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There are many out there. The one I subscribed to is business bankruptcies.com
You have to subscribe to the service that has access to the court docs. Just posting a link to it won’t work.
https://busbk-dockets.s3.amazonaws.com/txsbke/444801/ironclad-encryption-corporation.34-1.pdf?AWSAccessKeyId=AKIAIFGOZWN35B4PCDCQ&Expires=1611185942&Signature=CxkUoIqZnzPbrwA7CqwmOzCS0Yc%3D
Hopefully there’s a ruling to post on the 2nd.
I’m getting my info straight from the court docket filings. Business plan ruling on the 12th and Employment Agreement Executory ruling on the 2nd.
From the court filings:
THERE WILL BE A HEARING ON THIS MOTION ON FEBRUARY 2, 2021 AT 10 O’CLOCK AM IN COURTROOM 401.
TO THE HONORABLE CHRISTOPHER M. LOPEZ, UNITED STATES BANKRUPTCY JUDGE:
Daniel M. Lerner (“Lerner” or “Movant”), pursuant to 11 U.S.C. § 365, files this Motion to Compel Debtor to Assume or Reject Executory Contract (the “Motion”) against Debtor Ironclad Encryption Corporation (“Debtor”).
Just have to sit tight and see how it all plays out. Still litigation with Lerner that needs to come to a conclusion...that is a separate court case from the bankruptcy case.
No one can answer that question.
Nice to be out of trips. Hopefully a rise to Feb 12th...and approval of the new business plan.
From the business plan:
The target customers for SCIS services are small and medium sized businesses who have Security and Compliance requirements for their business systems (Healthcare, FInancial Services, Government) and who are in the midst building or migrating business applications to the Cloud (AWS, Azure, Google).
From what I can tell from the reorganized business plan....the reorganized business plan has the graphic heading SCISIO. The same graphic heading as the website SCIS.IO. The reorganized business plan is to focus on businesses that require/need a secure hybrid cloud environment. The reorganized business plan has over 125 potential clients in their database. JD is not going to be the CEO. There is a different CEO listed in the plan. JD and a few other ironclad people are going to be on the board. There is nothing that I can see that says ironclad is going to dissolve. They put forward in an exhibit a liquidation evaluation showing how liquidating the business wouldn’t be beneficial for creditors and instead put forward this reorganized business plan showing a better outcome for money on the dollar. This reorganized business plan will be voted (Feb 12) on by parties that have a stake/loans/money etc in IRNC. I cannot determine from the court filings if ironclad will remain ironclad or is changing to SCISIO.
The “Heading” on the SCIS.IO website is EXACTLY like the Heading on the Exhibit 7 reorganized business plan from the court filings.
Reorganized debtors (IRNC) business plan (Exhibit 7) = SCIS.
Secure Cloud Integrated Services.
THIS IS IRNC’s reorganized business plan according to the court docket filing.
“Exhibit 7” = SCIS
A. FUNDING THE PLAN
The Plan shall be funded by the Plan Deposit ($260,000) made by the Plan Deposit Party (J.D. McGraw) on the Effective Date. The Plan Deposit shall be used to pay the IRS Claim in Class 1 in full, should the Class 1 Claim be allowed by the Court. The Balance of the Plan Deposit shall be used by the Reorganized Debtor as working capital to fund operations of the Reorganized Debtor from and after the Effective Date so as to achieve the results set forth in the Reorganized Debtor’s Business Plan attached hereto as Exhibit “7”. In exchange for the Plan Deposit, the Plan Deposit Party shall receive, on the Effective Date, 100% of the Class B Common Stock issued by the Reorganized Debtor on the Effective Date.
Remember this acronym and let’s see if it comes to fruition... ;)
SCIS
From latest docket filing:
A joint hearing ( "Joint Hearing") to consider the final approval of the Disclosure in the DS/Plan and t he Plan of Reorganization shall be conducted on February 12, 2021, at
10:00 .m., CST.
Sounds good bud...hope this still works out for all us longs.
Anything anyone wants to know about IRNC is in the court filings. All financials ......Everything about the company is out in the open for all to view who want to.
I can’t post the link....you have to subscribe and view the court filings.
This is copied and pasted from the latest docket filing:
A hearing to consider the final approval of the Disclosure Statement and confirmation of the Plan has been set for the __ day of February 2021, _____ _.M., CST before the Honorable Christopher M. Lopez, United States Bankruptcy Judge, to be conducted electronically. Parties wishing to participate must establish an audio connection by telephone by dialing ____________and using the conference code, _________. Any party wishing to testify must also establish a video connection at https://gotomeet.me/judgelopez. More information may be found in the Court Procedures and Practice Tips.2 (the “Confirmation Hearing”). Objections to
2
-2-
Case 20-34332 Document 25 Filed in TXSB on 12/28/20 Page 7 of 178
confirmation of the Plan or to the disclosure provided must be filed with the Court on or before 5:00 pm, CS, on February __, 2021.
JD is going to pony up a cool quarter mill to help fund the reorg plan.....straight from the court docket.
A. FUNDING THE PLAN
The Plan shall be funded by a cash payment of $250,000 payment made by J.D. McGraw on the Effective Date ("Plan Deposit"). The Plan Deposit shall be used to make payments to Creditors with Allowed Administrative Claims and to make payments to Creditors with Allowed Unsecured Cliams in Class 1 under the Plan.
Straight from the latest docket filing:
3. Events Leading to IronClad’s Bankruptcy Filing.
As the chart below shows, the Debtor had incurred costs capitalized at December 31, 2019 totaling $631,572. Of that amount, $445,731 was for new patents and trademarks under development (but as yet not awarded), and $185,841 was for new patents issued in December 2018 and January 2019. With respect to the patents and trademarks under development as of December 31, 2019, those patents and trademarks began to issue during year 2020, but the Debtor was unable, as of the Petition Date, , to exploit such patented technology due to lack of funding. Additionally, the Pandemic also put a damper on the ability of management to raise additional funding to complete the roll out of the newly developed technology.
Looks like February 2021 for final approval.
New Docket entry today:
THE DISCLOSURE IN THIS COMBINED PLAN OF REORGANIZATION AND DISCLOSURE STATEMENT HAS BEEN PRELIMINARILY APPROVED BY THE COURT.
Just an FYI...from the Lerner suit....12 patents were filed with Lerners name attached to them.
That is true....JD did say all patents were property of IRNC.
I don’t know how many patents Lerners name is attached...peeteman or zoom might be able to answer that.
From what I understand from reading the Lerner vs Ironclad suit...there may be a restraining order in place regarding the IP (intellectual property)...preventing Ironclad from doing any business regarding using any software with Lerners name attached to it.
Haven’t seen anything on dates yet.
New docket update today:
Order Authorizing Employment of Special Litigation Counsel
Creditors for IronClad Encryption:
Actus Fund, LLC Attn
Adar Bays, LLC
AOI
Baker & McKenzie, LLP
Blackpearl Egineering
C Brook Ventures, Inc
Chad Friend Legal & Compliance Llc
Chad Friend
Cygnacom Solutions, Inc
Daniel M. Lerner
David G. Gullickson
Delaney Equity Group
FDI Creative Services, Inc.
Frost Bank
Fruci & Associates LL, PLLC
GS Capital Partners, LLC
GW Holdings Group, LLC
Halliburton Investor Relations
Internal Revenue Service
J. Charles Assets
James D. McGraw
Jeff B. Barrett
Len E. Walker
Lerner Inovations
Morningview Financial, LLC
Odyssey Funding, LLC
One44 Capital, LLC
PatentManager.com
Points Consulting LLC
Pollen Tech
Porter, Levay, & Rose, Inc.
Randal W. Rice
Rice Consulting Services, Inc.
Todd E Gonyer
Zimmern Law Firm
FROST BANK
I haven’t seen anything new added to the docket. The latest court filings I see added to the docket is the case Lerner brought against Ironclad and Ironclads case against Lerner.
Going to have to see which way the courts ruling goes on the Lerner vs Ironclad suit....if the court rules in favor of Lerner, Ironclad will loose any patents with Lerners name attached to it. If the court rules in favor of Ironclad, then obviously that’s great for Ironclad and business can resume....but from what I’ve read in the Lerner suit, Ironclad is restrained from doing business that pertains to the IP (intellectual property). For anyone reading the bankruptcy docs as I am, correct me if I’m wrong on this.
Have a great trading day... :)
So it looks like because of a restraining order brought on by Lerner regarding the IP....Ironclad couldn’t do any business this year.
Ok...the latest filings I’m reading are the suits brought against each other. Ironclad vs Lerner and Lerner vs Ironclad.
The latest one I’m seeing listed is Lerners case against Ironclad. Pretty revealing.
The latest court filing of Lerner vs Ironclad is a must read for anyone interested in what’s going on.
Has anyone been following the dockets filed in court....after reading the latest docket pertaining to Lerner vs Ironclad....looks to me like Lerner has Ironclad by the balls in terms of who owns the rights to the patents....seems like Lerner does.
I’ve written it off loooong ago....playing it out to the very end though.
I’ve tried numerous times to get jd to respond to emails....he’s gone dark....nothing.
Official form 206A/B
Schedule A/B: Assets — Real and Personal Property:
$17,987,718.99