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I don't believe all that I see on the internet but I see this, which indicates that a Family Trust can indeed shield assets from the IRS
http://www.justanswer.com/criminal-law/3dko1-irs-seize-property-family-trust-step.html
Lindy's house is held in a family trust...not in his own name. Same arrangement as Vakser's house BTW
Grinning ear-to-ear no doubt. Although the urgency to quickly burn off the remainder of the A/S may be causing Eddie some anxiety.
It's Kevin from FINRA's fault.
Also, Kevin is a major cause of global warming.
So Eddie has decided that this scam won't make it through tax refund time. That's unfortunate.
I see what you did there
Yup
But that was then. Team Eddie/Lindy are trying to build some credibility (stop laughing) so they needed to make SOMETHING that they said come true. That was accomplished by forming the worthless INC and merging it into TDEY.
See...we did what we said we were going to do! Buy dem shares.
Those who peak behind the curtains know that this was a nonsense transaction.
So now you are believing an Eddie PR from earlier this year?
You know better than that.
The generally accepted (though impossible to confirm) scenario is that Lindy sold/merger/reversed something into TDEY. That was ORT INC. The LLC sits with Lindy and Mrs. Lindy and the LLC sells its IT platform and "leases" personnel to TDEY at whatever price Lindy decides is fair and appropriate.
So, Lindy can sell the LLC anytime he wants. Has nothing to do with TDEY or ORT INC except as a vendor/customer relationship.
Maybe the one bit of truth coming out of Kent, albeit underhandedly.
Nope. It's because Kent always thinks that he's the smartest guy in the room.
He's not.
By a long shot.
Putting additional regulatory eyeballs on this sham is the last thing Kent should want. Peel back the layers of lies and more lies appear underneath.
The shell game here is that there are TWO ORTs. The LLC and the Inc. I don't know that Linduff can even keep it straight but indications are the any action with TDEY was with the worthless INC while the LLC (which retains the "valuable assets") is 100% owned by Lindy and his wife.
The LLC leases its technology and staff to the INC/TDEY at whatever price is determined to be fair and appropriate.
I'm confident that Mr. Transparent will cut the shareholders s proper deal.
SNARK
Assuming that there is TDEY revenue Linduff can take 110% of that revenue because he determines the price of the services that his private LLC sells to TDEY. Without those private services TDEY has no ability to do much of anything. TDEY may (or may not) own some flea market office furniture and an old dining table and chairs.
The passing of revenue, expenses, assets and liabilities between closely held entities is done to obfuscate and confuse.
Unfortunately for those who play that game the IRS will just assume the worst and put the burden on the taxpayer to provide otherwise.
Like ORT LLC vs ORT INC Linduff knows how (he thinks) he can shuffle things to suit his immediate needs.
That may work. Until the Feds get involved.
Reminder: Linduff's house is held in a trust. Likely specifically to protect it from creditors.
Linduff is a card carrying weasel who will now have to answer to the anti-piracy folks at FOX Broadcasting because he used a Copyrighted image without permission.
Actually Fox is quite aggressive in its pursuit of anyone using their images without permission.
It's all jokey until the lawyer letter arrives which it almost certainly will in this case.
But Kent has a cracker jack legal team so I'm sure they will advise him appropriately.
FOX makes it easy to report copyright violations so I did just that.
Using stock photos without permission is one thing. The image I'm referring to is from The Simpsons. I don't know who owns that property but I may drop a dime to Fox to see if it belongs to them.
The merger suggestion was nonsense.
Recall that the Income Statement showed NO operating revenue. There was just the sale/licensing of the platform that ORT said it no longer wanted. I still don't believe that Kent just gifted that to the public shareholders. I expect that any cash that comes out of that arrangement will go to Kent in the form of management fees, office rent and the lease on his Mercedes.
The arrangement that "slipped out" a while back was that the private company, which owns the (presumed) revenue producing assets and the personnel, will sell its services to the public company; without exclusivity, by the way.
The public company is worthless without the services of the private vendor. I wonder how Kent will arrive at a fair price for those services since he is both owner of the private company and Chairman of the public company.
No conflict there.
Why is it so hard to believe that Kent had an asset worth $ 2.4 million and, rather than sell it and pocket the proceeds, he decided to donate it to TDEY shareholders and then sell it so he could share the largess? Since Kent owns 0 shares of TDEY he got nothing for his valuable software platform.
Don't you believe that people can be charitable?
What a scam this is.
You make a good point. I'm sure that accuracy on something like Premiums Collection is not important so why should spelling have any significance?
Clown company run by clowns.
Can't make this up.
Eddie is doing spell check at Oak River. What a bunch of clowns.
By definition there is no such thing as a 1099 Employee
Jeez
http://www.strictlybusinesslawblog.com/2011/08/04/there-is-no-such-thing-as-a-1099-employee/
And a credit card number without the associated expiration date and CCV is worthless anyway. These guys are amateurs at their thievery.
It's brilliant all right. It would be like Kobe Bryant setting up a public company that allows shareholders to participate in his player salary. How much of the public company's revenue would Kobe want as his "management fee." 100% at least.
ORTC can have contracts up the wazoo. If ORTC is reliant upon one of Kent's companies to use his intellectual property and another one of Kent's companies to provide the personnel required to run the day-to-day business then that would be the very definition of being OVER A BARREL.
Those contracts are not exclusive. Kent could get new contracts under the name of another entity tomorrow (Maybe 4D Eye Solutions) and he can sell his IP and personnel rights to that new company.
Under the best case scenario ORTC owns a bunch of second hand furniture and a stuffed duck.
That's also how people looking to protect assets from creditors behave.
The house is held in a TRUST. Kent and Linda don't own the joint.
FYI: When we looked for real estate owned by Kent and Linda it was revealed that their personal residence is held in the name of a trust with K&L as the beneficiaries.
They might be judgement proof.
The 3rd quarter Income Statement that was posted for ORTC / TDEY / whatever they want to call it showed NO salaries and wages and NO Payroll taxes or other similar expense. They showed a Management Fee. Lord only knows what that was for.
Additionally, those FunnyAncials as you so accurately referred to them a while back, show 0 salaries and wages and 0 payroll tax expense.
There is an entry on the Income Statement for Management Fees but that adds even more intrigue to this web of conundrums.
My guess is that Kent will announce that TDEY has an affiliation with both GOOGLE and APPLE. Kent has a Samsung Galaxy S3 (runs the Google Android O/S) and Linda has an IPad Mini that she uses to shop on...wait for it...AMAZON!