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No less than TWO undisclosed lawsuits and judgements against "Eddie Vakser, Art Channel and Artfest" were revealed yesterday.. important legal proceedings that directly affect investors but NOT disclosed to them nor the SEC. Sheriff officers dispatched to and arriving at 13300 Branch View Ln with orders to "seize Artfest assets" only to return and file documents with the court saying "no assets found at this location"... and you think "arts has a lot to offer?" I think all they have to offer is excuses.
Man you really ARE doubled down and "all in" aren't you? Please, please PLEASE post your "TRUE in-depth DD."
PS: I doubt Steven Rash was 'disgruntled' until Eddie reportedly screwed him to the tune of $800k. Regardless, his identity was, and is, well known. I bet Eddie loses this one too. Hell, he can't even afford lawyers to defend himself or his companies!
Steven Rash trial set for July 25th 2011
Discovery deadline is June 24th, 2011. That's the date Eddie is required to "open the books" on Artfest. Anyone believe it'll still be around then?
Again I say... sell that $70 million dollar PICASSO of yours and solve all your problems!!!!
$800K Lawsuit by Steven Rash -Eddie's former President
President, Chief Operating Officer and Director of Investor Relations, correct? His 8 page complaint filed 7-23-10 allleges FRAUD, BREACH OF CONTRACT, MISREPRESENTATIONS [LYING], UNJUST ENRICHMENT, BREACH OF FIDUCIARY DUTY, (BY USURPING CORPORATE OPPORTUNITIES FOR PERSONAL GAIN), SELF-DEALING and more.
Oh yeah, Eddie's attorney --a different one-- has pulled out of this case as well. Motion granted on 4-21-11.
http://courtecom.dallascounty.org/pav/ Case# DC1009236
At least this suit was acknowledged in a couple of 10-K's. Are any legal fees showing up on the financial reports?
Anyone have the case# for the lawsuit by the landlord at Midway Rd (who won a $150k judgement)? Any others?
Adave.. the link doesn't work...
Do you have the case number?
http://courtecom.dallascounty.org/pav/
The TRUTH is coming out now.
(Personal opinion & editorial commentary)
IMHO, Artfest has been a massive fraud... "theft by deception." Lawsuits and judgements are coming to light with more likely to come.
Folks, there is a historical record of behavior on this forum and repeated exhortations to do your own "due dilligence." Well, the willful failure --or bullheaded unwillingness-- to drill down and uncover unreported legal actions, court judgements, the involvement of law enforcement and the apparent lack of any apparent lack of ANY recoverable assets at ARTS current place of business (all of which contradict statements by individuals here and in filings with the SEC) is very serious business indeed.
Regarding the SEC, the recently ammended 10-K that deletes the "accountants statement" had me perplexed. Could it be the CPA demanded his statement be removed beause of Eddie's failure to report and include these court cases in his SEC filings?
Some people could be accused of being blind patsy's for Eddie... always seeing sunshine, roses and magic flying unicorns just around the corner. OR-- they could be deemed by the court to be willing accomplaces who were in cahoots with him all along. "Gosh he's so nice" isn't much of a defense. Something to consider for sure. If any of you feel you were lied to then I'd get it on the record now. If not, then say so.
IMO Eddie either never had any serious assets at Maximedia. Either that or he could have them hidden and is scrambling to relocate what little he has to his new shell company. Sort of like a snake-oil salesman who folds up shop and heads for another town just before the Sheriff closes in (which he did on March 17th!).
I can post a long list of judgements against the Vaksers (Eddie & Vladimir) pre-Art Channel/ Artfest. Since they're not directly relevant to this stock I won't but you can find them easily online.
IMO, this company is doomed.
Wow... Artfest defaulting on a $45k phone bill!!!
ARTS HAS NO ASSETS?!!!!
A 38 page petition --including receipts and supporting documentation-- filed on 11-1-2011 by Cypress Communications vs. Artfest International! Artfest LOST a 'default Judgement' on Jan 26, 2011.
THEN on March 17th, "Execution form #362" was issued to "Any Sheriff or Constable of the State of Texas" to recover or reposess assets in the amount of the judgement. The "Officers Return" report dated April 4th was returned "Nulla Bonna" to wit: NO ASSETS FOUND AT THE ADDRESS. The address being 13300 BRANCH VIEW LN!!
Click here: http://courtecom.dallascounty.org/pav/ and enter Case# DC1014351.
Now WHY wasn't THIS included in Artfest's "Legal Proceedings" when they filed their 10-K?
DUDE.. did you miss my follow up?
Post #40114? I read the "FINAL JUDGEMENT" of 2-16-2011 which said:
"Plaintiff appeared in person and through his counsel of record announced ready."
"Defendant Vakser, Defendant The Art Channel and defendant Artfest International did/did not appear."
No record of any of the Defendants announcing they were "ready" .."present".. "locked & loaded".. "aqui" or anything similar to that of the Plaintiff. The court record's "did/did not" appear statement leaves a 50/50 chance either way. So I posted a 'correction' just in case. But hey.. if I missed it somewhere feel free to show me and I'll eat my share of crow.
REGARDLESS... Vakser's attendance --or not-- should be quite provable. There are much larger issues that affect Artfest shareholders which I think I outlined in my original post.
Correction
It's unclear as to whether EV showed up at his trial or not. The final judgement says he "did/did not appear." Considering he wouldn't even care enough to communicate with his lawyer (or couldn't afford to) my guess is he didn't show. Either way, he lost and you lost.
I'm curious as to what else he was doing on or about Feb 16th... oh wait.. here it is::
He was "conclud[ing] the Bill of Sale and Assumption Agreement, dated February 17, 2011, after PBHG complied with the purchase requirements..."
http://biz.yahoo.com/e/110331/arts.pk8-k.html
I swear...
LEGAL JUDGEMENT against EDDIE VAKSER, ARTCHANNEL, and ARTFEST
HOLY CRAP... BREAKING NEWS!! THIS WAS NOT REPORTED TO INVESTORS OR THE SEC and INVESTORS ARE ON THE HOOK!!! COMPLETE COURT RECORDS BELOW
On Feb 16, 2011 the court awarded an $82,684 in a non-trial judgement "AGAINST Eddie Vakser, Artchannel and Artfest International JOINTLY AND SEVERALLY" in favor of one Kevin Dillingham. The abstract of this record was made public on April 11, 2011.
According to the 'Original Petition' by Dillingham, "Vakser had entered into a "Guarantor of Obligation" on September 6, 2007 wherein Vakser agreet to pay $135,000 in the event of a default by PEC, LLC. on it's obligations to Dillingham. In fact, PEC, LLC defaulted on the underlying obligation and Dillingham made demand on Vakser to honor his guaranty. Despite proper notice and demand, Vakser refused and continues to refuse said obligation."
It also says that on that same date Artchannel agreed to repay $75,000 in 30 monthly installments --EV defaulted on that too!
PEC Holdings, LLC's "officers include Charles Harty, Edward Vakser, [Eddie's old croanie lawyer pal] Patrick C Guillot. Pec Holdings, LLC "was incorporated on Tuesday, September 25, 2007 in the State of TX and is currently not active. Patrick C Guillot represents Pec Holdings, LLC as their registered agent."
http://www.corporationwiki.com/Texas/Dallas/pec-holdings-llc/37940078.aspx
NOW GET THIS>>> Eddie lawyer --Gregory J Barbaree of Landreth & Kulesz, PLC-- petitoned the court to QUIT THE CASE because Eddie "wouldn't communicate with, return calls or answer messages!" Atty. Barbaree filed a "motion of withdrawal" on 11-24-10 and notified all three defendants (Vakser, Artchannel and Artfest) via 'certified mail' to their new address at 13300 Branchview Ln!!! Eddie faced a non-jury trial on Feb 16, 2011 and LOST. WHY? BECAUSE HE NEVER WENT TO COURT! HE DIDN'T SHOW!!! He just walked away and now YOU SHAREHOLDERS of ARTS have this judgment hanging over you!!! One wonders how many more are out there waiting to drop.
Someone correct me if I'm wrong but if someone fails to pay their JUDGEMENT as ordered by a judge are they considered to be in "contempt of court?" Is that a 'jail-able' offense?
TO VIEW ALL COURT FILINGS, CLICK HERE http://courtecom.dallascounty.org/pav/ AND ENTER COURT CASE# CC1002532C
IMO this is MEGA DD as it directly affects ARTS shareholders. It reveals the activity and actions of the CEO and his incompetence and unwillingness to defend Artfest in serious legal matters. AND it shows his wilful deception by failing to report this under "Legal Proceedings" in SEC filings!
Taking personal credit for a $100 million scam is simply mind boggling. Of course he neglected to give the name --International Galleries, Inc. And he also failed to mention that the demise of IGI left 30,000 creditors (most of them consumer distributors such as himself) owed millions. http://www.bizjournals.com/dallas/stories/2006/02/20/story7.html
But according to this press release http://www.prweb.com/releases/2007/04/prweb521227.htm Edward Vakser spins his miniscule involvement with IGI in terms that even Donald Trump would find over the top!
Once again.. if someone will publish unsubstantiated, grandiose crap like this then they have completely lost their moral compass!
The reality is that IGI was a listed "asset" of a much MUCH larger scam (see page 26 on the following link.. next to Megafund.. the Ponzi scheme run by IGI's 'owner')
http://www.haysconsulting.net/correllhorizon/01-23-06%201st%20Interim%20Report.pdf that resulted in several people going to prison.
http://www.justice.gov/usao/gan/press/2008/03-20-08c.pdf
http://www.startribune.com/local/east/24090309.html?page=1&c=y
http://www.sec.gov/divisions/enforce/claims/horizonestablishment.htm
The point I'm making is this: THESE are the sort of people who owned International Galleries, Inc --a company Eddie Vakser claims to have personally taken from "$10 million to $100 million in LESS THAN 6 MONTHS." IMO, the timing of this "most recent success" touted in this April 25, 2007 press release could only refer to his involvement in IGI. His spinning a tale about 'taking the moral/ ethical high road' by leaving a company that was going down in flames and the "tremendous amount of respect" he garnered by doing so is.... IMO, delusional.
Eddie Vakser... Ethics???
This excerpt from a 2007 press release:
Art Channel National Television Network Chooses Irving Texas As Its New Headquarters.
The Art Channel Founder & CEO Eddie Vakser has brought to Irving Texas the most comprehensive Financial Freedom Lifestyle System in the Country with a national network to deliver their Financial Freedom System through Art Channel TV.
(OK.. here's the 'ethics' part)
"Mt. Vakser’s Production Company has provided services over the span of 25 years for numerous fortune 500 companies including, Coca cola, Goldman Sachs, EDS , Nokia, Mary Kay, Cingular, Siemens, and many others. The most recent success was his execution of a well designed delivery system that was produced for a very successfully program. During that time he took that company from 10 million to 100 million dollars in less than 6 months. That is why his peers were absolutely astonished when he walked away from millions of dollars based on principles. Mr. Vakser stopped providing his services based on the apparent inequitable and ethical issues within that organization. Even though he left millions behind him, he obtained a tremendous amount of respect within the Art and Printing business community, and allowed his integrity and character stand out.
http://www.prlog.org/10014630-art-channel-national-television-network-chooses-irving-texas-as-its-new-headquarters.html
Folks.. this company he 'walked away from and left millions behind' was the infamous, disasterous, bankrupt International Galleries, Inc scam --of which Edward Vakser was a mere "member/ distributor".. not an officer, director or any other high level operative. Check out his LinkedIN page which states he was a "distributor at International Galleries Incorporated from 2003-2006" http://www.linkedin.com/in/artfestinternational In short, Eddie was peddling inkjet canvas prints in their multi-level marketing/ product based pyramid scheme. Prints were sold to the membership for hundreds each with the assurance they were great "investments." Today most are worth pennies on the dollar.
I'm told Eddie and Vladimir provided some minor audio/ visual services to IGI.. but the notion that "HE" --Eddie Vakser-- was responsible for taking IGI from $10 million to $100 million is not only laughably ludicrous... it's a friggin' LIE. And there are thousands of burnt IGI members who'll back that up. Eddie "walked away" from a scam that was imploding --and he was looking to lanch his own version. I can provide the names, facilities and addresses and people who'll verify them. Oh hell.. it's all online.. just start Googling! The founder/owner of IGI is in prison for 17 years http://www.justice.gov/usao/txn/PressRel08/leitner_sen_pr.html
.. IGI's President dropped dead --virtually penniless-- last October while tring again to re-launch his Art Reach Worldwide.. more here on "The Company Eddie Built": http://www.scam.com/showthread.php?t=4088&page=1&pp=40
Artfest Direct Members.. Where ARE you???
Re. my post #39471 made on April 19th of this year:
January 22, 2008: Artfest Outlines Aggressive Goals for Q1 2008: (QUOTE) “Artfest currently serves approximately a 500 plus growing membership base comprised of Dealers and Collectors. Artfest is projecting membership to increase by approximately 2,000 new members by the end of the first quarter 2008. The Company forecasts each new member revenue impact to be approximately $6,700 per year. Members will be recruited through seminars, conventions, personal referrals, and TV & Radio Ad’s.”
http://www.artfestinternational.com/index.php/news-releases/2-news-releases/42-pr2008-0122
That comes to $13,400,000 (that’s thirteen MILLION four HUNDRED THOUSAND). Then, in a “Letter to Shareholders” dated June 25, 2010 (about the same time Artfest was 'expanding' from it's 52,000 sq ft Expo Center on Midway Rd in Dallas by pulling up stakes and schlepping over to a 33,000 sq ft box in an industrial district in Farmers Branch --a loss of 19,000 sq ft) stated:
(QUOTE)“Artfest Direct is projecting to increase its Membership base to over 300,000 over the next three years.”
http://www.artfestinternational.com/index.php/about-artfest/158-letter-to-shareholders-june-25-2010
It’s 10 months later… so what’s the active membership count now? 300,000 members/ independent business owners x $6,700 in sales per member= $2,010,000,000...OVER $2 BILLION DOLLARS!!
CHECK OUT THE ACTUAL NUMBER OF VISITORS TO ARTFEST INTERNATIONAL'S WEBSITE. THEY HIT A LOW OF 83 IN FEBRUARY. THIS INCLUDES AUTOMATED 'PORT PROBES,' ROBOTS AND OTHER RANDOM 'DOOR KNOB JIGGLERS.' ARTCHANNELTV.COM AND STARFESTDIRECT.COM DIDN'T HAVE ENOUGH HITS TO BOTHER TRACKING. http://siteanalytics.compete.com/artfestinternational.com+ARTFESTDIRECT.COM+starfestdirect.com/
HOW IN THE HELL CAN ANYONE THINK THIS COMPANY HAS ANY FUTURE IF THEY CAN'T EVEN GET PEOPLE TO VISIT THEIR WEBSITES??? AREN'T THE VAKSER'S SUPPOSED TO BE EXPERTS AT THIS STUFF? WHAT A SAD, SICK, PATHETIC JOKE!!!
In recent SEC filings Eddie has claimed that he has signed a 10 year lease on 33,000 sq' foot building on Branchview Ln that houses Maximedia Studios. Unfortunately the building only consists of 29,767 sf according to the Dallas Central Appraisal District http://www.dallascad.org/AcctDetailCom.aspx?ID=24184500010050000 so I'm not sure where this mysterious extra 3,233 sf is supposedly coming from... but I digress.
Artfest shows $226,250 worth of 'business personal property' at this address. Their BPP taxes for 2010= $5,408.83 (Does any of this match up with anything reported in the 10-K? http://www.dallascad.org/AcctDetailBPP.aspx?ID=99081208280000000 )
Maximedia/Music Puppies have $217,400 in BPP and owed $5,434.41 in taxes.. a difference of only $25.58. http://www.dallascad.org/AcctDetailBPP.aspx?ID=99200324700159100
Man... that's AMAZINGLY close dont ya say?
Worth repeating anytime EV speaks
From December 14th
Chas, with all due respect, why would I lie about the most visible piece in our catalog? If the sale is not concluded by then, we will most likely get an extension. What do YOU think is the game here? You believe that I took your money, and ran? We have a legitimate business, we are growing our company and that is THE DEAL! The people who do not believe in our plan are bashing us. That’s all.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
Dallas, TX 75234 USA
(877) 278-6672 Office
(214) 274-2420 Direct
(866) 534-2847 FAX
EVakser@ArtfestInternational.com
http://artinterviews.blogs
Chas, thank you for your concern. Most of what’s out there is a bunch of speculations and opinions. I’m not sure what Dec 7th date is about. So please clarify. We welcome people to visit and do DD on our company.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
Dallas, TX 75234 USA
(877) 278-6672 Office
Chas, with all due respect, why would I lie about the most visible piece in our catalog? If the sale is not concluded by then, we will most likely get an extension. What do YOU think is the game here? You believe that I took your money, and ran? We have a legitimate business, we are growing our company and that is THE DEAL! The people who do not believe in our plan are bashing us. That’s all.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
OK, Chaz..I got it. The 180 day Picasso extension expiration. We will update the shareholders about that and the dividend. The PR came out on 17th…so Monday it’s a few days late than 2 weeks. It took a bit longer for the legal to be done.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
Dallas, TX 75234 USA
(877) 278-6672 Office
(214) 274-2420 Direct
(866) 534-2847 FAX
EVakser@ArtfestInternational.com
Chas, as you can see clearly that the contract was activated and done. However, I did not want us to overstate it since we do not have it sold. I figured that SEC will be OK that we do NOT claim it as a huge asset. We will however, once we sell it and the CASH would be a great asset on the books.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
Dallas, TX 75234 USA
(877) 278-6672 Office
(214) 274-2420 Direct
(866) 534-2847 FAX
EVakser@ArtfestInternational.com
http://artinterviews.blogspot.com/
WWW.ARTFESTINTERNATIONAL.COM
Stock Symbol : ARTS
Chas, let me be perfectly clear. As you can see by our documents, not only do we believe that the Picasso is real, but we had several museums and prominent collectors who also placed their names and reputation alongside of this piece. We have several projects currently underway. I can only announce things as they become real and to all the investors at the same time.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
Dallas, TX 75234 USA
(877) 278-6672 Office
(214) 274-2420 Direct
(866) 534-2847 FAX
Chas, no one is blowing anything off. We are diligently working with our attorney to close the deal. This will correct and help our dividend issue. Sometimes, things don’t happen as soon as we want. I’m trying to keep investors posted on ALL the developments.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
Dallas, TX 75234 USA
(877) 278-6672 Office
(214) 274-2420 Direct
(866) 534-2847 FAX
EVakser@ArtfestInternational.com
http://artinterviews.blogspot.com/
WWW.ARTFESTINTERNATIONAL.COM
Stock Symbol : ARTS
You know Chas, we have published the names and contacts, unfortunately some of the investors called, and accused our appraiser and other folks of various things, and as a result, it cost our company time and money to re submit and get a whole new set of appraisal. And yes, it did slow down the possible sale. I realize that some of you simply want to bring the company down, and that is very clear, however, we will continue and will post latest updates as they become available…and yes, you can GOOGLE and SEE all the museums and curators who held the piece and even promoted and advertised it.
Best regards,
-----------------------------------
Edward Vakser
Artfest International, Inc.
Chairman & CEO
Artfest International
13300 Branch View LN
Dallas, TX 75234 USA
(877) 278-6672 Office
(214) 274-2420 Direct
(866) 534-2847 FAX
Can someone PLEASE explain WTF this has to do with a company that's supposedly focused on ART and SPORTS COLLECTIBLES? Same goes for girlie football, Pat Summerall's worthless video library, and much more. This is the problem folks... Eddie can't focus --or follow through-- to save his life!
Eddie has been obsessed with this 3-D crap for years.. ever since his brief involvement with the "KISS Psycho Circus" 3-D comic book based video back in 1998 (--produced while running his defunct "Intelecon" company which was subsequently sued by the US Department of Labor http://www.dol.gov/ebsa/newsroom/pr061505.html). But I digress...
Again... EdTARDo needs to stop signing agreements, stop buying useless assets and start producing and selling art & collectibles. However, my gut tells me he Vaksers are using investors' money so they can have access to a video production company in order to serve their own private clients ..income of which will not likely show up on the income ledger of ARTS. Just my personal opinion.
3D Eye Solutions, Inc., TDEY.PK
Website: http://www.3deyesolutions.com
3D Eye Solutions, Inc., is a 3D media development company, They provide 3D content conversion services and hardware integration for the 3D stereo (with 3D glasses) and auto-stereo (without 3D glasses) media industry. It produces and processes media content for corporate, venues, and trade show events. The company also provides turnkey systems and converts existing media to enable end users to showcase properties in multi-view format. It serves 3D stereo and auto stereo media industry, as well as malls, shopping centers, airports, convention centers, sport events, lobbies, conferences, sales presentations, and trade show events.
The company was formerly known as AFA Music Group, Inc. and changed its name to 3D Eye Solutions, Inc. in September 2008. 3D Eye Solutions, Inc. was incorporated in 1992 and is based in Longwood, Florida.
How many of you would sell for $.16
If you had the chance to do so now? Again, we're talking $.16 cents to $.0001 in 5 months.
FAST EDDIE: here's two pertinent messages from 1/1/11 and 1/2/11
:Doubleday Member Profile Doubleday Share Sunday, January 02, 2011 10:01:38 AM
Re: pete6 post# 34946 Post # of 40027
Buyer Beware two R/S in 16 months,1-50 Sept 09 and 1-24,000 in Nov 10.R/S price of 2.40 now down to .16 cents and 10 million shares diluted already!A/S is still @ 20 billion.
And this CLASSIC on EV's honesty:
Max Power Member Profile Max Power Member Level Share Saturday, January 01, 2011 6:45:54 PM
Re: TRON post# 34926 Post # of 40027
BS. the CEO told me to my face NO R/S...a few months later one of the BIGGEST R/S of all time
Read Em & Weap.......
What was the share price January 1st?
Reason I ask is some people have been constantly predicting ARTS is on the verge of skyrocketing all year. Well it's over 5 months later and this thing remains an unmitigated disaster.
Prior to his selling ArtChannel to Artfest, Mr. Vakser made repeated attempts to build a direct selling/ MLM network. Had he been any good at that he would have succeeded instead of failing. So one has to question his competency in doing so now. Prior to ArtChannel his only known experience in MLMing was as a 'member' (not an officer, director or insider) of the bankrupt, Dallas based International Galleries Inc scam. I can call it a scam because it was listed as an "asset" of a much larger criminal scam which resulted in prison time for its' owners.
FYI: One of the dead give-aways of a con artist is that s/he tells you just what you want to hear. And most of them are usually quite "nice" when doing so. Not pointing any fingers.. just sayin' http://en.wikipedia.org/wiki/Con_artist
Accountant's statement yanked in amended 10-K filing
See "INDEPENDENT REGISTERED ACCOUNTING FIRM’S REPORT" (item F-1 (just below page 31) originally filed on 4-15-11 http://www.sec.gov/Archives/edgar/data/1168738/000143209311000224/artfest10k123110.htm
Then click the amended versionn filed on 5-2-11... it's GONE.
http://www.sec.gov/Archives/edgar/data/1168738/000143209311000255/artfest10ka123110.htm
The question is "why go to all this trouble?" The only thing I can figure is that Mr. Egeberg demanded it be pulled. I did notice that Eddie is still signing SEC filings as both CEO and "Chief Financial Officer." IMO, the office of "CFO" is waaaay over Eddie's pay grade. Ultimately you have to just trust HIM when it comes to financial statements.
Can someone explain this?
(My comments are in parenthesis)
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES-- is this new?
The Registrant (the newly merged Artfest & Art Channel) engaged Eugene M. Egeberg, CPA (“Mr. Egeberg”) as of February 18, 2008 as its certifying accountant to audit the Registrant’s financial statements for the year ended December 31, 2007 (Artfest prior to the merger). In connection with the Registrant’s (Larry Ditto's ARTFEST) acquisition of (Eddie Vakser's) Art Channel in December 2007, (Eddie's) Art Channel utilized Mr. Egeberg, who was then (Eddie's) Art Channel’s independent certified accountant, to audit Art Channel’s financial statements for the period from its inception through September 30, 2007, and to prepare unaudited pro forma consolidated balance sheets which were included in the Registrant’s 8-K which was filed with the Securities and Exchange Commission on January 18, 2008. (So both Artfest and Art Channel used the same CPA)
Mr. Egeberg did not provide the Registrant with advice regarding the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Registrant’s financial statements, that was an important factor considered by the Registrant in reaching a decision as to an accounting, auditing or financial reporting issue (HUH?). During the two most recent fiscal years ended December 31, 2008 and December 31, 2009 (WHAT ABOUT 2010?) the Registrant did not consult with Mr. Egeberg on any matter that was the subject of a disagreement or a reportable event as defined in the regulations of the Securities and Exchange Commission.
-----------------
So, if there was a disagreement regarding Eddie's financial reports and Mr. Egeberg's findings.. Eddie didn't bother to consult with his own CPA? Does this mean Eddie reported his version or Egeberg's version of financial statements to the SEC?
5,000 shares x $.0001= $.50 cents
@ $.0002= $1.00
Is Eddie kidding with trades like that? Hells bells.. he's personally skimming $180k in cash as his annual salary yet owns a pathetic amount of shares himself??? $10k would buy him 50 million shares at $.0002. $18k (10% of his salary)= 90 million shares. C'mon Eddie... what's your problem dude?
IMO, any time you have company owners and insiders in posession of only a token amount of shares ..and steadily dumping instead of accumulating.. then that speaks volumes. One can only deduce that the Vaksers have no confidence in this POS company.
SEC and SOS filings
Oh man.. do I understand that Mr. Vakser has failed to comply with these laws and regulations? If so then he's either grossly incompetent or he has something to hide. What penalties could he be facing?
Questions for the SEC and the State of Texas:
1) SEC - Where are the Form D filings for the unregistered securities; and
2) Texas SOS - Has the proper paperwork been filed in your office for these unregistered securities?
Form D filings would tell us who ARTS has been issuing CD to and what their relationship to ARTS is.
I checked TRON's website -WKNI TV 25
but don't see much in the way of tornado reporting. http://www.wkni.net/web/
Regarding TRON being AWOL, my understanding is that he lives in or around Andalusia, Alabama (Covington County) which is about 200 miles south/SE of Tuscaloosa. (This is based on his own Nov 14, 2007 post #17139 wherein he himself reveals his name, company, phone number etc under the IHubs name "TRON"): http://investorshub.advfn.com/boards/read_msg.aspx?message_id=24554942#.
Here's some info about the tornados and the impact on his town of roughly 8,500. While we may have our differences regarding ARTS, no one wants to see anyone hurt. http://www.andalusiastarnews.com/2011/04/28/county-ua-students-survive-tornado/
In honor of Wlliam and Kate's marriage today
Best wishes to all of you who have been "royally screwed" by the Vakser clan. Maybe in 9 months you'll pop out a toxic, Duraflame Picasso. It'll be winter then and keep you warm while it slowly kills ya.
I certainly will Ollie ;)
TOS question
Is it a violation of IHubs "terms of service" to repost a post made by an IHubs member on this IHubs website wherein that member willingly and freely reveals his/her identity and contact info?
One assumes that the person in question must actually want people to know who he/she is otherwise they wouldn't have done such a thing in the first place, right? Does it matter that the person in question is a Moderator? Juuuuuust askin'
Re-fried RFID
Irving based Prova Group, Inc. came up with the whole sports collectibles tracking via RFID long before Eddie climbed in bed with Artfest: http://www.rfidjournal.com/article/print/3828
Here's a copy of their abandoned "PROVA TAG" trademark which is described as: "Computer software and hardware for use in creating identification electronic tags for the transfer, registration and authentication of items and the information associated with the item; and encoded identification electronic tags of plastic, metal or silicate for use in the transfer, registration and authentication of items"
http://www.trademarkia.com/prova-tag-78594019.html
Their website is dead: http://www.provagroup.com/ but there's this from LinkedIN:
-------------------
Charles Humphreyson
CEO/President Prova Group, Inc.
Information Services industry
January 2006 – Present (5 years 4 months)
"Recruited to drive high growth for this early stage company. Prova utilizes RFID and software technologies to authenticate and track collectibles and memorabilia."
-------------------
No mention of any affiliation with Artfest.
Here's an auction of a sports jersey showing the old PROVA TAG
http://www.mearsonlineauctions.com/LotDetail.aspx?lotid=24739&searchby=0&searchvalue=None&page=0&sortby=0&displayby=2&lotsperpage=100&category=74&seo=2006-Julius-Jones-Dallas-Cowboys-Game-Issued-Alternate-Home-Jersey-(MEARS-Auction-LOA)-(Prova-Group)
And here's Eddie's PR from 4-30-08 about "signing a letter of understanding" with PROVA to use THEIR technology to track artworks. The statement reads "This is Prova Group’s first venture in the fine arts marketplace".. not the other way round.
http://www.myartfest.com/index.php/home/27-pr2008-0430?date=2011-03-01
Later press releases have headlines such as "Artfest International, Inc. Launches New RFID Technology." What's "NEW?" Nothing! (as usual). EV takes credit for something he apparently had no part in creating. At best all he did was announce his plans to apply it to another product line (inkjet canvas prints) for which there is apparently no real business market for (at least not one that pays very much). Did he ever follow through? Of course not.
But hey, as long as it sounds good to investors, right?
JJslammer.. tell us know how much you lost
We're anonymous here afterall. I think it's most helpful for people to say how much ARTS has cost them. That is the sort of info that needs to be on the record.
Who's sucking in these new suckers?
Is it penny stock brokers or some other hustlers? My AT&T technician told me he was installing a DSL line at some guy's house last year and the dude was hustling him about ARTS. He said the guy claimed he just got off the phone with Ed "Too Tall" Jones ..that Jones and the Cowboys were jumping on board... that ARTS was about to skyrocket ..and told him a $5k investment could set him up for life.
Is this how it's done?
StarfestOverview.com "page suspended"
A "Whois" search reveals the 'registrant' of this domain to be one Dmitriy Kozlov in Framingham, Mass. This is a 23 year old who has a website called http://www.freedompassionpurpose.com/ (which is also currently "suspended") and this blog http://dmitriykozlov.com/
Then there's this (only available as a cached page from Yahoo Finance)
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Re: Thanksgiving Card for ARTS? 7-Nov-10 02:48 pm
maybe these can be added:
Lawrence Castro SVP Sports/Education
Jack Weis Dir Film/Television
Dmitriy Kozlov Starfest Overview Business Opportunity TeamKit Carlson StarfestDirect Business Opportunity Team
Buu Huynh starfest benefits
http://webcache.googleusercontent.com/search?q=cache:sIR3N0D6QYEJ:messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_A/threadview%3Fm%3Dmm%26bn%3D64639%26tof%3D15%26rt%3D2%26frt%3D2%26dir%3Df%26ri%3D25333%26t%3Dc+Dmitriy+Kozlov+artfest&cd=8&hl=en&ct=clnk&gl=us&source=www.google.com
So where did all the money go...really?
I'm talking CASH Mr. Vakser took in from investors and CASH payments paid out>>>
I assume some went for salaries (first, last and always), rents (at least until evictions) and repeated moving expenses, utilities, legal defense fees (lawyers know better than to take Monopoly Money stock for payment), an accountant to rubber-stamp his financials, a bit of equipment, vehicles perhaps(?), a bit of picture framing, party expenses, signs & banners, website domain fees and hosting (negligible), travel expesnses (including "working vacations" I'm sure), buying your own personal companies(?), loan payments, bank wire transfers to god knows where, some CSD expenses...
So what else... $3 million in "goodwill"?
So how does what the CEO took in balance with legitimate cash expenses? I still think a serious, independent audit is called for.. the sort provided for free by the IRS.
And some people were saying that same this time LAST year. Does anyone have the stock price from a year ago (and how many of you would love to unload your shares at that price)? This would be right about the time the CEO announced his big 'Pee-casso" deal. One would think that snagging an asset worth "$5-$150 million" ..for a mere $2.5 million... would be a financial windfall for any small company like ARTS (by "small" I mean 'microscopic').
TRON:
This time next year it is my opinion based on my DD ARTS will hit $$$'s not Cents. Once EV does what I think he has planned The outside manipulation will have to ride another wagon train. jajaja
SEC rules state that "A related party means any of the following:
*A Director
*An Executive officer
*A 'beneficial owner' of 5% or more of the company
*A person known by the Company to be an immediate family member of any of the foregoing.
An "Immediate Family Member" includes siblings, spouses, in-laws, children, parents, step-parents or live-in lovers (sharing the same house) with any officer, director or beneficial owner.
http://www.docstoc.com/docs/3390441/related-party-transaction-definition
This is worth a bit more DD
So is ARTS essentially a "family business?"
If so, can anyone confirm or deny whether Vladimir and/or Boris Vakser are also involved in any way whatsoever? Just curious.
So let me understand...
Say I own (or control) a penny stock and its' board of directors.. and then I create multiple other companies that I personally own, and then I assign an arbitrary market value to my personal companies (such as saying their 'brands' or 'goodwill' are worth millions.. even though they have no sales, no tangible assets etc), and then I purchase my companies from myself with cash proceeds raised from investors in the penny stock I control, and I'm able to do this without the consent of the investors?
How is that even possible?
What the hell is an "RM"?
"Reverse Merger?" So what.. is Mr. Vakser planning to buy Artfest with one of his new worthless shell penny stocks? If so, then where's the money for this transaction coming from... a secret stash offshore perhaps? Just askin' because the esteemed CEO can't seem to lift ARTS out of sub/ micro-penny oblivion. And investors don't exactly seem to be flocking to his amazing, money making 'opportunities.' Can someone enlighten me?
But to sell them you have to find someone who believes they'll eventually be worth more than you currently do. While I understand your plight, can you honestly say you expect this stock to ever rise very much?
http://en.wikipedia.org/wiki/Greater_fool_theory
So is ARTS a video production company now?
Is that to be their primary business now? One has to assume so inasmuch as (a) this has apparently been the 'business of choice' of the Vakser siblings over the years and (b) they reportedly have a 10 year lease on 33,000 square foot facility (4,200-4,700 square feet of which is comprised of an indoor basketball court --not including boundaries, seating areas, changing rooms etc. Or maybe that explains the 4k foot discrepency between the size of the MAXIMEDIA property and the amount of space ARTS has reportedly leased). One also might assume so since little that ARTS has done (aside from CSD) has produced any measurable sales.
Video production is what the Vaksers supposedly know ..but are they any good at it? If so, then why have their TNT Media Productions (the address is now that of a storage facility), Revolve Communications, ArtChannelTV and other similar ventures apparently fizzled? Have you seen any of their videos on YouTube? Yikes!
TRON wrote...
The cost of a 22 min show to produce for a 30 min seg depending on the graphics and talent is around 50k low end and up too 150k. Hopefully there would be a client out there that would pay that for the Arts and their work. No one that owns a Production studio would even consider doing a show without sponsorship.
How "Soldnet" became "Artfest" plus Picasso question
You are correct. Larry D. Ditto is a boardmenber and officer of Artfest International (see his bio on the IHubs page). Artfest was originally a company called "Soldnet" which was (I think) somehow involved in the nursing home industry. On February 28, 2002 Soldnet had "ZERO assets".. "ZERO liabilities" ..and 40,000 shares of stock they valued at $200 total.
http://yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=1789105&SessionID=C--eHC33MvdCE47
On November 19, 2002, Soldnet reorganized as "Artfest" and Ditto received $1 million shares.
http://edgar.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=2063856&SessionID=RRKjHWRH7jeYcl7
They were apparently operating out of a small strip-center storefront in Grand Rapids, MI.
Apparently Artfest didn't prove profitable either. Artfest bombed too and Ditto was essentially the 'last man standing' at Artfest when Eddie Vakser came calling.
At that point, Artfest was a basically a company in name only.. with its' main appeal being that of a penny stock shell. As I understand it, Vakser struck a deal to trade his companies for controlling interest in Artfest. With that he appointed himself CEO, president and principal financial officer.
--------------
Q: Is Artfest still maintaining that (a) their 'Picasso' sculpture is legitimate/ authentic, (b) are they actively attempting to sell it and (c) are they still planning to publish reproductions of this piece --and if so, when?
In other words, is Artfest still standing by all of the claims they have published?
---------------
Here Lord: One Night In February 2000 Changed My Life Forever [Hardcover] Larry D. Ditto PH. D. (Author)
"I was indifferent and distrusting of God, religions and churches for 59 years, but because of the Holy Spirit I awoke one morning believing in God, Christianity and the Catholic Church. When God called my name I answered, "Here Lord"."
http://www.amazon.com/Here-Lord-February-Changed-Forever/dp/1410742652/ref=sr_1_1?s=books&ie=UTF8&qid=1303768977&sr=1-1
More lawsuits?
Are we, therefore, to believe that these two single cases represent the sum total of ALL legal proceedings --since the end of the 4th quarter 2010 ..AS WELL AS any others currently actively underway-- involving this company and it's CEO? If so personally find that very, VERY hard to believe.
ITEM 3. LEGAL PROCEEDINGS
On July 23, 2010, Mr. Steven Rash, filed a lawsuit in the State of Texas against Artfest International seeking monies owed for services rendered while employed at Artfest from 2008 to 2009. As of the date of this report, Artfest has retained counsel and is working with them to investigate the matter and develop a plan to remedy the issue.
On August 6, 2010, Parker Midway, LP, Artfest’s former landlord (“Parker”), filed suit in the District Court of Dallas County, Texas against Artfest for its alleged breach of its Lease Contract.
On February 24 th a mutual settlement was agreed upon, between Parker Midway and Artfest. The suit against Mr. Vakser was dismissed and the company agreed to pay $ 150,000 dollars to settle the case.
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