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Uh...not quite. Try the 354th most visited in Portugal. Portugal????
http://www.alexa.com/siteinfo/qtrax.com
Even worse:
http://www.wolframalpha.com/input/?i=qtrax.com
I think you can hold the funeral now. BTW, whatever happened to that promised settlement with the SEC?
"There's a long history of unsuccessful ad-supported digital music services – mention of SpiralFrog and Qtrax still brings industry veterans out in a sweat."
http://www.equities.com/news/headline-story?dt=2012-12-12&val=814245&cat=service
Happy New Year.
More news about Klepsy's business practices.
Remember Mike Firetti, Director, EVP Global Strategic Alliances for Qtrax?
http://www.smallcapwatch.com/pressRelease.asp?ID=60513
Looks like he is in a little bit of trouble for hanging with a convicted money launderer who invested in Qtrax.
http://wvgazette.com/News/201208120051
I would expect nothing less from Klepsy.
So what difference does that make?
I'm sure you will
Well, that certainly bodes well for Klepsy.
I wonder what he and Lance are up to these days? There haven't been any sightings in the Canadian wilderness. How about Klepsy's favorite hideout, Singapore? It's getting harder and harder to find suckers who are willing to invest in one of the world's longest-running scams. But then again, Bernie Madoff got away with it for years as well.
Qtrax: over ten years, burned through at least $50 million, no traffic, no content licenses, kicked off the stock market, no board of directors, no shareholder meetings or any communication at all, millions of dollars in unpaid financial judgments, burned every employee in its history, a complete joke in the music industry.
But keep the faith!
How about completely empty
You're absolutely correct.
The de-listing order came down well after the 8K was filed. Therefore it is de-listed. Period.
With the number of complaints about Klepsy that have been filed with the SEC, it is doubtful that he'll ever have any company of his listed again in the future. At least not in the US.
And I'm told by former Qtraxers that he's using a very rinky dink outfit as his auditor, so it will be interesting to see what kind of move he tries next. No one will probably admit it but the fat lady sang years ago. It was only a matter of time before it became painfully obvious to many misguided Klepsy loyalists in denial.
Let's imagine that a certifiable Catholic miracle happened and he was able to somehow sell stock or raise money. Tens of millions would be needed. No way he'd get the 100 million or so that it would take to get a service off the ground these days. One Google search and it's over for Klepsy. But let's pretend. Do you actually think that he could compete with Spotify at this juncture? Even Mog couldn't compete. Spotify just announced that they have 15 million active users and 4 million of those are paid subscribers. That's about a 27% conversion rate, higher than the labels ever imagined. Furthermore, Klepsy has lost the trust of the users. You only have one chance in this business and he blew it big time years ago at MIDEM. It has proven impossible to come back from. He's had several failed "launches" since then. He would have to scrap the whole thing and start over fresh with a new model and new brand and there's no way that he could get the licenses he needs without paying out about $100 million cash in advances...and no investor will do that, at least not for him. In all honesty, would any of you give him any more of your own money? You'd be a fool to do so.
The board is set and there's absolutely no way that Klepsy will ever get a spot on it.
Thanks for manning up.
It takes courage to say that on this board. You're right. Those guys are just kidding themselves.
No. This is not the one, unfortunately.
The post I'm referring to was before this one. Although I must say that I enjoy reading Klepsy's ramblings over and over again. They're amazingly pompous. Terrific stuff.
Has anyone got a copy of Klepsy's blog post from a few years ago promising that he would get all of Qtrax filings up to date and other promises? He took it down shortly after posting. Good evidence in a lawsuit and I'm sure the SEC would love to see it.
Please send me a copy if you have one. I'd love it for posterity and inclusion in my "Klepsy file". LOL
And BTW philip5, I won't have to worry about retracting anything because, as I mentioned earlier, it doesn't matter whether the stock starts trading again or not because its worthless either way. So what will you do if and when it doesn't ever trade again?
I'm afraid you're out of luck. The reality is that it's worthless either way. Even if Klepsy by some miracle was able to get listed again, who in their right mind would buy this junk?
What this man has done is truly indecent.
Frankly, I think that there may be grounds for a shareholder lawsuit. The problem is that it costs a lot of money and we all know how Klepsy handles lawsuits. Even if you did win, collecting would be a challenge at the very least. I fear that there is no practical recourse for getting some of your money back, in spite of the fact that I think you've all been defrauded. Klepsy could, and would, easily flee the country to avoid any judgments or criminal prosecution. Criminal proceedings would be the best route to go if enough you could convince a US Attorney to go after him. If they nail him you could possibly get some restitution. If he still flees the country they could probably extradite him from his usual hideout countries--Singapore, Australia, Hong Kong.
I think that you should start filing complaints with the SEC and the Justice Department. There's plenty of evidence of fraud and why not let the government go after him instead of throwing your own good money after bad?
On the contrary, my friend.
The final laugh has already passed.
I had been sympathetic for a very long time when I was telling everybody to bail. That's why I started posting on this board in the first place. During that time I was constantly attacked and disparaged for doing so.
I think a little payback is appropriate given the circumstances.
Sounds like sour grapes to me.
Let's face it. Everyone has lost their money. I tried to warn you for years.
Sorry, but this is several years old. It's from September 21, 2009. And Chris Roe has been out for years as well.
Nice try, but keep the faith anyway.
Well, I hope that you all believe me now.
Told you so.
It's as over as over can be.
Well said. And very astute.
But you left out one other item:
(7) SEC halts trading of BLLN shares.
Sounds like a plausible theory.
There's no doubt that Klepsy's up to some shenanigans. He always is. That's his track record. I know almost every executive who has ever worked for him. It's not a pretty picture. He ends up ripping off every one of them. And, of course, embarrassing them. He has given the all shares in BLLN--but never registered them, thus rendering them even more worthless than they are now. He always made promises that he never kept. When threatened with lawsuits by these execs, his reply was "I eat lawsuits for breakfast". I think that's pretty evident from his history with the courts.
On the contrary.
As far as I can see, the stock is not trading, the player doesn't work and the site has not "launched" again. In fact I thought it had launched last March!
In my comment that you referred to, I was not jumping to any conclusions. Just asking a question. To overlook the body of evidence that clearly shows that Klepsy is at minimum an incompetent charlatan is to be in a rather extreme state of denial. I find it interesting that after nearly 10 years of smoke and mirrors, outrageous statements and broken promises, lawsuits and judgments, funky stock trading and non-trading, many of you keep making excuses for him.
I've been saying this for years and it is true. There is no way on earth that Qtrax will ever be successful. No matter what kind of shenanigans Klepsy tries, and he will keep trying because he is pathological. That's the only reasonable conclusion.
Is the suggestion that Klepsy is operating in those countries without label licenses?
I don't believe that those countries were part of his last deal, or "launch" and it does sound very suspect.
Incorrect. It does not work. At all.
Absolutely nothing is different.
Even if this guy "launched" yet again, it still wouldn't matter. There is no way even a fully operational Qtrax would make it. There are several reasons: Qtrax and Klepsy have absolutely no credibility in the marketplace; nobody cares about downloading DRM's tracks, free or otherwise.
I must admit, Klepsy is like Count Dracula--he's almost impossible to kill!! The guy keeps coming up with more variations on the theme than one can imagine. Just to be clear, Qtrax does not work--you can't play any music downloaded from Qtrax. There has been no new product in well over a year. It's absolutely dead.
Anybody with half a brain knows that it is impossible to "make it" after 1 or 2 false starts, let alone the multiple "launches" and "previews" that Klepsy keeps pulling out of his a$$. It's getting to the point of actually becoming entertaining--waiting to see what kind of stunt he comes up with next.
Clearly he is up to something. My guess is that he is continuing to try to sell shares in Qtrax directly and out from under BLLN. That's the only way he could even open a bank account---under a different company name. You'll also notice that it appears that his "board of advisors" seem to have finally disappeared back into the woodwork. They've all been burned too. Especially Jay Berman. So much for him!
My only wish is that Klepsy would come out of the cold and issue another blog missive. I love those!
The world is not waiting for a new, or old, Qtrax. They've been long passed by.
Right on!
Thank you very much.
I appreciate the kind words and I'm glad that you escaped with your scalp.
It's a shame that so many others hung in though. I'm sure a lot of people have been left holding the bag.
Sure. Keep telling yourself that.
This stock will NEVER trade again,
As much as it kills you to admit it, I've been right all along and I'm right again. Keep dreaming.
Right. That's what you think.
And clearly all of the true believers have been so right on all along.
Except that it's over
The last thing Klepsy needs is for the SEC to dig into what he's been doing. They would probably find some criminal activity. But true believers shouldn't worry because Klepsy is just going to ignore it all and stay in Singapore or wherever he is hiding out.
Clearly the stock is now absolutely worthless!
I just wonder how many people have been left holding the bag. I would suggest that this stock will never be traded again.
It's even more interesting how this board has become deafeningly quiet. Looks like Klepsy's supporters don't have a lot to say.
I guess this means that I've been vindicated after all the abuse I've taken for speaking the truth.
Are you serious?
Do you mean to tell me that Klepsy is trying to sell shares of Qtrax to unsuspecting small investors for more than twice the market value?
Definition of 'Non-Accredited Investor'
An investor who does not meet the net worth requirements for an accredited investor under the Securities & Exchange Commission's Regulation D. A non-accredited individual investor is one who has a net worth of less than $1 million (including spouse) and who earned less than $200,000 annually ($300,000 with spouse) in the last two years.
Investopedia explains 'Non-Accredited Investor'
When a company raises private equity for an investment, such as a new company or a hedge fund, it is able to receive unlimited investments from accredited investors. On the other hand, Regulation D stipulates only 35 non-accredited investors are allowed to invest money into a private placement.
What do you want to bet that he's taken in more than 35 poor suckers? Stockjock, maybe you should contact your local news media and tell them about the dog and pony show and the real story. Give Klepsy some publicity. That would be a public service.
Read more: http://www.investopedia.com/terms/n/nonaccreditedinvestor.asp#ixzz1ldQOWRbm
Qtrax is total baloney
Not only is the company only worth $5mm, if that, but it has at least that much in money judgments against let alone God knows how much more in unpaid debts and outstanding lawsuits. Don't forget that Qracle has a judgment for $2 mm alone!
The Qtrax tracks have timed out and are no longer playable, not even with their crappy Silverlight player. It's an abomination. Over the life of the company they've reportedly raised in excess of $50 mm and have absolutely nothing to show for it.
And you're right about the model, stock jock. It's aboslutely impossible on every level. Even when it was live in 12 countries Qtrax only got a few of thousand visitors a day on average.
I personally find it offensive that those guys are free and roaming around hitting people up for cash. They give a bad name to the entire digital music space and have contributed nothing and have nothing to contribute. They have screwed over so many of their former employees that it is embarrassing. And these were key people who had to leave because Klepsy was not living up to his promises to them, bouncing checks on them or just flat out not paying them. In most cases he never registered shares he gave to key executives as promised thus rendering them useless.
On the other hand, anybody who does give them money deserves to lose it. Ever wonder why they're in Canada looking for money and not in the US? They've burned every bridge here and if the SEC wasn't concerned with bigger fish they'd be in jail. Klepsy has violated so many laws regulating publicly traded companies that it's ridiculous. He refuses to file quarterly or annual reports or hold annual shareholder meetings. In fact, he doesn't even communicate at all with the shareholders!
It's absolutely egregious.
Here are the facts
But don't let that get in the way. Facts are such pesky little things.
bounced check #1 https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=hU2t/NCvOlCbo2eGblHScw==&system=prod
bounced check #2 http://decisions.courts.state.ny.us/fcas/fcas_docs/2010FEB/3006022562009001SCIV.pdf
bounced check # 3 http://dockets.justia.com/docket/california/candce/4:2009cv03334/217433/
and those are just the ones we know about!
and don't forget this poor guy - 2 bounced checks to him - http://iapps.courts.state.ny.us/iscroll/C_PDF?CatID=165416&CID=102781-2007&FName=0
and i know there were several more in the cases http://www.waynerosso.com/2009/05/28/update-qtrax-correction-sort-of/
i mean, the total number is staggering and this is the CEO of a public company !
so that's at least 5 bounced checks just in the 5 minutes I spent looking and I came up with several more which were issued in settlement!!! bouncing settlement checks!!! it's unreal...btw, # 3 is the infamous Orcacle $2MM check and he has bounced checks on employees and contractors all over the place. Even his lawyers were stiffed! http://www.themusicvoid.com/2011/03/lawyer-to-qtrax-were-not-going-to-take-this-anymore/
Let's hope that the entire population of Simcoe, Ontario reads this board or just Googles Qtrax and Klepsy. The results are frightening.
Another Golden Oldie
As of now, the tracks are not compatible with the Apple iPod, but Klepfisz said that the service would be compatible with iPods in March.
“We’ve had a technical breakthrough which enables us to put songs on an iPod without any interference from FairPlay,” said Allan Klepfisz, Qtrax’s president and chief executive.
http://runawaydinosaur.wordpress.com/2008/01/27/qtrax/
i guess in fairness he didn't specify March of what year so in 2008 he could have meant 2015
And don't forget this audio gem: http://www.wired.com/listening_post/2008/01/major-labels-al/
BTW, whatever happened to that p2p file sharing and the 20 million + tracks?
Pathological liar, habitual check bouncer (one or two times might be an irresponsible accident; 5-10 times is plain old criminal fraud), serial welsher on settlement agreements and defier of court judgments (the latter of which is particularly odious given that it shows he doesn't even respect the legal system - how in the world would any lender looking at the public record give him 2 pennies?)
A Golden Oldie From The Past
"As Bob Dylan says: “Everything gonna to be diff’rent, when I paint my masterpiece”. That worries some greatly. Pleases others hugely. Soon you’ll be the judge of what we’ve worked on for years. A good reason to rejoice. Happy Holidays!"
Alan Klepfisz, Dec. 24, 2009
Right on, Klepsy!!!
It doesn't matter. He had to pre-pay for every track and obviously had until the end of 2011 to come up with the money he owed them from the past. He didn't come up with the cash. He lied to the labels by telling them hat if they gave him even a limited license he could get the cash to pay them what he owed them. They agreed but kept him on a very short leash by only allowing drm files tethered to a computer and only gave him old stale catalog that they don't care about. He hasn't had any new releases since he went live.
Actually there have been many times in the past when Klepsy did have the money and didn't/wouldn't pay his obligations. This is a pattern that consistently runs through his history. He's gone through over $50 million over 9 years and has absolutely nothing to show for it. Not one dime in revenues. He's used the money to support a lifestyle. Plain and simple. He's stiffed every employee he's ever had and obviously Lance is now in on the scam. He's the last man standing. If Klepsy were such a caring compassionate sincere person, why has EVERY ex-employee has had to threaten to sue him or distanced themselves from him? This guy is a proven liar and has openly and publicly lied to his investors. Remember about the promise to release financials? He hasn't released company accounting in 4 years! How in God's name can any investor defend that?
That's absolutely correct. He could care less if he owes anybody or rips off investors. He has no intention of paying Oracle or any number of individuals who loaned him money and got stiffed.