like total fools for trusting this company and averaging down some for well over a decade.
Stocks about to go green! It must be due for a technical bounce.
All above in my opinion!
I think the NUNCHI nuisance value settlements and the Google initiated PTAB IPR that EDIG decided to settle rather than pursue to the end (because 90% of the time it kills the patent) in order to, in my opinion, keep the nuisance value settlements coming proves how little they are actually worth. NUNCHI was complete vaporware.
To trust the inventor of this garbage which was used as a new carrot to string investors along since when EDIG thought they might lose the Flash R markman hearing back in early 2011 would be epic foolishness. It was not called NUNCHI back then it was simply a project of the newly created "EDIG innovations group". In March of 2011 Nunally in a conference call with investors vowed that the innovations group would not be a "think tank" but would seek to rapidly commercialize their technology. He very much pressed this point. I was hopeful. YEARS later all investors got was tiny nuisance value settlements that kept everybody in the money but the shareholders.
All above in my opinion.
Who are the "inept group"? EDIG certainly seemed to know what they were doing leading shareholders along until the end. Sadly the shareholders turned out to be the "inept group" but it was for trusting their constantly implied potential they put out there right up until 2 months ago. Terrible people. Mary Fales musta figured it out somehow and sought to extricate herself by leaving as EDIGs patent attorney giving a somewhat negative reason in the paperwork. All in my opinion.
Yea their 10Q said they had $361,000 or so as of December 31 2016. They had about a 100k a month burn rate. They should have run out by March but in April they said they had "multiple" settlements in the 30 days prior. It must have been enough to keep them going until June I suppose. I kinda hoped it would be longer as they seemed bullish in the April PR and the one that followed in May. My mistake! In my opinion.
NO EDIG just ran out of money. EDIG had insurance for directors and officers I am pretty sure as it is common so Fred will be just fine. He got his matching 401k for a long long time and is in his early 60s so I imagine he will simply retire. He was a success and provided for himself and his family. Be happy for him he made something out of nothing like a twisted version of Seinfeld which was a "show about nothing" EDIG was a company about nothing. They only had $361,000 as of Dec 31 2016 per that 10Q filed in Feb. and the burn rate was over 100k month. I suspected they would run out of money when I read that report. Then in April they said that:
"Over the last thirty days, we have entered into multiple licensing arrangements and we expect to continue to generate revenue through our patent monetization activities. We are also excited about the recent merger between our law firm, Handal & Associates, and Greenspoon Marder. Greenspoon Marder is a nationally recognized firm with over 200 lawyers nationwide."
So that must have kept them going for awhile longer but at the time they musta known the settlements were too small to last and anything else expected simply did not come in. Still with the May PR they sounded "bullish" as they always do but it was more BS than actually bullish. They strung shareholders along until the very end. They musta known in May, 2 months ago, that they were finished in my opinion. Par for the course with EDIG over its long history. All above in my opinion!!
I think it is likely the share price will increase as much of the selling dries up. There are companies that trade on the pink sheets like EDIG that trade for years that are essentially shells. Momentum players drive them up and down in search of gains. We know EDIG has no assets because Pat Nunally said in a tweet (since deleted) that per a 2010 agreement with EDIG if they go bankrupt the patents go back to him. I think the patents are garbage anyway. I also believe EDIG said they have no assets in the bankruptcy filing. Think about it what would they have? EDIG had 2 maybe 3 total employees not including the board and were located in a 400 sq ft (the size of a small efficiency apartment) office. Nobody is going to buy EDIG because all you have is some chairs and a few desks maybe a leased copier and some other junk. In my opinion.
PTSC will soon.be bankrupt like EDIG. Nobody is paying these patent trolls anymore and PTSC will have to take each and every one of them to court in separate cases which will drag on for many many years. The case PTSC is in will not go to trial until 2018! Then comes the inevitable appeal...tack on another 1.5 years! That brings you to mid 2019-2020! IF and that's a BIG IF PTSC wins the amount is sure to be small as it was in the HTC case and it would not surprise me if the company simply refuses to pay! Tack on another 1.5 years while EDIG takes them to court to get the judge to force them to pay. I am just trying to make the point that investing in PTSC is completely hopeless for the shareholders and the only reason the company exists is so the management and board can suck pay checks out of it and lawyers can make bank. In my opinion.
Dr. Nunally (snicker) cannot be clueless he must have known his patents were on the ropes because a PTAB IPR is 90% of the time a patent death sentence. He saw they were being used for tiny nuisance value settlements. In my opinion he was in on it or simply very stupid and to give him more money would he the height of foolishness. Perhaps he assumes he has found the right group of marks because they did trust EDIG for over 20 years. He is probably correct! In my opinion.
I doubt they ever made any real progress on the prototypes announced years(?) ago or the recently announced water thingee. In my opinion it was all BS carrots to string shareholders along.
Those sales represented 10s of millions in losses. Folks strung along since 2000 and before by these flim flam artists. Very sad. BUT Fred and the financiers made an entire career out of it providing for themselves and their families! Be happy for them! (SARCASM!!!) I suspect many shareholders must be completely in the bag by now with many under the table. Those FI folks got completely blind sided but some of them deserved it for their complete censorship of realistic but negative opinions on EDIG. Must have been heart wrenching to know their trust was so misplaced for so long. The stock may actually move up from here. There are many "ghost" companies that trade on the pinks up and down with people still making money off them. IN my opinion.
Just check out the time and sales data! SOme quick folks got out "ok" very early.
https://agoracom.com/ir/edigital/forums/discussion/topics/693063-time-sales-friday-7-7-17-vol-68-042-161-closed-at-0-0019/messages/2159346#message
Some folks smartly sold after the 10K and extension failed to show up. That is when you know something in likely very wrong. Even if you were to have a merger or buyout you would still likely at least file for an extension. .02c. is much better than .002c! Basically people trusted the implied potential of EDIG every single time and never thought about the track record of so many years of instances of implied potential always coming up empty and what that might mean! FLIM FLAM artists as I liked to say. I really did think they had a play left in them as this stinker never seemed to die and it could have popped if they put out a PR saying a "partner" company was building their prototypes.
I think Fred was just ready to retire and the companies patents were really just garbage method patents that could be easily worked around with different wording and capable of getting only tiny nuisance value settlements. Eventually maybe he felt he would get in trouble for all the prototype and water thingee implications if they never showed up. Who knows. In my opinion.
I assume the patents are worthless because google had them on the ropes at the PTAB. Just to have an IPR begun at the PTAB means there is a likelihood of the patent being invalidated which happens up to 90% of the time. When EDIG settled it weakened their patents but still allowed them to troll along for nuisance value. Therefore I am not really troubled if EDIG somehow pawned them off before bankruptcy but if true kind of looks bad since they were technically an asset. Perhaps EDIG did not have a lot of creditors since I believe they were debt free. In my opinion.
fatcat11-You may not be so crazy! No stock goes straight up OR DOWN. If I was going to play that I would have bought in the am when longs were selling at any price before it rebounded into the 2 10s of a penny. You know the market makers are contorting themselves like crazy to maintain liquidity in a bankrupt stock. Even totally dead companies trade along for quite awhile and bottom feeder folks make money. In my opinion.
Of course Polis was able to get rid of the family shares imo! That is the only reason why EDIG existed! They used to own 10% of the company and when they dropped below 5% no longer had to disclose ownership. I guess you can say we will never really know for sure but they had been dropping in the reports for years trending lower and lower until they got below 5% so I assume they sold all. Seeing that report no longer being filed was a red flag but then EDIG had more red flags than a May day parade! In my opinion.
Funny that used to be one of my recurring bashes on EDIG! I was impressed at how a 2 community college dropout who was majoring in aviation and meteorology managed to become a CEO and make over 200k a year with bennies. I would conclude by saying that he has done well for himself and his family be happy for him! LOL!
Are the.patents even listed as assets of EDIG or were they sent off in a different direction. Maybe that is why their patent attorney Mary Fales quit and she noted that a reason was EDIG was doing something she fundamentally disagreed with or found repugnant. In my opinion.
Wow the volume is great! Must be a record for EDIG. 60 million shares!!!!
As.I said.in the.past they are flim.flam.artists who take a kernel of truth and spin it into a wild tale that shareholders imagination and greed gets tacked onto. Stock seems to be bouncing back up a bit. Lots of massive push and pull and shorting and all going on when there is a major stock collapse like this. In my opinion.
Has anyone heard back from Fred? I'm worried.
I hope Fred.& Mardee end.up.ok.We whould find where they are going and Nunally too and maybe invest some $$ there. Fred's been good to EDIG and gave us a shot though it was a long one. EDIG fought the good fight for shareholders against the giant tech companies that stole their tech. and our corrupt justice system but it was just too much for them to over come. We should all applaud their efforts on our behalf. THATS if this bankruptcy stuff which has not at all been confirmed is indeed true. In my opinion.
Could still be ok tmrw.folks! Dont waste.all that loyalty on an emotional trade on what COULD BE FALSE INFORMATION. IT IS NOT ON THE OFFICIAL PACER SYSTEM right now that I could find. I think it might BE A FAKE. EDIG will fight on! They were very positive in their PR in May and in April they said:
"Over the last thirty days, we have entered into multiple licensing arrangements and we expect to continue to generate revenue through our patent monetization activities. We are also excited about the recent merger between our law firm, Handal & Associates, and Greenspoon Marder. Greenspoon Marder is a nationally recognized firm with over 200 lawyers nationwide"
http://edigital.com/edigital-granted-new-patent-for-interpersonal-awareness-and-the-internet-of-things-technologies/
they had "MULTIPLE" settlements. Why would they possibly say that if things were not likely ok? It makes no sense. Its all good imo. Maybe show some loyalty and buy more shares tomorrow. Might be a dice roll but we have not heard from the company officially so all this message board stuff could be BUNK! In my opinion.
Very quiet on the FI board.They must know the new supposedly true info. I would keep quiet as well. Could be bad info. IN Falk we trust(tm). IN my opinion.
EDIG just said in APRIL that had multiple settlements and in a May PR said: “This is the tenth patent granted into the foundational Nunchi® patent portfolio that we believe is poised to play a key role in the future of mobile communications and the Internet of Things,” said Fred Falk, president and CEO of e.Digital Corporation. “The claims of this new patent address specific applications of Nunchi in transportation and infrastructure, as well as providing additional coverage in the growing Internet of Things space. We expect to leverage the additional strength of our recently granted patents, in our patent monetization activities moving forward.”
SO I do not think this info could be accurate. Must be a trick otherwise Fred would not be so optimistic. In my opinion.
Notice of Chapter 7 Bankruptcy Case, Meeting of Creditors & Notice of Appointment of InterimTrustee Richard M Kipperman, 341(a) meeting to be held on 08/10/2017 at 08:00 AM at 880 Front St., Edward J. Schwartz Bldg, 1st Fl, Room 1234 (A), San Diego, CA 92101 (Ch7). (Golden, Jeffrey) (Entered: 07/06/2017)
07/06/2017
2
Receipt of Chapter 7 Voluntary Petition( 17-04073-7) [misc,1027u] ( 335.00) Filing Fee. Fee Amount 335.00 Receipt number A13313310 (re: Doc# 1); (U.S. Treasury) (Entered: 07/06/2017)
07/06/2017
1
Chapter 7 Voluntary Petition for Non-Individuals, Schedules A-J & Statement of Financial Affairs Fee Amount $ 335.00 filed by Jeffrey I Golden of Lobel Weiland Golden Friedman LLP on behalf of e.Digital Corporation, a California corporation. Declaration re: ECF due by 7/20/2017, (Golden, Jeffrey) (Entered: 07/06/2017)
IF ITS REAL!!!!!
https://www.inforuptcy.com/filings/casbke_421264-3-17-bk-04073-edigital-corporation-california-corporation
It will be on.PACER after 11am tmrw.if.its real. "inforuptcy".com is a private website as far as I can tell anybody could have set it up. Could be a trick to get cheap shares. I have a PACER account and can check to confirm tomorrow. IN MY OPINION. I am not going to confirm such bad news without being sure. Any trickery can happen on the internet but not with logging onto PACER and finding it myself.
Now your gloating. If this is true a lot of good folks just lost all their money because the stock goes to zero when this happens. I am sure Fred makes out ok as he has a 401k retirement I believe and made money for almost 20 years on this company. I consider none of this information reliable or confirmed at this point until I can look it up myself on the official PACER system where it would be not a private site that you linked to. Seems bad though in my opinion. Could it be a trick to get cheap shares? It certainly does happen. I have never heard of "inforuptcy".com. Could be a trick anybody could set up a website with that info on it to make it seem real.
IF it is indeed an EDIG bankruptcy and EDIG has outstanding debts to the law firms/other I assume they would get the patents as they are EDIG assets. I consider none of this confirmed but it certainly looks not good. In my opinion.
I think you could be right but it is a federal bankruptcy filing # in the southern district of Cali. All bankruptcies are in the federal courts. The # is a federal one: 3:17-bk-04075.
Could be bad for shareholders since it SEEMS to be chapter 7 which is dissolution and not chapter 11 which I believe is reorganization.
IN MY OPINION!!!!????
I searched PACER and DID NOT find that I think it would be there. I tried multiple searches. Could be wrong your info seems legit I may not be able to get the actual filing until tmrw on PACER since it was just filed today per your info. In my opinion
Shareholders know EDIGs.snarky SEC.advisor.guy.often puts the kibosh.on.when Fred.wants.to.tell.us more. Fred is being held back in my opinion. There must be some BIG reason he cannot talk and I suspect it is about a YUGE buyout or a merger. The delay is just procedural stuff in my opinion.
I.am.sure Fred wants.to.tell us more.BUT that SEC advisor.is.such.a hard case as we.all.know and will probably not allow it right now probably for some very important reasons. We must all have a little patience and not get all wound up. In my opinion.
Could this.financial snafu.from the December Q.Report be.the problem?>>>
That is delaying the 10K?? Then why not simply file the extension forms by the deadline. I still cannot find them perhaps there is a delay until we can see them?
JUST SPECULATION in my opinion while we grasp for information!!!
E DIGITAL CORP - FORM 10-Q - February 14, 2017
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2016
Commission File Number 0-20734
During the three months ended December 31, 2016 the Company determined that it had overstated accounts payable related to contingent legal fees expenses and recaptures. The Company assessed the materiality of this error on previously issued financial statements in accordance with the ASC 250, Presentation of Financial Statements, and Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materiality. The Company concluded, based on a review of the quantitative and qualitative factors of the materiality of the amount, that the error was not material to any previously issued financial statements and correction of the error in the three months ended December 31, 2016 was not material to that period’s financial statements. The Company recorded the cumulative effect of the error as of October 1, 2016 by decreasing accounts payable by $265,139. The correction of the error decreased contingent legal fees expenses and recaptures by $265,139 for the nine months ended December 31, 2016.
https://www.sec.gov/Archives/edgar/data/886328/000168316817000352/edigital_10q-123116.htm#a02
Looks like the OTC Markets website.updated.to note.EDIGs.10K delinquency.FYI>>
https://www.otcmarkets.com/stock/EDIG/quote
Simply procedural no biggie. EDIG can still fix this when the correct it. In my opinion.
Panic selling.should dry up.then,I assume,buyers will come in.bargain hunting. Fred has a fiduciary duty to put shareholders first and I assume he takes that very very seriously. We will hear from them soon. In my opinion.