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Well, if that quote from Manu's attorney is true (in Ritchey's article), it looks like there will still be a court case. I'm assuming that case will be to decide on the other 3 actions, which primarily deal with Jake's preferred shares and what Manu feels was a breach of the BODs fiduciary duties. To me, the ruling today was the most important. It allows the company to continue with the business. A lot can happen between now and next years court date.
I have etrade and I've had no problems getting fills at .0004. I did place an order for .0003 the first week, but it never filled, so I changed it to .0004 and got filled immediately. I haven't had to call orders in either. I just place them on-line. I've put my orders in at a limit price with AON (all or none). They charge me the same as any other OTC transaction.. $9.95 regardless of how many I buy, as long as it's done in one transaction (hence, my AON order). I haven't tried the last couple of days, so I don't know if there are still people on etrade willing to sell. I might note, I haven't been placing orders for millions of shares at once, that could make a difference in getting filled.
I agree it doesn't make sense (first post you've ever made that I agreed with! HA).
After thinking about it, I don't think the Judge would direct the attorneys to make a submission for attorney fees if this wasn't done.
She's made more tweets and said she got this info from the clerk. It could be that the April date had already been put in place when Manu first filed. This hearing was as a result of Manu's application for a Order Shortening Time. I think the April date will be cancelled. I don't think the Judge will wait until April to decide if Medient is due Attorney fees. He gave Medient 3 days to file for Attorney fees and Manu 2 days to respond to the request.
I think this is all but done.
hmmm.. this ruling today might not close the issue. I know Sarah McCammon has been following this pretty closely. She works for GPB news. GPB were the ones that posted Manu's filing and the Judges orders.
Here's what she just tweeted. I hope they post the judges orders from today, so we can really see what today's decision means.
https://twitter.com/sarahmccammon/with_replies
WOO-HOO! Dang, I would love to see what Medient presented. It obviously was pretty clear cut, for the judge to make a decision at a preliminary hearing!
Congrats to the longs.. now maybe we can get on with business and Medient hopefully will start talking to us! Next hurdle is the SEC investigation.
Another great quote regarding Robison from their News links.
Thanks ANIA, when I checked this morning, there weren't any new entries!
Looks like they are ready to fight. They didn't get the lawyer I was thinking, but it looks like they got some good ones. The three attorneys that were added to the case today, are all from this firm.
http://www.rbsllaw.com/index.php
Robison has a lot of experience. I liked this information from their news link too, because this was voted on by other lawyers. That says a lot!
This sounds good too! A quote from another article that came out tonight. Cutting the cost by 70% is amazing!
http://www.gpb.org/news/2014/07/18/medient-ceo-briefs-effingham-county-officials-on-studio-project
LOL Gary! I know what I hope he meant, when he said funded!
I'm hoping Medient is sitting on some news for us, but I don't see them announcing too much until they get this issue with Manu resolved. I just hope they can put that to bed at the hearing next week and it doesn't drag on... at lease the company isn't sitting on their thumbs waiting, although with the TRO, they are limited to what they can do.
Here's a link to that article written after the meeting. I like this quote. It's good to see the IDA is still supportive, I'm also almost sure that they have stayed in contact behind doors with the IDA, so they know what's going on!
http://www.effinghamherald.net/section/22/article/27158/
I have no proof a Wells Notice was issued, that's pure speculation on my part. IF that is the case, there were probably two issued, one to Manu and one to the company. That's usually how the SEC handles it (see example link I'm posting at the bottom of this LONG message). It's going to depend on what the SEC finds and if it can all be solely attributed to Manu's actions, which I think is highly likely since he was both CEO and CFO. It just depends on what role the directors played and if they really knew what was happening.
Let's say it turns out only Manu did something wrong and the company works closely with the SEC, then the SEC might drop any actions against the company and just go after Manu. I've seen that happen more then once. If that were to happen, then we have a chance of getting out of this mess.. providing the company can get the paperwork/reports cleaned up.
Most people in the penny world are very familiar with the CMKM Diamonds story (I'm intimately familiar with this one!). It was one of the biggest penny scams there was and the officers, TA, and insiders are all being Federally prosecuted by the DOJ. However, the officers/attorneys who took over the company worked with the SEC and the SEC dropped all actions against the company, leaving the door open to trade again. The company is now trying to find someone to merge into the company so they can relist (the company was revoked when the mess started). The SEC has assured them that's possible as long as they can get a 211 filed and approved.
Here's an example of a Wells Notice the SEC issued a week ago. The company issued a 8K to communicate to shareholders (they didn't have to do this). Notice both the company and CEO got one, but both Wells Notices were for the same thing (actions by the CEO). Notice too, that the BOD placed the CEO on leave of his CEO duties, but he remained a director. Same actions our BOD took, except our BOD made it permanent, instead of a "Leave".
http://www.sec.gov/Archives/edgar/data/1505611/000101376214000798/form8k.htm
Sorry, I just realized I put the wrong link for the voting rights.
Here's the link that I pulled the quote from.. it's on line 15, opinion012jpg. This was submitted with the pre14C submitted in February.
http://www.sec.gov/Archives/edgar/data/1476278/000101489714000064/0001014897-14-000064-index.htm
Here's a link to the post where I quoted the bylaws I believe the BOD used to oust Manu.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=103379327
I've made a couple of posts regarding this.
If I read the MDNT Articles/Bylaws right (see quote below), Manu could only vote on things that the holders of common stock also voted on. Per the MDNT bylaws, shareholders do not vote on Officers, that is done yearly by the BOD. Shareholders do however, vote on the BOD members once a year. That's why after the board voted Manu out of the officer positions, they granted Jake voting shares. It was important to issue Jake voting rights that were greater then what Manu has. It was so Manu can't vote off the current board and put his own people on the board.
Yes, I'm all too familiar with kids buying power, with both their own money and their grandparents money! HA HA HA
I also know what kind of influence ads have on kids.. when we as adults usually skip right by ads, kids dwell on them!
The problem with Comic book stores in my area (Houston), is most of them are off the beaten path. Where TRU stores are generally located in shopping areas/malls that a lot of people go to once or twice a month to do other shopping. When my daughter and I went shopping all day, my grandson always knew, if he was good, the toy store would be the last stop! It was used as a bribe, but it was also in a handy location for us! LOL
It's a rare treat for him to get taken to a Comic Book store. As a matter of fact, the last couple of times I've been to the comic book store in my area, I've rarely seen a kid there.. it was mainly men 20 yrs or over. Not the demographic that would be interested in Lego ads! There were a lot of kids there on FCBD though. I've asked a lot of people I work with, if they ever take their kids to the comic book store and they don't. They just don't have the time on weekends to make that out of the way trip. They all frequent the mall areas though! It's too bad comic book stores can't afford the rent in those type of areas. I remember when I was a kid, you could find comic books in almost any five or dime store and even racks in the grocery stores. Of course, that was before they got so dang expensive and most families could still afford them! Which is why "Free Comics" is a great thing!
Ghost, did you notice what they used to secure the GEL note? Why would REDG use a promissory note issued by BioNeutral (BONU) as collateral for the note and why would BONU agree with this? Am I misreading this or have I missed something somewhere?
I have etrade and unless I place an "All or none" (AON) order, they will split it out and charge me for each transaction.. that's how they make money! I never place an order without setting a limit and marking it AON. Sometimes it takes longer to fill, because they have to fill it all at once, but generally, I haven't had any issues getting orders filled.
That's very true Jugas. I've honestly not ever thought CK had or would bail.. at least not at this stage of the game.
Here's a link to see the actual Judge's court order on the TRO.
http://www.gpb.org/news/2014/07/09/nevada-judge-shuts-down-business-operations-of-medient-studios
Only surprise was about Atlas. I was surprised about that, because Gibbon told me Atlas had just came out of bankruptcy, I never found any proof of that and when I questioned him, he was adamant! LOL
It looks like the majority of dilution was to pay off the "Yellow" debt, which is what we were told when it was happening, so no surprises there. I did find it interesting that almost all of the Yellow debt had been bought by someone who then exercised the conversion. I'd like to know who that someone was! Manu still screwed up, because the filings never showed those loans could be converted. I feel sorry for the one that converted at .04! I still want to bounce the dollar amounts in the 8K against the PR Manu issued (to see if they line up).
I added up all of the shares in the filing and it came to 1,266,225,112. When I added that to the latest I/O in the May 16th filing, which was 661,250,840 it totals 1,927,475,952.
That's 401.6M short of the current I/O. So, it looks like another 400M was issued for something. Hopefully, it had to do with the studio, but I'm surprised it wasn't addressed. That's assuming I picked up everything out of the 8K correctly, it's hard to read and transfer over to excel! LOL I came up with 7 entries for stock issuance from the 8K.
I think the TRO is to stop the company from doing any business until the injunction can be decided. It's to stop them from doing any deals. From what I've read, this is a pretty common legal move. This definition explains it pretty well. I'm hoping the TRO will be lifted at the July 23rd hearing. I don't think this should stop us from trading tomorrow, but who knows!
http://www.law.cornell.edu/wex/injunction