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veno...if not for a message board you would not have knowledge of the $127k- and GROWING tax liens.
Ignorance is a rather expensive way to achieve bliss....no?
yes Kapla....and JD's options are now limited.
IMO JD's strategy is to let D&D displays die on the vine in hopes of separating it from the share printing enterprise known as EXPH.pk . Change the name of expo...change the symbol...reverse split...and tell another story...rinse and repeat. It won't work IMO.
IMO JD/Glenn and the good old boys have recouped their original investment(and then some) made into D&D Displays back in 2000-2003....along with granny as well....courtesy of all non-insiders who bought into this pump and dump.
veno....you really need to research the subject FURTHER...JD has placed the company in a horrible situation with the IRS....there are steps to be taken in order to qualify for an installment agreement.....first of all...the IRS will DEMAND payment in full....you see....by failing remit taxes exceeding $10K...and failing to remit for more than 1 period.. well ..that eliminates the 2 easier options.... now the process gets ramped up a bit.. D&D's situation bypasses the IRS Field Agent level..it's UGLY veno....U G L Y
The time to simply pick up the phone and call the IRS for an installment agreement has LONG since passed you by...the IRS is looking at the alternative methods....JD has 3 choices now....
1) Remit the entire balance in full immediately
2) Expose the company to a full blown audit in hopes of reaching an installment agreement.
3)continue to ignore the IRS
Remit the balance in full IMMEDIATELY would be the recommended way to handle this.
An audit would expose many,many...*er*...NEGATIVE things and more than likely result in ADDITIONAL TAXES/PENALTIES....BET ON IT! You see... JD has let this go too far...too long...the IRS liens lay claim to every asset....INCLUDING RECEIVABLES...the SHAREHOLDER ADVANCES are RECEIVABLES....OOPS. Ironic...DON'T YOU THINK?
Once the IRS feels they can make a case for slapping JD/glenn(and maybe OTHERS) with the Trust fund tax penalty...and once the IRS has a COMREHENSIVE list of assets held by JD/Glenn(and maybe OTHERS)...well...that's when the fun starts.
Wilkes Holdings anyone??
there is no contract...no new CEO...no ETC...no 100 retail outlets...no cleaned up balance sheet....no transparency...no removal of pinksheet stop sign....no timely posted financials.. no operating at break even....no deal with window world...no acquisition of southern candle...no new BOD appointment...and so on...
just empty hype and excuses...oh...and verified federal tax liens of $127K and COUNTING
yes it is janice...but it keeps the dream....*er*...I mean ..it keeps the enabling alive
yo veno......you said:
Exactly Basser1......the gushing, fawning posts were born from gushing, fawning and misleading PR's authored by JD Brown.
INTENT re:ETC .....Per the USPTO....ETC has been abandoned...it is classified as DEAD.
The idiotic concept was DOA.
What does that say about *intent*? TIA
The more eyes the better IMO. JD and his enablers provide themselves COVER & EXCUSES via Expo's NON-reporting status however.. given the new developments.. when the IRS comes calling.. when the factoring agency comes calling..when Southern community comes calling.. well...suffice it to say.. the *vetting* process will be rather intense.. when access to financial statements is requested/demanded.. the IRS will demand the statements which do indeed contain statements of all cash flows..unlike the statements posted on pinksheets.. the IRS will request/demand the written details surrounding the lavish shareholder advances along with an explanation as to why on earth they have not been paid back..JD and Glenn will find out that the IRS has a different definition of the word "soon" compared to JD's defintion...JD and his enablers will soon find out that there is no such thing as....*electively* reporting...
And when Mr. IRS sez..."the rent you pay seems a tad bit high.. I need to see just who the rent is being paid to."
and then Mr. IRS sez... "Who or what is Wilkes Holdings LLC?"
and of course...a crucial part of the collection process ..one that cannot be avoided in this instance...is when the Agent(s) request payment in full... of course the Agent(s) in this case could very well be armed with a rather indepth COLLECTION INFORMATION STATEMENT-(including each and every CONSOLIDATED financial statement, details of the SHAREHOLDER ADVANCES OWED TO THE COMPANY along with info on YQH,Inc, Wilkes Holdings, Harrs Home-Handiman, automobiles owned by the company,Harrs and JD as well as property owned by JD,Harrs, all form D filings complete with DATES and amounts.. and much MUCH more...)
Of course ..just as any attorney worth their salt knows the answers to the questions being posed.... so would Mr. IRS.
Veno....since we are on the subject of IRS installment agreements....isn't this interesting? :
"Summary of agreement criteria for business accounts"
"If the taxpayer cannot pay operating expenses and current taxes, then deferring action on delinquent and accrued taxes may serve no useful purpose.Appropriate collection action such as LEVY, SEIZURE, or TRUST FUND RECOVERY PENALTY should be considered to protect the Governments interest. The taxpayers interests must also be considered and the FINANCIAL STATEMENT should be REVIEWED THOROUGHLY with the taxpayer to determine if there is a way to reduce expenses in order to make payment on the taxes and avoid forced collection action."
oh my....just the thought of a trained IRS field AGENT-- armed to the teeth with DETAILED info on assets belonging to D&D Displays, JD, Glenn and EXPO Holdings...gives one a warm and fuzzy feeling...no? *vetting* X 10.
It's utter nonsense janice....first of all...D&D Displays is a private company...always has been..and can not survive without a publicly traded holding company issuing shares to cover perpetual losses..as for Expo Holdings....it's only value is it's ability to sell shares..of course Expo needs a story to tell in order to capture the attention of future bagholders...to date...D&D Displays has been Expo's "story"....Taking Expo holdings private would be even more ignorant than willful non-payment of employee withholding taxes
D&D Displays IMO...has reached the point of not being salvaged due to debt, tax liens, falling revenue and perpetual losses .. the 2 wizards of wilkesboro are looking to separate D&D Displays from EXPH in hopes of salvaging EXPH....current management envisions EXPH having another story to tell ...a RINSE and REPEAT is the goal.
This is nothing new...a point of reference would be AERP...the parent company of TTR HP Inc.....once TTR HP became judgment ridden beyond salvage AERP tried to shed TTR HP and all of it's liabilities.. in hopes to survive for another day.. it didn't work.
Gosh...why didn't I think of that veno?? Oh....would you please take the time to explain the process which JD would need to navigate given D&D Displays SPECIFIC SITUATION? That way....we can all look at the situation and assess whether or not it would be a realistic possibility.....after all...if the Federal liens on file are correct....D&D Displays IS NOT LEGALLY ENTITLED to an installment agreement....Thanks so very much in advance
It most certainly impacts factoring. The factoring company has a limited amount of time to collect on invoices factored PRE-FILING of the tax lien...after the public filing the invoice factoring company is playing with fire since the IRS has the right to any RECEIVABLES....Factoring companies as common practice...once they become aware of the TAX LIENS....require a subordination from the IRS ...and in D&D's case....you would be safe in assuming that the current factoring company has been notified.
IRS manual Federal Tax Liens- Commercial Transaction Financing Agreements- 5.17.2.6.6.1
http://www.irs.gov/irm/part5/irm_05-017-002-cont01.html
SBB....IMO they act based on what they feel the situation calls for....The IRS filing Federal Tax liens against delinquent taxpayers and the IRS sending a delinquent taxpayer a FINAL NOTICE OF INTENT TO LEVY are 2 different actions.
The lien secures the property and rights to property while the Levy is the actual act of taking the property.
According IRS publication 594..... the IRS will LEVY only when 3 conditions have occured:
1)"We assessed the tax and sent you a notice and demand for
payment."
2)"You neglected or refused to pay the tax, and
3)"We sent you a FINAL NOTICE OF INTENT TO LEVY and Notice of your right to a hearing(levy notice) at least 30 days before the levy."
The clock could very well be ticking or could have run out since the FIRST 2 CONDITIONS HAVE ALREADY BEEN MET.
We know the first 2 conditions have been met because the same 2 conditions have to be met PRIOR to the FILING of the TAX LIEN.
On a side note.....if the IRS possesses information or COMES INTO POSSESSION of INFORMATION which leads the IRS to conclude that collecting the delinquent taxes is in jeopardy....well...the IRS can then accelerate the process. The fact is...over the last few years the IRS has added field agents .. yet the agency remains understaffed...often times a concerned citizen or 2 will help the IRS in regards to specific information relating to a specific case.
Much appreciated SBB.
The PEGS....a real game-changer.
LOL......SBB. My opinion is that they will ATTEMPT to build a new 'quality' subsidiary along with PR's about future uplisting, aquisitions, etc..... they already have it in place....now they have registered it.
That's exactly where I stand as well. The form and attaching info stands ready for certified mailing...however only if not previously ..*er*.....sent. I'll know shortly. :)
IMO...Market turmoil is irrelevent to Scams like EXPH. P&D's run their course through enablers and lies.....then RINSE and REPEAT...this one has run it's course in it's current form and we are now embarking on the next step....Rinse & Repeat.
You've answered your own question in previous posts SBB...
the NEW Expo will have a new name...new symbol...reverse split..and of course new 'front'- CEO/Officers. At this point JD and Glenn will be more than happy to take a behind the scenes role....they have had a taste of selling shares and like it IMO.
And of course....with all of this... A NEW STORY to tell.Complete with new pending acquisitions and all the other typical P&D crap.
Cheap alternative to a new shell...just rename the old one.
BINGO AStTropaZ...bingo!!
Good questions SBB...
1) The amount assessed so far- $127K. Not an earth shattering amount to the IRS given what others owe. Which begs the question: What resources will the IRS expend to track assets? How deep will the IRS dig?
On the other hand....if the IRS were to recieve a filled out form along with attachments explaining in detail assets held by JD, Glenn and other directors/officers..along with other info...well this could certainly change things IMO.
Would the IRS find the following helpful? Info on:
Wilkes Holdings LLC
Scott Nafe
Chickin Investors
Home Handiman
The connection between Builders choice and the new CIMA.
Expo Holdings/d&d displays CONSOLIDATED(alter ego) financial statements containing Information on who owes D&D Displays any funds.(JD and GLENN-SHAREHOLDER ADVANCES). After all ..according to JD..Glenn and JD have not repaid the advances in full and the last publicly filed statement shows the balance to be nearly $400K..this alone would cover the current obligation owed to the IRS.
Form D information - dates/amounts
Screenshots of the expo holdings shareholder updates.
A complete list of D&D Displays debtors..
this is only a partial list of what the IRS might find...Helpful IMO.
Heck...certain info listed above could very well expand the IRS's reach...for example...did JD and Glenn properly account for these advances in regards to paying personal income tax on the advances?? I won't bother you with additional details...but I do believe the IRS has paid rewards in the past for help leading to collection of taxes...etc
AStTropaz.....shifting assets is a tactic attempted every day.
Simply look at CIMA Brand...now part of the EXPH empire....formerly Builders Choice...shut down by the IRS due to non-payment of...... 941 PAYROLL TAX. A company called aero performance products attempted to shed itself of a debt/judgement ridden subsidiary....it didn't work....but the attempt was made.
It's a little different in this case SBB....
Time is not on JD's side....and the IRS liens...if ignored by JD.. force lien holders like Southern community to enforce their rights through foreclosure....Southern has been notified :).
Factoring companies are well aware of the process.....NO ADDITIONAL factoring advances without risking the loss of the amount advanced...unless an agreement is reached between the factoring company and the IRS placing the IRS second..And given D&D displays' financial state..NOT LIKELY....it's a sore subject with factoring companies as well...they have been burned in the past.....JD's current factoring company either has...or WILL be notified :). Regarding invoices that were drawn upon before the IRS filing.....specific time-frames apply.
http://www.irs.gov/irm/part5/irm_05-017-002.html
Cima would simply be the new subsidiary....Cima Brand cabinetry .. part of expo holdings...to my knowledge.. has yet to be registered...D&D looks to be the sacrificial lamb so to speak...IMO the 2 wizards and those 'advising' them still believe expo holdings will survive as a public entity.
Attempting to dump a debt ridden, judgement infested subsidiary in hopes that the publicly traded share printing enterprise survives is certainly nothing new in Pinksheet scams.
A good point of reference would be AERP and TTR HP..the operating subsidiary of AERP. AERP attempted to dump TTR HP off hoping to escape the judgements facing TTR HP.....it didn't work.
I wonder if JD and Glenn realize the IRS tax lien includes the right to Intangible property of the delinquent taxpayer..
In this case the delinquent taxpayer is of course D&D Displays.
Intangible property is defined in part by the IRS as-
Certificates of stock
Promissary notes owed to taxpayer
DEBTS OWED TO TAXPAYER
And according to JD....Glenn along with JD still owe the company money due to not repaying in full the...*er*....ADVANCES.
The company was rather lax in regards to demanding repayment...
I don't think the IRS will show the same amount of patience. As for JD's explanation to Jerry's questioning the *advances* ... priceless.....for some reason...I don't think the IRS will find it satisfactory. Note to Jerry.....SAVE that email!
Ironic indeed.
Didn't Emerson also write.. "if a man's company is indebted to the IRS to the tune of $127,139.77 due to a man's willful refusal to remit 941 payroll taxes, the company is doomed, shareholders are stuck and the man is in deep doo-doo." ??
Exactly AStTropaz...IMO ..unless JD SOLVES this IMMEDIATELY the next step(s) will effectively shut this goat rodeo down....the Levy will relieve any choice or access to any cash coming in....which in turn leaves no money to keep the company current with Southern Community and other creditor.. from there Southern Community and other creditors holding pre-existing liens against specific equipment will be forced to repossess the equipment and auction it off.
Now that the federal lien has been filed and made public via the NC SOS site the current factoring agent has until roughly Sept. 16th to collect on any invoices issued pre- 8/2/2011....after that the IRS takes the funds...any invoices issued after 8/2/2011 are fair game for the IRS to take.The ONLY way to avoid this is for the factoring company to obtain suborgation from the IRS..NOT LIKELY given the company's financial state....OR a second cash filled separate account along with an increase in the factoring cost....again..NOT likely given the company's financial state.
Any new lien ...post 8/2/2011... would leave the lien holder ..at best...second in line.. behind the most powerful collection agency on earth...the IRS.
Any deposits paid to D&D Displays are fair game for the IRS to take....look no further than Builders Choice Cabinets and countertops for an accurate timeline......ONE more quarter of JD's willful failure to remit and it's OVER.....I'm quite certain the IRS has been notified :)...of the hide and seek game played by the Builders Choice crew and that will cause further scrutiny.
Maybe JD figures he can open a CIMA displays unit?? LOL
After all...there is a newly minted LLC on file in Nevada...created 8/1/2011 called Cima Holding LLC....no officers listed yet ....however I believe the officer list is due 9/30/2011.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=1u4aO9iPo5oZM8kF4OGyhw%253d%253d&nt7=0
jan. 2009 and feb. 2009....per PR's ...float 435,250,870 ..simply read the IBOX....or I can post the link to the actual Company issued PR's.....take your pick....
Brass Bulls was...*er*....involved at the time
Again fourkids....can we all agree to take ownership of what we post? Good....with that in mind:
Did the following conversation take place?
Date: Feb. 2010
Location: "The Wizards room"
Agenda: "Generalized Brainstorming"
JD: "Glenn old pal... we bigshots face some tough choices in this day and age.....the last couple of years have been rather trying over in the little neck of the woods we like to call North Wilkesboro."
Glenn: "we sure do JD....don't we? Can I have some of your pork rinds?"
JD: "Glenn.. no...keep your macho hands away from my pork and concentrate Glenn...Concentrate!. I need your opinion Glenn....what should we do with the payroll tax money?
Should we remit it to the U.S. Government....or should we sponsor a race truck?"
Glenn: " I vote for the race truck thing!!. But what will we put on the truck? how about the web address to my ebay store?"
JD: "No way Glenn...that would cause an uproar...our minions would have a real tough time explaining that one....50 references to shorting and L2 wouldn't even work as an explanation....how about ETC?? Lets put ETC on a race truck...okay Glenn?"
Glenn: "Not that crap again......unless you think it's okay JD..and I'll go along with it if you give me pork rinds. You still think I'm a Handi-man ...don't you JD?"
JD: "sure Glenn...sure. But don't mess with me Glenn...I'm a werewolf...and a werewolf trumps a handi-man every time."
fourkids......
What should JD have done with the deducted payroll tax money?
Should he have done what was LEGAL and remit it to the U.S. Government?
Or would you recommend that JD *hold* the federal withholding taxes for...say.....*3-5* years? TIA
oh...and no references to L2 when answering the above. Thanks!
veno....how many deposits will LOWES be willing to fork over to the two tax-bandit- Wizards of Wilkesboro?
Wouldn't that be HILARIOUS....LOWES issuing a deposit to JD for a job and the IRS swooping in and devouring it! Lowes would be OUT the deposit and out the plywood shelving.....I think that would be upsetting to Lowes employees across...*er* many *levels* ...don't you?
I think as concerned citizens...we should make Lowes aware of the tax issue...don't you? TIA
And I wonder how JD's factoring company will react to information on the way to them regarding the *fodder* known as FEDERAL TAX LIEN Serial# 802595911 ?
Wilkes Holdings anyone??
Absolutely SBB....once the principals-JD/Glenn/elledge were aware of ...or once they SHOULD have been aware of the delinquency any money derived from the sale of shares belongs to the IRS .. AND as of 8/2/2011...anyone buying shares via 504 exemption...directly from the company.... will be out the money paid to JD/Expo ...and they would most certainly be out the shares as well.....the shares would be considered an asset purchased AFTER the publication of a tax lien. JD needs to settle the Tax issue head on NOW.....or pull the plug on D&D Displays.
What happens next? And when will the IRS say enough is enough? Gosh....for a time-line we need look no further than the recent example of BUILDERS CHOICE CABINETS ...if the issue is not resolved SOON...not JD-speak SOON....real-world SOON....and if additional 941 and or 940 tax delinquencies are assessed against D&D Displays for the quarter ended 6/30/2011......this will be the final chapter.... IMO that chapter is being penned as I type.
You are...as usual correct...this is not about shorting...cellar or shadow boxing....it's about potential criminal charges based on the actions of JD Brown and Glenn Harrs.....three things took place during and shortly after the first quarter of 2010....1) JD and Company committed the act of willful failure to remit 941 taxes to the United States Government...taxes that were deducted from the paychecks of hardworking Americans....representing money that did NOT BELONG to JD BROWN.....money that did NOT BELONG TO GLENN HARRS ... money that did NOT BELONG TO MR. ELLEDGE....no officer director working at or for D&D Displays had the right nor do they now have the right to pick and choose where this MONEY is spent... this money is the property of the U.S. Government...end of story.
2) JD BROWN announced he was stepping down as CEO....if JD believes for 1 minute that the IRS will read his resignation PR and say to themselves..."No need to talk to JD about the theft of taxpayer funds...he resigned"......then he has another thing coming.
3) Glenn- 'the handiman' - Harrs opted to start another business. Coincidence? I don't think so....the 2 wizards of wilkesboro knew back in early 2010 that the scam was running on fumes...and would be shut down....it was simply a matter of ...the IRS ...or the SEC....which agency would act first?
And for those "*patiently* awaiting word from mgmt" on the tax issue.....realize this: JD,Glenn and more than likely ELLEDGE have all known of the DELINQUENCY for well over a YEAR and yet... nary a peep. anyone still claiming this mgmt team is remarkably *transparent* ? anyone out there still recommending a *3-5* year hold startegy ?