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Have a good weekend bud...rock on...do what you do... :)
One thing I should correct myself on is that none of the court docs have the word “existing”.
If they issued class C it would be in their fins/SEC filings...why can’t you get that?
It’s all good bud....pump it up. ;)
gangster....c’mon man...they are in bankruptcy...in court...they HAVE TO disclose EVERYTHING. There was no class C issued.
(Laughing)....I’m done providing proof bud. Go ahead and continue with the smoke and mirrors. Doesn’t matter to me. :)
Thanks zoom....We own class A shares...it is what it is. On the effective date...the existing shares go bye bye.
From what I see from their balance sheets from their beginning to chapter 11....IRNC has never issued class C stock.
There is nothing in their financials submitted to the court regarding class C shares.
7. Description of Equity Holders
The following is a brief description of the preferred and common stock that the Debtor had issued prior to the Petition Date:
Preferred stock, Series A, $0.001 par value, 20,000,000 shares authorized; 100 shares issued and outstanding
Common stock, Class A, $0.001 par value, 50,000,000,000 shares authorized; 3,798,187,522 shares issued and outstanding
8. Assets of IronClad as of the Petition Date
$0
$3,798,188
$1,539
Common stock, Class B, $0.001 par value, 1,707,093 shares authorized; 1,538,872 shares issued and outstanding
Correct me if I’m wrong...but retail buyers (you and me) hold class A common stock? I’m assuming this because that is what is listed on the OTC website under their name.
(laughing)....it’s all good... :)
From what I read... it says canceled and eliminated...is this pertaining to existing shares? I don’t know... :)
VII. MEANS FOR EXECUTION OF THE PLAN
B.
Amendment of Charter
On the Effective Date, the Debtor’s charter shall be amended so as to authorize the issuance of
• Cancel the Class A and B Common Stock. And the Preferred Stock Series A.
• a new Class C Common Stock, $0.001 par value, 50,000,000 shares authorized. For every dollar invested by the Plan Deposit Party, ___ shares shall be issued to the Plan Deposit Party. The Class A and Class B Common Stock will be eliminated, and
• a new Series B of Preferred Stock, $0.001 par value, 100 shares authorized. Ten (10) Shares of the Series B will be issued to certain administrative claim parties for
C.
services rendered subsequent to the August 28, 2020 filing date and during the period of Chapter 11 Reorganization. Each share, at the election of the holder, willl be convertible into 1% of all Classes of Common Stock (Class C or any additional classes created)at the time of an election of conversion of any individual share. IronClad retains the right to repurchase and retire any individual share for $500,000 for each share.
No...I’m just saying show me where it says they can’t do this or they can’t do that.
I’m not an expert by any means...but show me where it says existing shares will not get canceled.
I showed you where it says they will be canceled as part of their restructuring plan submitted to the court. I’m not looking for an argument...I hoped existing shares wouldn’t be canceled. Like many others I’ve been holding this stock a loooooong time.
Cheers... :)
From the new docket filing:
VII. MEANS FOR EXECUTION OF THE PLAN
B.
Amendment of Charter
On the Effective Date, the Debtor’s charter shall be amended so as to authorize the issuance of
• Cancel the Class A and B Common Stock. And the Preferred Stock Series A.
• a new Class C Common Stock, $0.001 par value, 50,000,000 shares authorized. For every dollar invested by the Plan Deposit Party, ___ shares shall be issued to the Plan Deposit Party. The Class A and Class B Common Stock will be eliminated, and
• a new Series B of Preferred Stock, $0.001 par value, 100 shares authorized. Ten (10) Shares of the Series B will be issued to certain administrative claim parties for
C.
services rendered subsequent to the August 28, 2020 filing date and during the period of Chapter 11 Reorganization. Each share, at the election of the holder, willl be convertible into 1% of all Classes of Common Stock (Class C or any additional classes created)at the time of an election of conversion of any individual share. IronClad retains the right to repurchase and retire any individual share for $500,000 for each share.
I’m not an expert...but from what I read....it made me uneasy. If your into this heavy you should read the updated docket.
There was very significant language regarding class B/C common and preferred A stock. I suggest anyone heavily invested to read the latest docket filing.
Yes...new docket update today.
The dispute between IRNC and Lerner has been worked out.
Pursuant to the terms and subject to the conditions set forth in this Agreement, on the Closing Date, Debtor shall purchase, acquire and accept from Lerner, and Lerner shall sell, transfer, convey, assign and deliver to Debtor, all of Lerner’s direct or indirect right, title and interest in and to the Patent Portfolio.
Some of us understand what you meant zoom.... :)
February is moving by fast...March will be here in no time for the plan approval....recouped my loss...playing with house money now...hope the same for you. ;)
Hoping we get an updated business plan this week.
The Debtor is authorized to file a Second Amended Disclosure Statement and Plan of Reorganization ("DS/Plan") on or before February 15, 2021
The Parties request for approval for an extension of each of the deadlines set forth in paragraphs 3-4 of this Court’s Order at DKt. 30 by 30, is GRANTED such that the dates will be extended as follows:
March 5, 2021, is set as the deadline for (a) returning ballots to the Debtor’s counsel, (b) for filing objections to the final approval of the Disclosure in the DS/Plan, and (c) objecting to the confirmation of the Plan of Reorganization. March 10, 2021, at 5:00 p.m., CST, is set as the deadline for filing a ballot summary and for any party-in-interest to file and exchange any witness lists, exhibit lists, and exhibits for the Joint Hearing.
The Debtor is authorized to file a Second Amended Disclosure Statement and Plan of Reorganization ("DS/Plan") on or before February 15, 2021
A hearing on the final approval of the disclosure set forth in the DS/Plan and on Confirmation of the Plan is continued to and set on March 17, 2021, at 1:00PM. Such hearing will be conducted electronically in accordance with the Court’s procedures.
The Parties’ Mediation request is GRANTED. The Parties are authorized and directed to mediate the Matters described in the Agreed Motion on February 5, 2021,
Thanks...got it...I can’t do a private reply.
This Lerner suit has to come to a conclusion before IRNC can move forward completely. Lerner has his name on a number of patents. Hopefully this upcoming mediation starts to resolve it.
A revised edition maybe....hopefully with more details. I’m hoping to see if any info becomes available after this February 5 mediation then if a revised business plan comes out before the 15th.
Also....we should see another amended reorg plan on or before February 15.
The Debtor is authorized to file a Second Amended Disclosure Statement and Plan of Reorganization ("DS/Plan") on or before February 15, 2021.
From what I’m reading....March 17.
This is what was in the latest docket filing:
A hearing on the final approval of the disclosure set forth in the DS/Plan and on Confirmation of the Plan is continued to and set on March 17, 2021, at 1:00pm.
Mediation is still set for February 5th. But final approval date looks like it’s been moved to March. Not surprising about court dates getting moved. That should be expected.
The Parties’ Mediation request is GRANTED. The Parties are authorized and directed to mediate the Matters described in the Agreed Motion on February 5, 2021
For me...I’m just gonna be a little more patient with this...seems like they have a plan in place with potential clients, backed by a team of people with impressive backgrounds to run the reorganized plan. We’ll see what February 5 brings. I’ve been adding on the dips.
Employee agreement between IRNC and Lerner. Lerner wants to get paid, IRNC is claiming breech of contract.
From the latest docket filing:
staff indicated that His Honor would be willing to mediate the case on February 5, 2021, via electronic connection (e.g., Zoom).
So it looks like February 5th now, not the 2nd. :
The Parties request that the Court enter an Order authorizing and directing the
parties to mediate the Matters on February 5, 2021
Well...in their reorganized business plan, they are teaming up with people from Special Forces, NASA and IBM to run this new SCIS/cloud hybrid security plan....so we have that going for us.
Of course.... GL. :)
Or do they (our shares) go bye bye under this reorg. That question is above my pay scale reading the legal mumbo jumbo in the financial sections....I just haven’t seen anything stating IRNC will dissolve...so I’m hoping our shares stay put.
I agree...but the million dollar question is...do we keep our shares.
SCISIO will be run by some heavy hitters...
Chief Executive Officer
Chief Engineering Officer
Chief Revenue Officer
Experience:
US Special Forces, IBM, Lonestar Tangible Assets NASA, Aptus Technologies, Civitas Learning Polydyne, Gemalto, Technologent
The founders of SCIS currently make up the engineering team. The founders are IT and Cloud Computing veterans with deep experience in application and cloud infrastructure delivery at places like IBM and NASA.
What I can’t decipher from the court docs is ...Does IRNC remain IRNC...or does IRNC become SCISIO. Their reorganized business plan is under the heading SCISIO....not IRNC. JD is not listed as the president of their reorganized business plan...there is a different CEO listed. JD and a few other IRNC people will be on the board of SCISIO. There is also nothing I can find in the court docs as of yet that says IRNC will liquidate or dissolve either. JD is also putting up $260,000 of his money for this reorganized business plan that he is not the CEO of. The SCIS.IO website seems like a site that is still under construction. It just has a general description of the business. I gotta believe that website is tied to their reorganized business plan and there’s more to come from that website if the business plan gets approved. February 2 is the day to see if IRNC will honor the employment agreement that it had with Lerner. IRNC is claiming breech of contract...Lerner is saying bullsh*it....pay me or give me back my intellectual property (patents). So we’ll see what February 2nd brings.
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