Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Mhap, if that was CK's plan, I think he would have walked away from his position here and waited for the chips to fall. JMHO
Mhap, I would hope Mr. Koppleman has more integrity than that, but you never know.
Tesla,
That's been my thought from the moment I heard Manu was out and CK took the reins. CK obviously had to know that the SEC had scheduled a deposition with Manu. Manu said he met with the SEC in May, but I question that. He was out of the country all month until the last week of May, when he flew in to NY for the Marcum conference.. same week he met Charles at his home for lunch and also announced the addition of the new director. I think that was the week that Charles started laying the foundation for what was to come.
The outcome of the telecon between the directors, Jake and Manu sounded like it was already planned. Why else would CK have had his son-in-law on the call?
CK could have walked away the minute he knew the SEC meeting was scheduled, he's been around long enough to know, that wasn't good news. He didn't walk.. why not?? Why in the world would he step up and take the reins and tell the shareholders he was going to use his influence? He knew it was going to be stormy, but he stepped up anyway.. does he have a plan? I'm speculating he does.
The IDA deal is a sweet deal. I think it's marketable, if they can get the IDA to hang in there long enough to get it sorted out. I think the company could get an offer from someone in the industry. That thought is why I'm going to hold my shares. If I see the IDA deal is officially off, I will sell! LOL
I don't know Tesla, I wondered the same thing. It could just be coverage in case something/someone comes out during discovery. Maybe Manu thinks there were others conspiring against him, to get their hands on the company. It's really hard to tell.
"A spokeswoman for Medient said Tuesday the company was preparing a statement. A lawyer for Kumaran said he had no additional comment at this time."
From new article posted tonight.
http://savannahnow.com/exchange/2014-06-24/medient-studios-ex-ceo-files-lawsuit-dissolve-company#.U6pKMkAqR7I
Yes Laddy, that's what I'm talking about. If you go to this link, and then hit the "Detailed Case Search" on the very bottom. When the next screen comes up, put this case number in CV14-01340. Then you can see the docket for the case.
http://www.washoecourts.com/index.cfm?page=caseinquiryMain#
Well, the court issued summons today, so hopefully they will get it sorted out pretty fast. It doesn't say what the summons was for. I don't see where any responses were filed from any of the defendants yet. All I can see is the docket entries. The case isn't in Pacer, which ticks me off, I can always read the actual documents in Pacer. I can't figure out why it isn't there yet, unless it's because it's a "Complaint" in a business court. It might eventually find its way in Pacer if it isn't killed quickly.
Did you not read my entire post? I gave you what the conversion from preferred to common is and it's not the market price. It states the conversion is Stated Value ($1) divided by Conversion Price ($1). Here's where I got it. Read my other post again to see where I got the conversion price is $1.
II. Conversion or Exchange for Stock. If a Conversion Notice is duly given with respect to shares of Series A Preferred Stock, then such shares of Series A Preferred Stock shall be converted into that number of shares of Common Stock in the Company, at the option of the Holder, which herein may be trading on the Exchange at the Conversion Closing equal to (A) the aggregate Stated Value of such shares divided by (B) the Conversion Price (the "Conversion Stock Amount").
I would like to understand how he's a 10% holder of the I/O.
He said on twitter he owns 21M, which includes the 1M that doesn't show up in the filings. The shareholder who filed the 13D has more shares than Manu.
At the time he was dismissed, the I/O was over 2B.
The bottom line.. Manu was both the CEO and CFO. He signed everything! He was the one with the fiduciary duty to shareholders. When people expressed concerns to him about Jake, he backed Jake. He also said Jake was not the CFO. He was warned long ago about concerns and he ignored them.
Nobody knows what Jake did or didn't do with Medient. It's all speculation..
David Fritz has an interesting bio.
http://www.linkedin.com/pub/david-fritz/2/806/980
Tesla, that was the quote I was talking about. So you think it's saying the company won't "authorize" anymore Series A without his approval. I read it different, because it said will not "issue" any additional shares. I actually hope you're right! LOL
Wow this old management team lacks professionalism. These guys need to move on.
Great post Carter! You nailed my thoughts perfectly! Thanks
It's definitely worded strangely but I take it to mean 10,000,000 preferred shares divided by the preferred shares' stated value, par value $0.001 = 1,000,000,000 common shares.
"Conversion Price" means $1.00 per share subject to adjustment as set forth in this Certificate of Rights and Preferences and subject to adjustment for stock splits, recombinations, stock dividends, anti-dilution provisions, and the like.
"Stated Value" is an amount equal to One Dollar ($1) per share of Series A Preferred Stock plus (x) any accrued and unpaid dividends..blah blah blah
II Conversion or Exchange for Stock. If a Conversion Notice is duly given with respect to shares of Series A Preferred Stock, then such shares of Series A Preferred Stock shall be converted into that number of shares of Common Stock in the Company, at the option of the Holder, which herein may be trading on the Exchange at the Conversion Closing equal to (A) the aggregate Stated Value of such shares divided by (B) the Conversion Price (the "Conversion Stock Amount").
Don't forget, they need a .10 share price for 6 months to get listed on OTCQX exchange
Have a minimum bid price of $0.10 per share for its common stock as of the close of business on each of the 30 consecutive calendar days immediately preceding the Company’s application for OTCQX. In the event that (i) there has been no prior public market for the Company’s securities in the U.S. and (ii) FINRA has approved a Form 211 relating to the Company’s securities, then the Company may apply in writing to OTC Markets Group for an exemption from the minimum bid price requirements of this Section 2.2(i), which exemption may be granted by OTC Markets Group in its sole and absolute discretion. In the event that the Company is a Seasoned Public Issuer that completed a reverse stock split within 6 months prior to applying for admission to OTCQX U.S., the Company must have, subsequent to the reverse stock split, a minimum bid price of $0.10 per share for its common stock as of the close of business on each of the 5 consecutive trading days immediately preceding the Company’s application for OTCQX
I agree, I think we have been absorbing significant dilution the previous couple sessions. We will find out soon enough.
Thanks Debbie, those pics, if true, look like it would be possible to build a large studio with that material..
Why do they have no finished product pictures to show?
Thanks Tesla,
I agree, I think it was a dumb title. If you look at that 10K, in the bios, it states who actually sits on the board and neither Kapoor or Bradstreet are identified as sitting on the board. The rest of the bios are clear on it.
It actually wasn't a total waste of time for me, it made me realize, that Manu is probably still a director. He only lost the CEO and Chairman position.
The bylaws that you quoted to me said, "removal of officers"...nowhere did it say removal of directors, chairman of the board...you show me...thanks.
There shall be a Chairman of the Board, who has been elected from among the directors. The Chairman shall preside at all meetings of the stockholders and of the Board of Directors. The Chairman shall have such other powers and duties as may be prescribed by the Board of Directors.
You got me there! LOL I didn't open that link. Where did you pull that from?
I'm a show me type person.. show me where Kapoor was ever director (here's a hint, you can't, because he never was identified as director since Manu took over Fairway).
I don't see anywhere that states Manu is still not director. The by-laws states that the board elects "The Chairman of the Board" (not shareholders), so they could have voted CK as Chairman and as I stated before, they also vote on the officers.
The 8K states the following:
On June 9, 2014, Manu Kumaran was removed from his position as Chief Executive Officer and as Chairman of the Board of the registrant by a vote of the Board of Directors.
Kapoor was not a director...
is an entertainment content creation company with a strong presence in North America, and Europe.
Exactly and Atlas wasn't going to be the distributor either. Atlas does not have it on their new addition slate (like they do Kilat). IMDB says Lens Production is going to be the world distributor. Lens Production is the director's (Razi)company.
That movie was going to be very expensive to produce. I think the budget was stated as 12M in the variety article. Seems like a big risk given where Medient is at. Plus, I think Medient's goal is to film as much as possible in Georgia to utilize the tax credits. That will ensure profitability and amazing margins.
Thanks for posting that article Rodger. It answered a couple of questions I've been wondering about.
Maybe CK will use his connections and get a GOOD movie on our slate, which can be filmed in Georgia.
I wasn't surprised to see Jake say they probably would pull out of "Kickback". The projected budget on that was $10M and it's going to be filmed in the UK. If it could have been filmed in the Savannah area, it might have been a different story. But, because of the true story line, it would make no sense to film it in Georgia. I'm disappointed, because I love the story of Kickback, but I do understand the decision under the current circumstance.
Manu had a slate of four new movies (Battle, Kickback, The Damned and Kilat). "The Damned" was the only movie slated to be filmed in Georgia and it only has an estimated budget of $1M.
Right now, Medient needs to spend movie production money in the Savannah area so they can create jobs, as well as get the tax benefits. Jake has said several times this last week, that they are going to get back to making movies in the local area.
Thanks for the outbrief. I hope they didn't get rid of Jay Self. I think he would be an asset. He's been in the Savannah film industry for a long time and understands the politics very well! I would trust him, he's a pretty straight shooter.
there's a reason a pos company like SAPX sold Yellow rights to manu
I know about the 250 change, that's not my point. You said the board couldn't boot him because he had controlling shares (more than the other directors). My point was, his shares did not having voting rights when it came to a change of officers. He could only vote on things, when the shareholders are also voting with their commons. The shareholders don't vote on officers.
The removal of Manu was per the by-laws:
Section 4.2 ELECTION AND TERM OF OFFICE. The officers of the corporation to be elected by the Board of Directors shall be elected annually at the first meeting of the Board of Directors held after the annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as practicable. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 4.3 REMOVAL. Any officer or agent may be removed by the Board of Directors whenever in its judgment the best interests of the corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Election or appointment of an officer or agent shall not of itself create contract rights.
This fake overthrow thing should be a clue to what this really is. It's not possible to issue shap 40,000,000 preferred shares, oust manu, take manu's shares, etc...when manu has voting control.
5. Voting Rights. The Holders shall have the following voting rights with respect to the Series A Preferred Stock:
(A) Except as otherwise expressly provided herein or as required by law, the Holders of Series A Preferred Stock and the holders of Common Stock shall vote together and not as separate classes.
(B) Other than as provided herein or required by law, there shall be no series voting.
(C) Each share of Series A Preferred Stock shall entitle the Holder thereof to the voting rights specified in Section 5(D), and no other voting rights except as required by law.
(D)The Holders of the Series A Preferred Stock shall be entitled to vote on all matters submitted for a vote to the holders of Common Stock as if they held twenty five shares of Common Stock for each share of Series A Preferred Stock owned by shareholder, and shall be entitled to notice of any stockholders’ meeting in accordance with the Bylaws of the Corporation. Fractional votes shall not be permitted and any fractional voting rights resulting from the above formula (after aggregating all shares into which shares of Series A Preferred Stock held by each Holder could be converted) shall be disregarded.
(E) Common Stock. Each holder of shares of Common Stock shall be entitled to one vote for each share thereof held.