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LOL they changed the website in the past half hour!!! Good thing they have smitty to tell them when they screwed up!
And you have to wonder if these new guys have done their homework and know about the appeals and upcoming abuse of process lawsuit refiling?
Not to mention the $545,000 owed to the stiffed lawyers and the $600,000 owed to some unknown lender.
Or maybe THEY ARE the unknown lender! Could be!
TMM Management!!!
They updated the TMM management page and now it clearly shows only 3 directors. Healy, DeRoma and Arcadipane. Kazole is just listed as the accountant and Ford is nowhere to be seen. Clearly this is a bit hit to the Vancouver economy.
You have to wonder how this change worked. Did Wiggins and his payday loan buddies sell their shares to this new group or are they friends or what?
Of course someone should remind them they need to notify the Nevada Sec of State, as they still think its Cavanaugh, Ford and Kazole.
Lets face it the new guys couldnt be more incompetent than the last group as thats not possible. But lets see what they do in the short term.
Without the right process server how can TMM ever hope to survive the appeals and next trial? Clearly far more important than the lawyers theft TMM is probably stuffing again anyway.
Yeah wow we really dodged a bullet there. But now that everyone has a copy of whatever it was let's move on to the rest of the next 3 years on these appeals and then the new abuse trial. Should be fun to watch!
More nibbling today, almost up to a tenth of a cent. LOL
Still hoping whoever buys this shell doesn't reverse it a million to one. Something like 10-1 leaves a large base of shareholders with some interest, candidates for future private placements if the new business deserves it.
Yes now you are on the right track. Remember Cavanaugh saying "we dont need no stinkin office!"? He was worried about the stapler and copy machine taking over and now its happened! He was way ahead of his time, what a guy!
I think TMM is also trying to fool us with the 2017 rollout plan. I suspect they will trick the competition by not rolling it out this year and waiting for 2018. Or maybe 2019, no use in tipping off anyone. Very crafty.
Maybe he was chosen. One of us always seems to have the TMM news before its made public. Not saying who, just saying. LOL
Will one of the new directors step up? Here's the major accomplishment for one of them, from the TMM site: "Mr. Arcadipane’s entrepreneurial achievements include inventing a new, patented milk product for which he founded Milk-Made, Inc. and created the brand “Cool Cow”."
Yes, he knows milk better than any of us. Well, TMM has been milking its investors for years, he could be the perfect choice!
How about the other new guy? "Mr. Healy served for a decade as Executive Vice President, Corporate Development and Investor Relations with Hollinger International, Inc., at the time a leading publically traded international newspaper publisher"
A newspaper guy! He might be useful writing those special TMM PRs!
Incorrect the TMM Company Management page does NOT list Stan Ford on it.
http://www.tmmi.us/management
Looks like bad news for the Stan Ford gravytrain! I dont see his name anywhere on that new TMM management page.
Doesnt look like anything else is updated on the TMM site. Still says they own VDK 2.0 (still harming Dimension and accruing ongoing damages) and are working hard on fractal compression, which their news releases say they arent. LOL
Also no big surprise there are no REQUIRED updates to the SEC on these key company changes.
With TMM owing its lawyers at least $545,000 and one of its lenders at least $600,000 and having no revenues its hard to imagine anyone thinking they can get big bucks out of TMM. Maybe its just payback, who knows?
Yes I have a YUGE TMM investment! And a lot of baseball cards waiting for them to make a comeback only a matter of time. Ladders? Not a frequent user but they can be handy. I have a tree is that good?
Like I said none of you can manage to stay on topic which is TMM can you? Yes talking about our TMM investment will make anyone mildly nauseous or maybe very nauseous depending on how many millions of worthless pp stock you are stuck with.
And why is it that every discussion of the mess that is TMM is met not with any intelligent comments on how to fix TMM but instead with a totally uninformed comment about Dimension? Dimension is a private company and makes its own decisions on what to release or not to release. But I do hear they are doing quite well and actually do have a President.
Even the appeals could take years. So your opinion is that TMM should run around like a headless chicken for the next few years? LOL
Maybe instead of a new president TMM should hire a website expert. OK maybe they dont even need an expert just a part time high school kid who can update the TMM site. It doesnt even have the correct mailing address for the company, not to mention everything else being far behind in updates. A tech company with an old tired way out of date website looks really bad. Or just post the login data here and one of us can help them out. After all, they can trust us. LOL
TMM price up this morning. Apparently having no President is better than having Gerry as President. LOL
Well, its doubtful the board had much regret in dumping Cavanaugh. He was instrumental in nothing but dragging TMM into a number of lawsuits, with the final one killing the company and wasting millions of investor dollars AND its still not over! He also made many promises none of which came true.
Its not likely he got a gold watch on the way out.
Yes a moment of silence for Gerry is in order since silence was the story of his career at TMM, occasionally interrupted by fluffy PRs.
Has anyone else noticed that whenever I am on vacation for a day or more the TMM stock price plunges? I may have to buy back that 20 shares to save TMM!
Yes I couldnt take the pressure my 20 shares are now gone and I have a dollar to show for it. Of course on the bright side my dollar is more than TMM has made in the past 25 years. LOL
Im impressed you have memorized and cataloged all 2400 of my posts on ihub are they all cut and pasted on your walls? Maybe. As I said many times I make a lot of calls and emails to all sides of a stock and learn a lot from the different opinions. OK I dont really learn much around here but other sources are more helpful.
How about you ready to give me 26 cents a share for my TMM stock so I can move on to bigger and better things which would be about anything I guess. LOL
I never said I wanted TMM to go bankrupt what I said was that I couldnt figure out how they havent gone bankrupt, again! No revenues, over a million bucks in debt they cant pay, no products, nothing but private placement stock dilution that has doubled the outstanding stock since the ill though out lawsuit started.
But back to my stock. Yes just 26 cents each and they are yours. How about a million to start?
That's great news will you pay me $0.26 a share for them?
LOL $800k is chickenfeed to those guys but how about the million bucks TMM spent on their LOSING effort?
TMM per their own financials owe their first group of lawyers $545,000 and they had to borrow another $600,000 that they are supposed to be paying back with interest. But how can they even make interest payments with ZERO revenues? Answer: They cant! When will the lenders foreclose? Or have they already? When will the stiffed lawyers sue TMM? Soon?
Quiet day on the TMM front with the stock continuing to meander around that 5-6 cents mark with no hope in sight. 4 months of 2017 gone now and nothing going on. Zzzzzzzzzzzzzzzzzzzz...
Well I can guess. I would say Panik on the line for Dimension and Moe, Larry and Curly for TMM. Just a guess but probably right.
I did hear that TMMs tech team has upgraded to used chromebooks. Remains to be seen if they can master them and watch any video. I dont think you can get netflix on one of those things.
So they all had a telephonic conversation eh? Wow, did TMM hire an outside firm to manage their side of it?
No I think Ive done enough of your homework for you guys if you are that interested look it up yourself.
As for TMM, their idea of paying for something is issuing a totally worthless bad check then saying, "close enough!". LOL
Well, if you had done any homework you would know that the court docs describe the codec in great detail along with several different terms for it and then say that the official description will be "PVS/SGI codec" or something similar to that. Oh yeah, the court got the right one all right, the same one the convicted thieves TMM, Simpson and Haskins all tried to steal and get away with it.
Me? I'm the only one here talking about TMM! And I don't take instructions from anyone! Except my grandmother as previously noted, A tough old bird.
Facts? There was one lawsuit and TMM LOST! But at least you seem to have a lot of new friends to commiserate with about it.
What battle? The lawsuit is over and TMM lost. Now the leftover crumbs of TMM are being swept up and put in the trash. Now if we could just do something about that smell, Yuck!
I heard he retired to a South Seas Island and spends his days sipping maitais like most of the Dimension guys. LOL
Rage? Laughing my rear off at the TMM losers sunk up to their eyeballs in a penny stock scam. Cheer up there should be enough big tax losses on this to go around.
CRUSHING LAWSUIT LOSS FOR TMM!!!
Why? Many reasons.
1. TMM lost, accept it. In any lawsuit there is one winner and one loser. TMM is the LOSER.
2. By losing TMM was convicted and labeled as a Software Thief!!! No sugarcoating it, they were busted red handed.
3. TMM blew about a million dollars on the losing lawsuit that could have gone to maybe trying to create a real business.
4. TMM borrowed over $600,000 to help pay for that lawsuit that they still owe to someone on who knows what terms other than we know they are paying interest on that long gone money.
5. TMM stiffed their lawyers $545,000 and still owe that you have to imaging those lawyers will not consider that a write off will they? They will be coming back after TMM and probably soon.
6. TMM doubled its outstanding shares, diluting shareholders by a factor of 2 during the lawsuit. And now there are also hundreds of millions of warrants and options out there that were not there before the lawsuit started.
7. TMM still faces appeals and a likely abuse of process lawsuit that could cost another million dollars to defend in another losing effort. Losses there could cost TMM millions of dollars more!
8. Yes, TMM currently owes Dimension about $54,000 that I dont think they have paid yet unless someone has heard otherwise.
Hows that for a starter list of HARD COLD FACTS?
TMM LOSES LAWSUIT!!!
DIMENSION, INC., a Nevada Corporation;
DIGITAL FOCUS MEDIA, INC., a dissolved California Corporation,
Counterclaimants,
v.
TMM, INC., a Nevada Corporation, and DIGITAL FOCUS, INC., a California Corporation;
Counterdefendants
Case No.: A-13-678054-B
Dept. No.: XI
FINDINGS OF FACT, CONCLUSIONS OF LAW AND JUDGMENT
This matter having come on for non-jury trial (footnote 1) before the Court on November 16 -18, 2016, F. Christopher Austin, Esq. and Ryan Gile, Esq. of the law firm of WEIDE & MILLER, LTD. appeared on behalf of Counterclaimants DIMENSION, INC. and DIGITAL FOCUS MEDIA, INC., and Joe Laxague, Esq. of the law firm of LAXAGUE LAW, INC. and Arash Shirdel, Esq. of the law firm of PACIFIC PREMIER LAW GROUP appeared on behalf of Counterdefendants TMM, INC. and DIGITAL FOCUS, INC., and the Court having read and considered the pleadings filed by the parties; having reviewed the evidence admitted during the trial; and having heard and carefully considered the testimony of the witnesses called to testify; the Court having considered the stipulations of counsel; the oral and written arguments of counsel; and with the intent of deciding all remaining claims before the Court pursuant to NRCP 52(a) and 58; the Court makes the following findings of fact and conclusions of law:
PROCEDURAL POSTURE
The Counterdefendants moved to voluntarily dismiss its Complaint. The Court granted that motion by order entered on February 22, 2016. Following certain motions related to the counterclaim, the remaining issue for trial related to the claim for declaratory relief in the counterclaim. (footnote 2)
FINDINGS OF FACT
I. The PVS/SGI Code also known as the VDK 2.0 Code (the "Code") was created by Iterated Systems, Inc. ("ISI") who is the predecessor in interest of MediaBin.
2. TMM, Inc. ("TMMI") is a Nevada corporation, and the purported holder of the license to the Code.
3. Digital Focus, Inc. ("DFI") is a California Corporation, who entered into an agreement with ISI, for a license to the Code.
4. Digital Focus Media, Inc. ("DFMI") is a California Corporation, who alleges it obtained the license to the Code from DFI.
5. Dimension is a Nevada corporation, and the purported holder of a license to the Code who is the successor in interest of DFMI.
6. Larry Panik ("Panik") was a shareholder in TMMI, DFI, and DFMI.
7. Panik is currently the president and sole director of Dimension.
8. Panik also at certain times served as an officer of DFI and as a director of DFMI.
9. In early 2000, a group of twenty-nine investors transferred their TMMI stock to Thomas Simpson ("Simpson") to use as collateral for a loan for TMMI. Simpson sold the shares without the prior authorization of those shareholders. A portion of the proceeds from the sale of the shares, $500,000, was needed to pay ISI for the License to the Code.
10. On or about March 2000, DFI entered into a license agreement with ISI for the license to the Code ("License Agreement").
11. The License Agreement was executed by Simpson on behalf of DFI and by Alan Sloan on behalf of ISI.
12. The License was purchased for $500,000, and Simpson put the License in a pre-existing inactive company that Simpson owned called "DFI."
13. Under the terms of the License, ISI was to receive 5% of DFI 's stock in exchange for the License. After execution of the License Agreement it was determined that as a subchapter-S corporation, DFI could only issue stock to individuals and not to a company such as ISI.
14. Simpson formed DFMI as the "vehicle for the License Agreement."
15. On or about September 2000, DFMI and ISI signed the Second Addendum to the License Agreement. The Second Addendum indicated that a merger between DFI and DFMI had occurred. (footnote 3)
16. The investors were issued DFMI stock in exchange for the TMMI stock they had previously transferred to Simpson.
17. Simpson conducted business between DFI, DFMI and TMMI without conducting any shareholder or board meetings.
18. The shareholders, who had transferred shares from DFI to DFMI, were repeatedly assured by Simpson in writing that the License-the only asset held by DFI-had been transferred to DFMI:
• In June 2000, Simpson wrote to shareholders "since DFMI is the owner of this technology, it can pursue the licensing of this capability to various providers around the world." (Exh. E1) (footnote 4)
• On September 11, 2000, Simpson wrote a letter to shareholders "We have spoken to Iterated Systems about the transfer of the source code and they support the move in amendment and state that the original contract allows for this. All the source code is at DFMI." (Exh. E2)(footnote 5)
• On October 26. 2000, Simpson wrote to DFMI shareholders "There is a great deal of work ahead of us to complete the task of making your CODEC the only choice for producers." (Exh. E3) (footnote 6)
• On October 27. 2000, Simpson wrote a letter to shareholders "The code that DFMI has reengineered from the fractal source code is DFMl's and DFMl's only. .. . TMM has no rights implied or otherwise to use or view DFMI's source code." (Exh. E4) (footnote 7)
• On April 18. 2001 , Simpson wrote a letter to Hoyt that an interim board of directors of DFMI would have authority to "nsure the safety of all DFMI assets including but not limited to the Fractal Codec." (Exh. E5) (footnote 8)
19. Simpson also assured the shareholders that the documents needed to transfer the License from DFI to DFMI had been executed:
• In a November 2000 communication with shareholder Hoyt, Simpson said: "Paper work transferring the Codec's contract from DFI to DFMI is available for review in the DFMI and DFI due diligence books. (Exh. E6) (footnote 9)
• On April 25, 2001, Simpson wrote a letter to shareholders, "I contacted Robin Haskins [CEO and Chairman of DFI] . . . and asked him to please send me a letter explaining that the Codec that was purchased in the name of DFI was in fact the property of DFMI. He was happy to do that and I received his letter shortly after that. (footnote 10) I also informed ISI, who had no problems also, and made note of this with an addendum to the contract. (Exh. E6). (footnote 11)
• Haskins confirmed DFMI's ownership of the PVS/SGI Source Code in a letter to Simpson, "I have also informed the DFI shareholders that all Iterated source code will be delivered to DFMI and DFI warrants that it has no claims on said code. This code was paid for and belongs to DFMI and will be held by DFMI." (Exh. E8). (footnote 12)
20. In December 2000, Panik filed a derivative lawsuit against, among others, DFMI.
21. As part of the settlement agreement to the 2000 lawsuit, on June 1 , 2001 , Simpson resigned as officer and director of DFMI.
22. Also as part of the settlement agreement to the 2000 lawsuit, on June 1, 2001, Simpson, Joe Stratter on behalf of DFI and Panik executed a "Letter Agreement" in which they all acknowledge that DFMI may have some rights to the License Agreement, through a merger or assignment.
23. This settlement agreement to the 2000 lawsuit was approximately 10 months after the alleged merger between DFI and DFMI.
24. Simpson, (footnote 13) as the primary corporate representative of the company, (footnote 14) cannot now claim that those activities were unauthorized by his failure to follow proper corporate governance procedures which would detrimentally impact the other shareholders who relied upon his representations and actions.
25. In 2002, DFMI filed suit against, among others, TMMI regarding the ownership of the License Agreement. That agreement ended in a settlement agreement, in which Simpson agreed to turn over to DFMI an executable version of the source code, which could not be modified, in exchange for approximately $150,000 subject to an audit called for under that agreement.
26. DFMI never provided Simpson with $150,000, as a result of the audit which found additional monies were owing from Simpson.
27. Simpson signed both the DFMI and DFI federal tax returns for 2000 and that he used the same tax accountant to prepare both returns.
28. DFI did not list the License as an asset in its 2000 return.
29. DFMI did list the License as an asset in its 2000 return.
30. The schedule for the form 1120 filed by DFMI for the tax year ending 12/31/2000 identified in the section "other current assets" the property "Fractal Codes" a beginning value of $0 and an ending value of $846,500. This is consistent with the acquisition of the license as a result of the execution of the assignment and second addendum executed effective March 28, 2000.
31. From 2002 to 2011, DFI never listed the License as an asset on its tax retums. (footnote 15)
32. Panik entered into a secured promissory note with DFMI in March 2007, to provide a cash infusion for continued operations. As a result of DFMI 's inability to repay the loan, Panik foreclosed on all of DFMI's assets, including the rights to the License Agreement.
33. Panik then transferred the rights to Dimension.
34. Simpson on behalf of DFI assigned the License to DFMI. (footnote 16)
35. Simpson on behalf of DFI represented to various individuals and entities, including the IRS, that it had made such and assignment.
36. DFMI and its shareholders detrimentally relied upon the representation made to them.
37. TMMI had notice of DFMI's and its successor-in-interest Dimension's claims to the License at the time it acquired DFI.
38. Simpson was not a credible witness. The Court relies to the extent possible on the documentary evidence.
39. Any finding of fact set forth herein more appropriately designated as a conclusion of law shall be so designated.
CONCLUSIONS OF LAW
1. DFI assigned the License to DFMI.
2. Dimension is the successor to DFMI 's rights in the License.
3. Dimension is the sole holder of the License to the Code.
4. Simpson listed the right to the "fractal codes" on DFMI's federal tax returns and not on DFI's. This representation is one which is given great weight by the Court especially given the representation made in communications Simpson made to the shareholders.
5. The representations made by Simpson were relied upon by Counterclaimants to their detriment.
6. As a matter of public policy, DFI is prohibited from asserting a position contrary to that which it took on its federal tax returns.
7. TMMI is not a bona fide purchaser because TMMI had actual notice that DFMI, Panik and Dimension claimed rights to the License at the time TMMI acquired DFI in 2012.
8. Counterdefendant DFI is estopped from denying the assignment of the License to DFMI.
9. Because DFI also represented, contemporaneous to the execution of the Assignment and thereafter, that DFI had assigned the License to DFMI and because the Court has found that DFMI relied to its detriment on that representation, DFI is also estopped from now denying it made such an assignment.
10. Any conclusion of law set forth herein more appropriately designated as a finding of fact shall be so designated.
JUDGMENT
THE COURT HEREBY DECLARES that Counterclaimants are the sole and exclusive owners of the License to the PVS/SGI Source Code, also known as the VDK 2.0 Code.
IT IS SO ORDERED.
Dated this 22nd day of November, 2016
A hopeless cause here. Maybe you should consider one of those stock sites that just have a thumbs up or thumbs down sign. Fyi TMM will be the one with the thumbs down on it. LOL
Again, obvious to most but apparently not to a few. TMM knowingly bought stolen software from Simpson and Haskins and claimed they owned it. The court declared that, "TMMI is not a bona fide purchaser because TMMI had actual notice that DFMI, Panik and Dimension claimed rights to the License at the time TMMI acquired DFI in 2012."
Translated to English, that means TMM is a convicted software thief!
Yes its all a bummer for poor loser convicted software thief TMM not much going their direction these days or any days for that matter the past 30 years. LOL