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As suspected... You'd think that would be information we'd be entitled to know.
The 220 always worked.
They would sell them to other buyers from time to time (and they were built off of the old handheld). The TSA process is long and hard - which is why only 2-3 products are qualified.
You guys showed up out of nowhere around the time PP started looking like they could be in trouble, claimed to have been invested here for 15 years, and do nothing but deflect blame from PP. It sure is suspicious.
Catch up?
What about the other $1.6B of investments PP claimed to have? We're the only investment that was actually worth any money! We were the only thing that was keeping their house of cards going. That is the important thing here.
And the value of the company is around $150M. Look at the other deal L3 just did. That company got about twice as much as we did, but they have revenues that were about twice as much as ours. The valuation (which is based on revenues and profit) was fair. Tech in great, but you have to demonstrate a market for it if you want to sell it to someone. The 150 was never sold...
I'm willing to bet (through holding shares) that the guys who committed a billion dollar fraud were willing to do illegal things to keep their cash cow afloat.
It is not by chance that:
1. Implant fell apart at the exact same time PP's legal troubles started.
2. PP thinks they'll be able to get approximately $80M back to their shareholders and that we owe approximately $80M to PP from the L3 deal.
I may be wrong, but I doubt it.
No, you can probably expect about 15 cents a share on this one.
Upside is potentially there, but not to be expected.
If they didn't tell us how good of a job they've done, how would they have supported those bonuses?
These guys play both sides, so they are always right. Sometimes, it is with two IDs. Most of the time, they don't care to even try.
People are normally willing to forgive anyone or anything, as long as they agree with them. People here feed off of that.
It's all the same to us as shareholders.
PP Executive: "I plead the 5th"
Judge: "Oh well, you guys tried. Go ahead and pay them the money they are owed."
....That will never happen.
The 5th is only available for criminal cases and it doesn't apply to documentation. Also, it is unlikely that any principal of PP could take the 5th, as the investigation is in relation to PP and not the principals.
At the end of the day, them taking the 5th isn't going to go over very well with a judge.
"“Every minute that he spends in a fruitless investigation wastes money,” Parlin said of the committee investigation. “Every month there’s a million dollars in interest. It’s going to eat into that $15 million that’s supposed to be left over for shareholders at an alarming rate.”"
This is a good time to sell. If not, you're gambling that the investigation will find something.
Outside of that, it's odd that the attorney for the lender is looking out for shareholders of Implant... Especially when they are due to get their money back.
1. How much will be left over? He mentions it will be substantial, but doesn't give us an approximation.
2. What do they think they could actually do with that money? You're not going to buy anything worth buying without at least $100M.
The guy showed up at the annual meeting and was living in a NYC apartment paid for by the company.
Anything is possible, but I mean it sure does seem like something was off there. MAYBE it was that disaster of a press conference they had, but I doubt it.
The more I think about it, the more obvious it is that PP was looking for a listed company.
Zapata wanted the cash to advance his R&D efforts - which, in reality, would have taken years to bring to market.
I think everyone was being sold a bill of goods in an effort to keep the tap running.
Well I hope he wasn't collecting a paycheck from Implant during this period.
I'm not a fan of paying our CEO to work for his work with another company.
These two cases aren't all that comparable.
117 - 86 - 9 - 13 (CIC) = $9M
I'm assuming the BK fees will be paid out of the $9M DIP loan.
it started looking odd to me when it was revealed that the guy from Platinum had a lot of involvement in the deal.
News after the close?
They presented it to you as a good idea - which s/b red flag #1.
The second red flag is that some of the current management team planned on taking over the Zapata operations.
Why would you trust anything this management team presents to you?
Taking those bonuses right before BK should have been the final straw for anyone. Ensuring they don't get those bonuses or the CIC payments should be everyone's focus.
Anything else is a miracle.
Once again, Implant didn't hurt anyone who wasn't a member of the company.
You can't fine an entity for hurting itself. There may be legal claims from shareholders, but that would be about it.
That isn't how fraud works.
The company didn't do anything to harm its customers or the general public.
The executives of the company potentially committed fraud. It will fall on them, not Implant.
What is the difference between paying out the bonus a month before you know you'll be filing for BK and paying it 2 weeks later?
"We need 8 million in financing to get through the next 2 months." Well that 2 million dollars + sure would come in handy right about now...
I'd be happy to get back the recent million dollar bonuses that were paid out of the DIP loan. I'd also settle for cancelling the CIC plan.
I'm sure every group of investors of BK companies would love to dispose management and lenders (who should be an independent 3rd party), but that doesn't normally happen.
It's a big deal.
"This is a big deal".
What did the judge mean by that? Sometimes they won't make you submit evidence when you ask for extensions, but they will make you tell them what you've got and it better be true.
If that is the case, who knows what could happen. Unfortunately, they kept it going until PP went BK - which means we could never get the money we have paid them back, but we may be able to work something very favorable out on the amount owed.
Pretty smart.
The stupid thing would be to hold those shares you bought at .09. Take it while you have it. Leave the rest on the table.
We own the company? Management owns 0 shares and PP isn't going to be allowed to convert (this is best case scenario for them) if illegal activity occurred.
The owners of the company (whuch is really just the tech) didn't do anything wrong. That is the beauty of having retail people make up the majority of owners. Their refusal to buy shares or hold them (PP) will come back to bite them.
They can tell us whatever they want and try and frame the discussion, but we've got a lot of third parties involved.
Because you can't.
"We amended our articles of incorporation to cover for everything we've done wrong. You can't come after those million dollar bonuses we just gave ourselves."
It's bizarre. BK was the best thing for us. It finally got a lawyer involved. Money is on the line and they'll get it if it's possible. The good news is that these guys are independently wealthy. They can afford to pay back a decade of really high salaries.
Unless they went around telling people they were going to go into BK, the $117M is it.
Maybe someone wants to stick it to L3, but that is all we've got.
That's not what it means...
It's a bid that sets a floor and discourages any games from any other interested party.
We went through 6 months of potential bids. We only received 2 and the other one wasn't even close to L3.
They won't get one.
If you look at the other recent acquisition by L3, you'll see that our deal (when you look at the metrics) was in line with what the other company got.
Between the original debt, the amount due for the DIP loan, the CIC payments, and the attorney's fees for BK how much do you think is going to be left over?
This is why the comments from the judge matter:
""I believe by giving this brief extension the committee can conduct the investigation you want," the judge told shareholder lawyers in court Tuesday, adding "this is a big issue.""
PP's lawyer disagrees... who should be believe?
If I were a member of management (who has acknowledged they read these boards) and I knew that something occurred that went against my duty as an agent of the company, you better believe I'd be on here commenting and telling people not to worry about it and that everything is above board. I'd then tell them that they need to let things progress as quickly as possible because we have too much to lose if this drags out.
I'm not sure what we (shareholders) have to lose by looking into things, but that is the argument A-whatever has been trying to make. When you ask him what the benefit of that strategy is, he ignores it.
PP was running a scam and calling it a $1.5B hedge fund. If you think they are too good of people to scam Implant investors, then I don't know what to tell you (not you specifically).
Yeah, and they don't discuss this stuff extensively before the decision is made...
If you want to argue that PP has nothing to hide and that we all need to take whatever they think is best, then you are working some sort of angle here that is not to the benefit of real shareholders.
Who needs facts when I can simply trust you that there is nothing to hide here?
Thanks for letting us know they have nothing to hide! It's good to know that complying with a court order shows they have nothing to hide... Better call the SEC and Justice Department to let them know that they can call off the fraud investigation.
I'm sure they had nothing to hide for the years they were running a Ponzi scheme, too...
The fact that known criminals transferred these easy money loans to themselves is all the proof you need to show that they had a very special interest in getting the IMSC money train rolling.
Take all the time that is needed to put these guys under. If we can show they acted in bad faith, then we can get out of all of this stuff and start out fresh - without L3.
How long does it take to grant someone immunity?
You act as if it will take a long time, but I'm pretty sure you have no idea what you are talking about...
Keep pushing the "just shut up and take it" line of thinking. Sooner or later, I'm sure we'll all jump on board so we can push this through and get management those CIC payments!
By that logic, no one would ever have to testify in court. All they'd need to do is form some sort of agreement that says they can't talk about their time or experience.
Again, what is your investment thesis for pushing this through ASAP? That is all you seem to be focused on. Focused on something that will benefit management and L3... along with PP, but they are in enough trouble that nothing is really going to benefit them.