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As I recall, Ben disclosed that the main guy who financed Marshall for years dumped his stock over a year before the collapse. No one seemed to think it was a sign of things to come.
Just a guess...Marshall going after the management that replaced him looks to like a desperation move to me. He probably ran out of suckers to back him and he is stuck with a $500K turkey. Probably the only thing he could think of to try and recover something.
Knowing how Marshall operates, any time now, I expect to see ASure reinvented under a new name and company with Marshall out trolling for new investors and peddling stock. There is no shortage of gullible, do gooder types out there who will fall for the same pitch that sucked in all the Medizone stockholders.
Looks to me that at least $50K of those billable hours were devoted to writing up the invoice.
Why did every established company in the industry pass on the Medizone fire sale?
Obviously, they did not see a commercial future for ASure.
The only one interested, a penny stock promoter.
Only the die-hards can't see this thing for what it is, a scam with a very attractive pitch and very lucrative for a sleezy scam artist.
This board probably won't be here in a few days. Get your last licks in while you can.
Ed Marshall got removed from the company due to years of bad decisions and total incompetence.
Even his loyal board finally decided it was time for him to go.
Who in their right mind would throw money at this guy and expect anything to change?
Only another con artist who sees new ways to milk this thing.
Now we know what the true market value of ASure really is...next to nothing.
If ASure had any value or marketable future beyond Marshall's bid there would have been overbids.
This tells me ASure is nothing but a con job. And a pretty good one at that with promises of saving countless lives and contributing to the betterment of mankind. There are a lot of do-goder suckers still out there just waiting for something like ASure to come along... and Ed Marshall won't let them down.
Isn't this D-Day for any overbidder to register and put up $100K?
Anyone know if this has happened?
There is no incentive by any party to rerturn to Chapter 11.
Anyone interested in the technology can get it free and clear, minus 500K pesky shareholders and no debt.
Nobody cares abour the shareholders. Medizone as a company is a mess. Nobody wants it. End of story.
In a few days we'll learn what this technology is really worth.
If no one outbids Marshall, then sad to say, that's it's market value.
It's yet to be seen if anybody else thinks it is worth more.
When does the Trustee collect his fee?
If it is at the conclusion of liquidation, it's in his best interest to make it happen as soon as possible.
At this point, all this board is, is a bunch of castrated shareholders yelping from the pain.
So far, Marshall is the only one putting his money where his mouth is.
If he is not challenged, you'll know what the market thinks of the potential of ASure.
It seems the timing of Marshall's move is based on the condition he had to be out of the company for 18 months to qualify as a non insider in order to file his papers. I haven't got the interest to look it up, but If someone does don't be surprised if the filing date is exactly 18 month after he was kicked out.
How does the bidding work?
So far the Marshall's have made a public offer of $500K for the company.
Is all bidding in the open or is there a sealed bid procedure? Can the bidding go back and forth like an auction?
With all this outside interest, I think Marshall and Shannon are not sleeping so well.
Ben K, open your eyes and look at the facts with an open mind.
The truth is, Shannon had to be a coconspirator with Marshall from the beginning. Dodd and company were about to provide Shannon with all the funds he needed to do his thing, keeping him on track for his nobel prize.
So why did he go with Marshall?
There is only one possible answer. Greed.
By siding with Marshall his interest in ASure no doubt, will be greatly increased instead of his holdings being watered down along with everybody else.
Quite simply, Marshall never would have made this move without Shannon on board and his backers most likely made it a condition or they would never have provided the funds.
Shannon is not the cute, cuddly little scientist you make him out to be. He is a rat just like Marshall.
Once Ed takes over there is no "WE"
Only Ed and whoever is backing him. It's a real mystery to me how he is able to attract financial backing in light of his dismal record of failure. There has to be some sort of a deal we don't know about. I'm pretty sure his backer is not going to turn Ed lose to run the company into the ground again.
Anyway, there are a number of options.
They could take the technology private.
They could reorganize under a new company which is likely to distance themselves from past failures, or they could continue under a restructured Medizone.
Or, (and I think this is the most likely option) they may have a buyer lined up and walk off with whatever they can get.
So, Marshall gets the company for next to nothing because most of the purchase price comes right back to him as a creditor.
The real blame for this goes to Shannon. Without his complicity Marshall would not have been able to pull this off.
Looks like Shannon has no more problem screwing shareholders than Marshall.
Looks like Shannon is a coconspirator with Marshall.
It's improbable that Marshall made this move without knowing Shannon was on board. Without Shannon, Marshall would be hard pressed to do anything with Asure. All Shannon had to do was say no and it would have left Marshall stranded.
When everyone else involved with the company was working without pay, Shannon dips in for $20K a month of money provided by Marshall. No one knows the shortcomings of Marshall better than Shannon, yet he screwed Dodd and company over and enough funding to see this thing through and sided with Marshall and a potential takeover, screwing all shareholders.
Why?
Looks like Shannon is in it for the money just as much as Marshall.
Reality check.
Unless some lawsuits pop up in an attempt to throw a monkey wrench into the current proceedings, Marshall is going to walk away with the assets on the cheap. The only alternative is for Esposito and company to outbid Maarshall which is unlikely due to Marshall's position as a creditor.
In the end, someone gets the assets and shareholders get the shaft.
If I remember correctly, you said Marshall's longtime backers sold out a while back. Could this takeover plan have been in the works for some time just waiting for the right time to strike? Knowing Marshall, it's unlikely he put up his own money in this maneuver.
It's obvious Marshall made his move when he did because he saw an opportunity to grab the assets on the cheap. He didn't expect the Chapter 7 move which jeopardized an easy take over.
So plan B. Marshall or whoever, put up the $200k as a stopgap measure to keep the FDA thing going and knowing he would get it back as first in line at liquidation. After August the company is broke again and still no where near final FDA approval.
Being a creditor who is in line to gobble up the liquidation assets, he is counting on outbiding competitors
because the money involverd is just going from one pocket to the other. It wouldn't surprise me to see him put up even more making it more expensive to bid against him.
It seems Shannon is only concerned with the technology and the jobs of his staff. He is just along for the ride until things settle out.
Nowhere in any of this is any concern for shareholders.
Why is there any trading at all if Medizone is being liquidated and the end game is worthless stock?
Someone is buying. Could be nickel dime gamblers but it could also be someone is accumulating millions of shares for a reason.
Boy, was I ever wrong.
The new magement team just put their tales between their legs and crawled off.
Most of the $200k Marshall is putting up will probably be used to pay himself. So in effect, he walks off with everything for next to nothing.
Marshall may be an incompetent businessman, but he is a very accomplished sleeze artist.
I think we're just waiting for someone to blink, namely Ed Marshall.
The way it stands now, Marshall stands to not only lose everything but face an expensive law suit that he could very likely lose and leave him qualified for food stamps.
He is clearly in a precarious position.
If things go forward and the company is put to rest, his whole life's work evaporates before his eyes and he could end up in his late 70's broke.
On the other hand, the much younger new management is has a much stronger position. They could lose some invested money and have a nice tax write off. They can move on. However, my suspicion is that they still have an interest in Medizone and are not throwing in the towel just yet. They called Marshall's bluff and, unless he is a total fool (which is a possibility) I bet he will throw in his hand soon.
Where that leaves us is anybody's guess.
Was this Marshall's end game?
On the eve of the company securing long term funding, he files his bankruptcy papers, deliberately scuttling the funding. Why?
All I can think of is that he concocted a scheme to retake the company. However, first he had to scuttle the funding which would have made a takeover impossible.
He thought his position as a large creditor put him in a position to cut a deal.
Then he was blind sighted by the Chapter 7 filing.
So here we are, and nobody knows where that is.
Is there a deal in the works? Are they going to just close up shop? Are there interests plotting to acquire the parents? Anything is possible.
You can be sure there is a lot going on behind the scenes. Most likely none of is good for shareholders.
Looks like the game is on.
Most likely, be it Marshall or current management, whoever has the most bucks behind them will end up with the company free and clear of all us pesky shareholders. I don't think it will be Marshall, his day has passed. Even if Marshall had not made his move, I think we were headed for something like this anyway.
Makes no sense to try and save Medizone when, for much less, you can eventually walk off with ASure free and clear?
"The assets of the company will be liquidated in accordance with the code."
Anybody know what the code says regarding the patents?
Who walks off with the assets?
It sure isn't going to be the shareholders.
I'm betting Marshall isn't going to prevail whthout a fight. But with who?
I don't trust currnt management as this has the appearance of an inside con job.
Don't be surprised if they make a play for all the goodies.
Just wining will get nowhere. It will take a lawyer specializing in this field to compose something that will have legal impact.
What is pertinent here is that this action was deliberately taken on the eve of the line of credit being issued which could have been used to meet the terms of the agreement and bring it up to date. The action made it impossible.
Elis, I don't know where your quote came from, but the " bad faith" reference perfectly describes our situation with Marshall. There seems to be ample grounds to put into question the validity of Marshall's filing plus ammunition to go after him personally. I sure hope someone steps up and makes it happen.
I talked to a lawyer friend he thinks the timing of this move may provide grounds to go after him personally.
Right now Marshall has nothing to lose. The way out is to find grounds for a serious counter suit. (Shouldn't be hard to do.) If there is a chance to take a big hit himself he will definately think twice about what he is doing. Put some real pressure on a coniver like Marshall and and see how fast he folds.
The trick will be to find grounds for a counter suit that will get Marshall's attention and make him think twice about what he is doing. Right now it's a free ride, he has nothing to lose. I,m confidernt a good lawyer could put the sq
Looks like the very timing of the filing could be construed as a deliberate move to scuttle the impending financing and the entire company just to put Marshall in position to take over the patents.
There are probably a number of other positions the company could take to stop the takeover.
If they only had the money to pursue them.
You're all overlooking the fact that the company has no in-house lawyer and no money to retain one.
The only thing going to stop Marshall is money. Anyone here going to step up and provide it?
I guess we're about to find out just how confident and comitted management is in their ability to market ASure.
If they stand up and fight it tells me they really believe there is something worth fighting for.
If they just let it die then they're pretty much admitting marketing this product is beyond their capabilities.
The way things are going 500M new shares wouldn't raise enough money for a tankfull of gas.
The deal that got rid of Marshall left him in line as creditor number one in the event of bankruptcy.
Unless the company can come up with the funds to derail the bankruptcy, it looks like Marshall is in a strong position to walk off with everything of value.
I'm pretty sure he is not in this alone. He will need financial support to pull this off.