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Total Amounts of the Priority and Nonpriority Unsecured Claims
$4,792,246.54
??????????????????????????Schedule E/F: Creditors Who Have Unsecured Claims:
Total:
$4,792,246.54
From an updated docket filing on oct 13, IRNC has internally assessed their intellectual property at over 17 milly.
It’s on the bankruptcy case docket.
Status conference is a session when the judge and the parties set down to discuss the case, case scheduling and general case status.
Order Setting Status Conference. Status conference to be held on 10/14/2020 at 10:30 AM by telephone and video conference. Dial-in Telephone No: 832-917-1510. Conference Code: 590153.
The truth is in the bankruptcy case dockets, it’s all laid out for anyone who wishes to follow the case.
That’s some interesting “potential” claims against Lerner and the other individual. Breach of fiduciary duty and theft.
So it looks like to me, in the “Real and Personal Property” docket, they are listing the ?????????????????????????????????????????????????????????????????????????????????????????? ??????????????????????????????????????????????????????????????????????????????????????????patents, trademarks, copyrights etc at over 17 million. If anyone else is following the case and I’m reading it wrong, please correct me.
On Mon, Sep 7, 2020 at 11:15 AM Michael Porter <Mike@plrinvest.com> wrote:
No the technology is good The problem was capital just could not raise.
Sent from my iPhone
On Sep 7, 2020, at 11:13 AM,
wrote:
Hi Mike,
Was just curious if you could give me your thoughts on IRNC’s downfall to filing for bankruptcy. Do you feel the technology just wasn’t there or do you think it was management that was the failure of this company.
Meeting of Creditors Chapter 11 for Non-Individual Debtor Set 341(a) meeting to be held on 10/1/2020 at 11:30 AM
You can purchase their bankruptcy case to receive full info and updates.
https://businessbankruptcies.com/cases/ironclad-encryption-corporation
Debtor in Possession: Understanding the Basics
A debtor in possession (DIP) is a legal term that is used to refer to a party that is keeping control of its own assets and continuing operations while it is in the Chapter 11 bankruptcy reorganization process.
What Is a Debtor in Possession (DIP)?
A debtor in possession (DIP) is a person or corporation that has filed for Chapter 11 bankruptcy protection but still holds property to which creditors have a legal claim under a lien or other security interest. A DIP may continue to do business using those assets. However, it is required to seek court approval for any actions that fall outside the scope of regular business activities. The DIP must also keep precise financial records, insure any property, and file appropriate tax returns.
Nothing.
I have emailed him recently to try and get some updates on PLC testing/progress...but no luck....I think we’re going to have to wait for the K to come out to get some info.
From: JD McGraw
Sent: Tuesday, May 5, 2020 3:27:57 PM
To:
Subject: Re: IRNC
Ironclad retains all the Patented and technology. The things you listed Mr. Lerner couldn't perform and reason for departure. We've been using outside people to do the programming and design work for the software.
Sent from my iPhone
On May 5, 2020, at 2:22 PM,
wrote:
?Mr McGraw,
So much to speculate right now. With Mr Lerner gone, who takes over the coding and code development, maintenance, updates, etc. I’m assuming IRNC retains all approved patents?
Thanks Mr McGraw.
Current Investor
From:
Sent: Tuesday, May 5, 2020 2:47:18 PM
To: JD McGraw
Subject: Re: IRNC
Hi Mr McGraw,
Wow, major development. Can you elaborate any on the reason for Mr Lerners departure?
Thanks Mr McGraw,
Current Investor
From the man himself.....JD McGraw
From: JD McGraw
Sent: Tuesday, May 5, 2020 3:27:57 PM
To:
Subject: Re: IRNC
Ironclad retains all the Patented and technology. The things you listed Mr. Lerner couldn't perform and reason for departure. We've been using outside people to do the programming and design work for the software.
Sent from my iPhone
Was hoping for more info than that in the filing.... oh well.
See post 18308
From: JD McGraw
Sent: Tuesday, June 23, 2020 6:38:36 PM
To:
Subject: Re: IRNC
Yes
Sent from my iPhone
On Jun 23, 2020, at 5:03 PM,
wrote:
Hi Mr McGraw,
Just curious about something, did IRNC participate in the governments PPP program?
Thanks Mr McGraw.
Current Investor
From: JD McGraw
Sent: Tuesday, June 23, 2020 3:12:01 PM
To:
Subject: Re: IRNC
Nothing I can share right now, I will put out all news in 8k,Or add an investment conference.
Sent from my iPhone
On Jun 23, 2020, at 2:10 PM, wrote:
?
Hi Mr McGraw,
Just emailing to see if there is any new updated info regarding IRNC you can share.
Thank you
Current Investor
We are still partnered with Data443, but there is nothing benefiting IRNC with this partnership currently. I emailed jd regarding this partnership, I am reluctant to post his response.
From: JD McGraw
Sent: Thursday, June 11, 2020 4:27:55 PM
To:
Subject: Re: IRNC
Yes that is one of the directions that we are still pursuing. I had a meeting with the company this week. And Mr. points is still involved in the company.
Sent from my iPhone
On Jun 11, 2020, at 1:18 PM, wrote:
Hi Mr McGraw,
I know your busy,
Just checking to see if I can get an update.
Like to know if IRNC’s primary direction is still focusing on PLC software testing/development or has focus changed to another direction.
Also, is Mr Points still our director of software development.
Thanks Mr McGraw,
Current Investor
We still have a heartbeat!
From: JD McGraw
Sent: Friday, May 29, 2020 7:08:22 PM
To:
Subject: Re: IRNC
Yes we're still in business. My favorite football team is OU The best Texas team.
Sent from my iPhone
On May 29, 2020, at 12:25 PM, wrote:
?Hi Mr McGraw,
Hope IRNC is still functioning.
Just curious, football fan? What team? I just assumed being in Texas you were a Cowboys fan.
Unfortunately I’m a long suffering Jets fan. Grew up watching Namath.
Anyhow, have a good day, patiently waiting for some kind of news on IRNC’s direction, good or bad, it is what it is.
Thanks Mr McGraw.
Current Investor
From: Michael Porter <Mike@plrinvest.com>
Sent: Thursday, May 28, 2020 2:03:36 PM
To:
Subject: Re: IRNC
we no longer represent them
Sent from my iPhone
On May 28, 2020, at 1:46 PM, wrote:
?Hi Mike,
Any IRNC updates you can share?
Thanks
With this covid thing creating such an opportunity for working remotely now....you would think IRNC could write its own ticket to a company(s) that provide remote teleconferencing software requiring high levels of encryption. I shot an email to him about it, hopefully we get a reply.
From: JD McGraw
Sent: Friday, May 8, 2020 8:51:15 AM
To:
Subject: Re: IRNC
The companies lab is still closed
Sent from my iPhone
> On May 8, 2020, at 7:34 AM,
wrote:
Good morning Mr McGraw,
Just curious as to whether you are able to resume testing again on the PLC’s and if testing is successful wouldn’t that help with generating revenue?
Thanks Mr McGraw,
Hope you have a great day.
Current Investor
My thoughts exactly.
From: JD McGraw
Sent: Thursday, May 7, 2020 1:04:19 PM
To:
Subject: Re: IRNC
For the listing status, we will have to keep up our public reporting, and we will have to raise some additional money. In this environment I'm not for sure what the odds are on that.
Sent from my iPhone
On May 7, 2020, at 11:19 AM,
wrote:
?
Hi Mr McGraw,
Hope your having a good day.
I’m sure your reluctant or hesitant to address or answer these types of questions, but I thought I’d take a shot, do you feel IRNC can get back to at least QB status? Do you feel IRNC can overcome the current share price and get a heartbeat again. I realize these are questions you probably can’t and aren’t allowed to answer, I guess I’m just trying to get some guidance on current developments or current and future plans.
Thank you for your time and at least reading my emails.
Current Investor
Seems like you were right on about Lerner just being the inventor. I assumed he was the one all the coding fell on. Had no idea they were outsourcing it.
Ya gotta give the guy credit for responding....
From: JD McGraw
Sent: Tuesday, May 5, 2020 3:27:57 PM
To:
Subject: Re: IRNC
Ironclad retains all the Patented and technology. The things you listed Mr. Lerner couldn't perform and reason for departure. We've been using outside people to do the programming and design work for the software.
Sent from my iPhone
On May 5, 2020, at 2:22 PM,
wrote:
?Mr McGraw,
So much to speculate right now. With Mr Lerner gone, who takes over the coding and code development, maintenance, updates, etc. I’m assuming IRNC retains all approved patents?
Thanks Mr McGraw.
Current Investor
From:
Sent: Tuesday, May 5, 2020 2:47:18 PM
To: JD McGraw
Subject: Re: IRNC
Hi Mr McGraw,
Wow, major development. Can you elaborate any on the reason for Mr Lerners departure?
Thanks Mr McGraw,
Current Investor
Nice find Zoom.
So much to speculate right now. With Lerner gone...who takes over the coding and code development, maintenance, updates etc, unless they have partnered or positioning for buyout.
I’ll throw an email to him but I highly doubt he’ll respond to personnel questions.
Wow....major development...you think company is folding or Lerner leaving due to a buyout?
From: JD McGraw
Sent: Friday, May 1, 2020 8:10:22 AM
To:
Subject: Re: IRNC
It would be for data at rest and data in transit
Sent from my iPhone
On May 1, 2020, at 7:03
wrote:
?Hi Mr McGraw,
Looks like BitWallets new site is up? Can you specify what IRNC software/hardware is BitWallet utilizing?
Thanks Mr McGraw.
Current Investor
Looks like this is BitWallets new site. When I went to the site yesterday it was different than it is now.
Oh...negative....forgot the 1:gazillion r/s coming.
So far this is the few positives what we have to go on...
-BitWallet still using IRNC software.
-Charter using their software for internal comms.
-Testing BlackIce software with largest distributor of Honeywell PLC’s in the country.
-Continued patent approvals.
Negatives....
-Crazy toxic debt.
-No ICEPhone this year.