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Stay tuned. Feds are getting info on Milton Ault lll, and Lori Livingston (the Transfer Online perpetrator)
How come Milton Todd Ault III, who engineered all this, and other Public Companies is not indicted???
How can that be???
Lewis Glaser and his wife, should be and are co conspirators.
The new management are horrible people. Raiders of the highest quality. Just saw some fascinating blogs.
Go to: www.janbtucker.com look at the blog spot.
Google: Mount Kellet, see the blogs. Mount Kellet bought Evoq and kicked everyone out.
Go to:
http://janbtucker.com/blog/2012/04/06/will-mount-kellett-ever-learn/
Evoq is evicting long term tenants, who can not fight back, creating huge contingent liabilities.
Help them if you can. Beware of the fact that Management has not complied with SEC filing requirements. They will show the dearth and lack of cash, and will sell everything at rock botton prices.
The new management is bad. Very bad. What can we do to return the previous management into place, which made this company a winner.????
Need dirt on new management to kick them all out, and bring in the old troop.
Mutiny at EVOQ!!!!
Milton Ault will be back, with a different stroke, and different fraud. Not doubt.
Where is the money Ault? Where is the money Vince Molinari and Lori Livingston?
Keep your eyes on the Angel shells, and other Molinari specials.
Call the SEC- 312-353-7390. Speak to Andrea Wood, Margaret Nelson, or John Birkenheier. Or in LA call David Van Havermaat - vanhavermaatd@sec.gov
Look what they are doing with Angel Acquisition Corp.
Call and write the sec:
David J. Van Havermaat birkenheierj@sec.gov
323-965-3998
Andea R. Wood 312-353-7390
woodar@sec.gov
nelsonm@sec.gov
Look what they are doing with Angel Acquisition Corp.
Call and write the sec:
David J. Van Havermaat birkenheierj@sec.gov
323-965-3998
Andea R. Wood 312-353-7390
woodar@sec.gov
nelsonm@sec.gov
Milton Ault and his front people are at it again.
Call the SEC - David J. Van Havermaat, at the SEC. Tel: 323-965-3998
Fax: 323-965-3908 or email him at: vanhavermaatd@sec.gov
Or John Birkenheier at the sec - birkenheierj@sec.gov, or his two associates:
woodar@sec.gov
nelsonm@sec.gov
I saw first hand all the Fraud, using Stock Options on Angel Acquisition Corp., with Vince Molinari, Lori and Scott Livingston, and they have swindled tens of thousands of shareholders. They are doing it right now. Check out Miltion Todd Ault, and his wife Kristy Ault. See the trail of Fraud and losses, they have created.
If you want I will post their deeds here. Zealous, which was developted the "platform" that Molinari put into Gates. All one big fraud.
Check out what Zealous turned into, - ClearStream.
Look at their 10K. It is all about stealing money, with complete disclosure, between Vince Molinari, Lori Livingston, and Sothi, the CFo and this brother:
Real Estate Note Receivable
At December 31, 2008 the balance in the real estate note receivable account consisted of a $632,000 note receivable from an individual engaged in real estate development reduced by an impairment reserve of $631,999 (see note 17). The note resulted from deposits made by the Company on a land parcel that was to be subdivided for resale. The initial note amounted to $535,000, was collateralized by the underlying real estate and bore interest at the rate of 6% annually. During the year ended December 31, 2008, the Company advanced an additional $97,000 towards the same real estate project. At December 31, 2008, accrued interest relating to this note of $41,695 has been included in accrued interest receivable. The note receivable balance of $632,000 and related interest receivable of $41,695 has been written down to $1 pursuant to management’s evaluation of the viability of the real estate project, the uncertainties raised by a failed Company sale of certain intellectual property to a party related to the debtor (See note 15) and the cash flows expected from the underlying real estate. The Company also believes that this note cannot be sold due to the current economic conditions surrounding the real estate market.
8. Deposit on computer software and other assets
At December 31, 2008 deposits on computer software and other assets consisted of a $514,321 deposit on a contract for the development of software for the ZATS platform, a deposit of $993,754 with Transfer Online Technology Development, LLC (“TOLTD”) towards the purchase of other necessary software and intellectual property for the ZATS platform, a $75,000 deposit towards the failed acquisition of Comedy.Net and other miscellaneous deposits totalling $25,000. These amounts have been netted by an impairment reserve of $1,508,075 (see note 17) to reduce the book value of all of the above, except for deposit towards the failed acquisition of Comedy.Net and other deposits of $25,000 to zero. The $75,000 deposit towards the failed acquisition of Comedy.Net has been written off as uncollectable due to the Company’s inability to collect.
F-16
Table of Contents
Zealous, Inc. and Subsidiaries
(Formerly, Adult Entertainment Capital, Inc.)
Notes to Consolidated Financial Statements
December 31, 2008 and 2007
8. Deposit on computer software and other assets (continued)
The $514,321 deposit resulted from cash payments and stock issued to EAI, Inc. (‘EAI”) towards the development (see note 15) of the software to operate ZATS. The total cost of the contract was for $814,321. The amounts paid on this contract are not expected to be recovered. The completion of this contract was dependent upon the Company making a final payment of $300,000. The Company lacks the resources to make such payment and further believes that such platform no longer has a competitive advantage. The Company also believes that this software cannot be sold due to its uniqueness and specific use.
The $993,754 deposit with TOLTD (see note 15) represents various advances to TOLTD pursuant to an Asset Purchase Agreement dated March 3, 2008, whereby the Company agreed to purchase from TOLTD all rights, title and interest in an online/electronic trading platform, including without limitation, the source code, software, any and all intellectual property rights and title related to such trading platform, excluding any licenses for third party software necessary for the performance of the trading platform for the sum of $1,000,000 . Through December 31, 2008, the Company paid a deposit of $50,000 in cash and $943,754 in stock which includes $37,253 in accrued interest on the note pertaining to the purchase. The amounts paid on this agreement are not expected to be recovered. The transaction was rescinded due to the Company’s failure to perform in accordance with the terms of the agreement. The Company also believes that this platform cannot be sold even if recoverd due to its uniqueness and specific use.
The other deposits of $25,002 which are deemed to be recoverable consist of a deposit towards rent for our current office premises of $25,000, $1 towards the purchase of the TOLTD intellectual property and $1 towards the purchase of the ZATS platform.
9. Property and Equipment, net
As of December 31, 2008 and 2007 property and equipment consist of the following:
2008
2007
Estimated
Useful Life
Furniture and Equipment
$ 537,666 $ 511,515 3-15
Leasehold Improvements
140,374 140,374 5
Less: Accumulated Depreciation
(303,975) (201,519)
Less: Impairment Reserve
(80,286) -
$ 293,779 $ 450,370
During the twelve months ended December 31, 2008, the Company purchased assets for $26,151 and recorded an impairment of $80,286 (see note 17) against leasehold improvements relating to an office no longer occupied by the Company.
Depreciation and amortization expense recorded during the twelve months ended December 31, 2008 and 2007 amounted to $102,455 and $101,428, respectively.
F-17
Table of Contents
Zealous, Inc. and Subsidiaries
(Formerly, Adult Entertainment Capital, Inc.)
Notes to Consolidated Financial Statements
December 31, 2008 and 2007
10. Non-convertible notes payable
Non-convertible notes payable at December 31, 2008 and 2007 are comprised of the following:
2008
2007
Short-Term Borrowings:
Notes Payable - Subsidiary (1)
$ - $ 3,765,659
Notes Payable - Stockholders (2)
2,056,039 1,483,556
Notes Payable - Financial Institutions (3)
Look at their 10K. Everything are deals, to laudner and steal investors money, between, Sothi the CFO, Vince Molinari, and Lori Livingston (who owns Transfer Online), who "SOLD" them the software???:
Real Estate Note Receivable
At December 31, 2008 the balance in the real estate note receivable account consisted of a $632,000 note receivable from an individual engaged in real estate development reduced by an impairment reserve of $631,999 (see note 17). The note resulted from deposits made by the Company on a land parcel that was to be subdivided for resale. The initial note amounted to $535,000, was collateralized by the underlying real estate and bore interest at the rate of 6% annually. During the year ended December 31, 2008, the Company advanced an additional $97,000 towards the same real estate project. At December 31, 2008, accrued interest relating to this note of $41,695 has been included in accrued interest receivable. The note receivable balance of $632,000 and related interest receivable of $41,695 has been written down to $1 pursuant to management’s evaluation of the viability of the real estate project, the uncertainties raised by a failed Company sale of certain intellectual property to a party related to the debtor (See note 15) and the cash flows expected from the underlying real estate. The Company also believes that this note cannot be sold due to the current economic conditions surrounding the real estate market.
8. Deposit on computer software and other assets
At December 31, 2008 deposits on computer software and other assets consisted of a $514,321 deposit on a contract for the development of software for the ZATS platform, a deposit of $993,754 with Transfer Online Technology Development, LLC (“TOLTD”) towards the purchase of other necessary software and intellectual property for the ZATS platform, a $75,000 deposit towards the failed acquisition of Comedy.Net and other miscellaneous deposits totalling $25,000. These amounts have been netted by an impairment reserve of $1,508,075 (see note 17) to reduce the book value of all of the above, except for deposit towards the failed acquisition of Comedy.Net and other deposits of $25,000 to zero. The $75,000 deposit towards the failed acquisition of Comedy.Net has been written off as uncollectable due to the Company’s inability to collect.
F-16
Table of Contents
Zealous, Inc. and Subsidiaries
(Formerly, Adult Entertainment Capital, Inc.)
Notes to Consolidated Financial Statements
December 31, 2008 and 2007
8. Deposit on computer software and other assets (continued)
The $514,321 deposit resulted from cash payments and stock issued to EAI, Inc. (‘EAI”) towards the development (see note 15) of the software to operate ZATS. The total cost of the contract was for $814,321. The amounts paid on this contract are not expected to be recovered. The completion of this contract was dependent upon the Company making a final payment of $300,000. The Company lacks the resources to make such payment and further believes that such platform no longer has a competitive advantage. The Company also believes that this software cannot be sold due to its uniqueness and specific use.
The $993,754 deposit with TOLTD (see note 15) represents various advances to TOLTD pursuant to an Asset Purchase Agreement dated March 3, 2008, whereby the Company agreed to purchase from TOLTD all rights, title and interest in an online/electronic trading platform, including without limitation, the source code, software, any and all intellectual property rights and title related to such trading platform, excluding any licenses for third party software necessary for the performance of the trading platform for the sum of $1,000,000 . Through December 31, 2008, the Company paid a deposit of $50,000 in cash and $943,754 in stock which includes $37,253 in accrued interest on the note pertaining to the purchase. The amounts paid on this agreement are not expected to be recovered. The transaction was rescinded due to the Company’s failure to perform in accordance with the terms of the agreement. The Company also believes that this platform cannot be sold even if recoverd due to its uniqueness and specific use.
The other deposits of $25,002 which are deemed to be recoverable consist of a deposit towards rent for our current office premises of $25,000, $1 towards the purchase of the TOLTD intellectual property and $1 towards the purchase of the ZATS platform.
9. Property and Equipment, net
As of December 31, 2008 and 2007 property and equipment consist of the following:
2008
2007
Estimated
Useful Life
Furniture and Equipment
$ 537,666 $ 511,515 3-15
Leasehold Improvements
140,374 140,374 5
Less: Accumulated Depreciation
(303,975) (201,519)
Less: Impairment Reserve
(80,286) -
$ 293,779 $ 450,370
During the twelve months ended December 31, 2008, the Company purchased assets for $26,151 and recorded an impairment of $80,286 (see note 17) against leasehold improvements relating to an office no longer occupied by the Company.
Depreciation and amortization expense recorded during the twelve months ended December 31, 2008 and 2007 amounted to $102,455 and $101,428, respectively.
F-17
Table of Contents
Zealous, Inc. and Subsidiaries
(Formerly, Adult Entertainment Capital, Inc.)
Notes to Consolidated Financial Statements
December 31, 2008 and 2007
10. Non-convertible notes payable
Non-convertible notes payable at December 31, 2008 and 2007 are comprised of the following:
2008
2007
Short-Term Borrowings:
Notes Payable - Subsidiary (1)
$ - $ 3,765,659
Notes Payable - Stockholders (2)
2,056,039 1,483,556
Notes Payable - Financial Institutions (3)
Scott is the man, who oversees all of Lori Livingstons stock manipulations. The trio have stolen the Hedge Funds money, who are trying to keep it quiet, so that their investors will not get spooked, stopping them from getting money from new investors. Ault, Livingston took them for a ride, and they lost $4,500,000.
They invested in a complete fraud, and walked away.
It is curious that the only default were to insiders. Ault and his wife, simply caved, but only to former partners, not to anyone else.
The partners of Ault, Glazer are simply trying to distance themselves criminally, and then swooping all assets that are remaining, within these shell companies, that have nothing but pr in them. The shareholders should be the ones getting something
Great work. This will keep the Aults on their feet.
Thanks for your thoughts.
I do not agree, and am supplying information to the SEC/FINRA and IRS. Stopping another Madoff, is important, to stop others like the Aults. Vince Molinari, Lori and Scott Livingston, Lou Graham and the others are now aware of the opportunities and will start their own frauds in the Equity Markets. Exposing them all in a Blog, will stop no one.
Consider a web site, that can be found by anyone out there using Gooogle.
What are we all doing to expose these guys?
Look closely at the lawsuit with the Glazer's in California. Very interesting if you go and get the Docket and a copy of the fileings from the Superior Court. Very curious.
I wonder what assets, that belonged to the Public Entities, are at issue? There must be something, the Glazer's want, that Ault wants to transfer to them, in a semi public way - with "deniability" for Fraudulent Transfer. Perhaps stock of Patient Safety, which Ault and Glazer controlled for awhile.
I will look into this closely.
You are very brilliant. We have lost a lot of money to these scam artists.
Bodnar - and the hedge funds that lost $4,500,000 - who sued (search Google), they were paid off, with Corporate assets.
Glazer did sue also. All as a veil - to shield the real money. Glazer stayed with all the stock of Patient Safety (google it). That is a real company, and the stock of that company had real value. Patient Safety, also settled with the Ault company, who settled it all while he was in BK - with corporate money.
The same attorney, Arash Shirdel, from Newport Beach, represents, Ault, and all the corporate entities that the public invested in.
The trick that the Ault's do, is Indemnity from the Public Shells. Kristy Ault does not have separate representation in all of this-which will be the chink in their armour, in the IRS, FTB, and SEC/FINRA criminal referals. Kristy, is represented by Mr. Arash, as are all the entities. All the motions you saw in the Superior Court, are paid for by you and the shareholders. The defaults, that Ault gave Bodnar and Glazer (curiously the only defaults Ault gave are to his former partners - who have the goods to extort a settlement from Ault). This is similar to Insurance Fraud - "yes I was negligent in not fixing the leaking sink - that was why the building got destroyed". Ault admits to the Attorney representing the company, that indeed he issued a false press release - or invented an oil gusher (whatever had "SIZZLE"). And....settlement, using corporate assets, transfered to his front men - Glazer, Livingston, Mollinari, etc.
I predict if you monitor the Lawsuits, a very near Settlement in all litigation involving Ault's. He is moving on to fleace troubled Homeowners, or whatever is a good sizzle. He likes areas, that will bring interest from the public - to raise the interest in the stock. Stock Fraud and Manipulation 101.
Ault's BK were dismissed. Edwards and Graham, will continue to be his front men, until they get sued, and then they will tender a demand for defense from the Public Company (whatever the name of the day), and walk away with their prize. The OIL FRAUD, was a desperate action.
Have you talked to the FTC? SEC?
Michael Edwards is Todd and Kristy's front man. He is from the time of Ault, Glazer. A Glazer man.
All these stocks, are being manipulated by Lori and Scott Livingston, with Vince Molinari pulling the strings, for Todd and Kristy Ault.
Fraud, Inc. is what they are. Using the public markets - to prey on widows and orphans
Good work. Look at our posts on CoreStream. We have uncovered a lot of this perpetual fraud----but we are the only ones that know about it.
You have it figured out beautifully. Only all of us who lost money, are the ones in the know. If you look Ault up on Google, you see nothing of this. That is how Madoff got away.
Michael Edwards is a front for one of the investors. They are all one and the same, creating a market, and selling shares to unsuspecting dopes.
Ault Glazer fraud, with a new twist, same players:
Form 8-K for ANGEL ACQUISITION CORP.
12-Jan-2011
Unregistered Sale of Equity Securities, Change in Directors or Principal
SECTION 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
On January 1, 2011, Angel Acquisition Corp. (the "Registrant") entered into a Series A Preferred Stock Purchase Agreement (the "Agreement") with Ginew Holdings, LLC ("Purchaser"), pursuant to which the Purchaser purchased from the Registrant five million six hundred forty one thousand five hundred ninety one (5,641,591) shares of Series A Preferred Stock. The purchase price for the shares acquired was sixty thousand dollars ($60,000). The Registrant believes the issuance of the shares is exempt from the registration and prospectus delivery requirement of the Securities Act of 1933 by virtue of Section 4(2). The Agreement is filed as Exhibit 10.2 hereto.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
(a) On January 10, 2011, the Registrant accepted the resignation of Steve Bonenberger as Chairman of the Board of Directors of the Registrant. Mr. Bonenberger will continue to serve as Chief Executive Officer, Chief Financial Officer, Secretary and a member of the Board of Directors. Effective as of the same date, to fill the vacancy created by Mr. Bonenberger's resignation, the Board of Directors appointed Vincent Molinari as Chairman of the Board of Directors.
(b) On January 10, 2011, the Registrant accepted the resignations of Michael Edwards and Lew Graham from the Board of Directors. Effective as of the same date, the Board of Directors appointed Lori Livingston as a member of the Board of Directors.
(c) On January 10, 2011, the Registrant accepted the resignation of Milton C. Ault, III as President. Effective on the same date to fill the vacancy created by Mr. Ault's resignation, the Registrant appointed Steve Bonenberger, Chief Executive Officer, Chief Financial Officer, Secretary and a member of the Board of Directors, as President.
(d) On January 10, 2011, the Registrant accepted the resignation of Lew Graham as Chief Operating Officer. At this time, no one has been chosen to fill the vacancy of Chief Operating Officer left by the resignation of Mr. Graham.
The Board of Directors now consists of Steve Bonenberger, Lori Livingston and Vincent Molinari.
Angel Acquistion is a new fraud:http://biz.yahoo.com/e/110112/agel.ob8-k.html
They are shuffling the deck, with Kristy and Milton Ault, pulling the strings - only his front man Mr. Graham, is doing his talking. You guys, dont see that they moved the assets, into this new shell. Very smart.
Mr. Graham and Ault, put all the decent assets with their silent investors, who were behind the Ault, Glazer, Bodnar.
Who are you going to warn, who?:
Form 8-K for ANGEL ACQUISITION CORP.
12-Jan-2011
Unregistered Sale of Equity Securities, Change in Directors or Principal
SECTION 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
On January 1, 2011, Angel Acquisition Corp. (the "Registrant") entered into a Series A Preferred Stock Purchase Agreement (the "Agreement") with Ginew Holdings, LLC ("Purchaser"), pursuant to which the Purchaser purchased from the Registrant five million six hundred forty one thousand five hundred ninety one (5,641,591) shares of Series A Preferred Stock. The purchase price for the shares acquired was sixty thousand dollars ($60,000). The Registrant believes the issuance of the shares is exempt from the registration and prospectus delivery requirement of the Securities Act of 1933 by virtue of Section 4(2). The Agreement is filed as Exhibit 10.2 hereto.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
(a) On January 10, 2011, the Registrant accepted the resignation of Steve Bonenberger as Chairman of the Board of Directors of the Registrant. Mr. Bonenberger will continue to serve as Chief Executive Officer, Chief Financial Officer, Secretary and a member of the Board of Directors. Effective as of the same date, to fill the vacancy created by Mr. Bonenberger's resignation, the Board of Directors appointed Vincent Molinari as Chairman of the Board of Directors.
(b) On January 10, 2011, the Registrant accepted the resignations of Michael Edwards and Lew Graham from the Board of Directors. Effective as of the same date, the Board of Directors appointed Lori Livingston as a member of the Board of Directors.
(c) On January 10, 2011, the Registrant accepted the resignation of Milton C. Ault, III as President. Effective on the same date to fill the vacancy created by Mr. Ault's resignation, the Registrant appointed Steve Bonenberger, Chief Executive Officer, Chief Financial Officer, Secretary and a member of the Board of Directors, as President.
(d) On January 10, 2011, the Registrant accepted the resignation of Lew Graham as Chief Operating Officer. At this time, no one has been chosen to fill the vacancy of Chief Operating Officer left by the resignation of Mr. Graham.
The Board of Directors now consists of Steve Bonenberger, Lori Livingston and Vincent Molinari.
Where is the whisleblower against Madoff: Here is where the Legal Matters was taken from:
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 2010
[ ] Transition Report pursuant to 13 or 15(d) of the Securities
Exchange Act of 1934
Here are some of the "facts" from the Core Stream 10Q: The lawsuits have been settled - all of them apparently - with shares being issued and private sales, being negotiated by Mr. Ault, and Ms. Livingston and her brother, Scott:
Legal Matters
It is suggested that these interim financial statements be read in conjunction with the Company's December 31, 2009 annual financial statements filed on Form 10-K with the Securities and Exchange Commission on August 20, 2010. The Company is subject to litigation from time to time in the normal course of business.
Bodnar Capital Management, LLC v. Ault Glazer Capital Partners, LLC, et al.
United States District Court, Connecticut Case No: 3:08CV199 (JBA)
Filed February 6, 2008, Bodnar Capital Management, LLC (“Plaintiff”) filed a Complaint against Ault Glazer Capital Partners, LLC, Zealous Asset Management, LLC, and Milton Ault, III (“Defendants”) in the United States District Court, Connecticut case number 3:08CV199 (JBA). On June 27, 2008, all parties entered into a confidential settlement agreement; the Court granted motion to enforce the settlement agreement. Defendants asserted the automatic stay re Zealous Holdings that were in Chapter 11 bankruptcy. Subsequently the bankruptcy was converted to a Chapter 7 bankruptcy by the Judge with concurrence by the Court Trustee. Notice of Milton C. Ault, III Chapter 13 bankruptcy has been provided to parties and Court.
Bodnar Capital Management invested in Ault, Glazer and Bodnar Acquisition Fund which was renamed the Ault Glazer Capital Fund upon the resignation of Stephen Bodnar from Ault, Glazer, Bodnar. Bodnar Capital Management requested return of its investment in the Fund at the time of the resignation. This request could not be readily accommodated by the Fund. Bodnar Capital Management sued the entities above to recover this original investment.
The current status of this case is the matter is being settled as a part of the lawsuit filed in December 2010 by Zealous Asset Management and the Funds against PST (see Zealous Asset Management LLC v. Patient Safety Technologies, Inc., et al Orange County Superior Court, Case No. 30-2010-00424948). The proceeds due from PST to AGCP have been paid to Bodnar Capital Management, LLC through issuance of PSTX common stock as settlement of the original investment.
Bodnar Capital Management, LLC v. Milton Ault, III, et al.
United States District Court, District of Connecticut Case No.: 3:08CV1601 (AWT)
On October 20, 2008, Bodnar Capital Management, LLC (“Plaintiff”) filed a Complaint against Milton Ault, III, William B. Horne, Lynne Silverstein, Melanie Glazer, Sothi Thillairajah, Scott Livingston, Zealous Holdings, Inc., Ault Glazer Bodnar Investment Management, LLC, Ault Glazer & Co., LLC, et al, for fraud, breach of fiduciary duty, and breach of contract. Plaintiff is seeking $1,523,103.60 in damages. Filed District Court, Connecticut, and case #3:08CV1601
(AWT). On February 23, 2009, Plaintiff filed a Motion for a Joint and Several Judgments against Milton Ault, III. Defendants assert the automatic stay re Zealous Holdings, Inc. that is in Chapter 11 and subsequent Chapter 7 bankruptcy. Notice of Milton C. Ault, III Chapter 13 Bankruptcy has been provided to parties and Court.
Present status is Defendants are in negotiations to settle claims against Milton C. Ault III.
Motivated Minds, LLC v. Ault Glazer Capital Partners, LLC, et al.
Superior Court of Arizona Case No.: CV2009-003478.
Motivated Minds, LLC (“Plaintiff”) filed a Complaint against Ault Glazer Capital Partners, LLC and Ault Glazer Asset Management, LLC (now known as Zealous Asset Management, LLC) (collectively referred to as “Defendants”). On February 4, 2009, Plaintiff filed a Complaint against Defendants in the Superior Court of Arizona for Breach of Contract. The case number CV2009-003478. Plaintiff alleges damages in an amount of $500,000 pre and post-judgment interest and attorneys’ fees and costs.
This case is in the process of being settled with defendant. Payment on settlement has not currently been made.
In Re: Zealous Holdings, Inc.
Central District of California Bankruptcy Court, Case No. 09-11425-ES
Zealous Holdings, Inc. filed for Chapter 11 Bankruptcy on February 20, 2009, in the U.S. Bankruptcy Court, Central District Case # 09-11425-ES. The Chapter 11 was converted to a Chapter 7 by the Judge with concurrence of the Court Trustee. The Company attempted to retain a Chapter 11 status without success. Several 341 creditor hearings have been held throughout 2009 and 2010 with no adverse claims able to be substantiated by the Court Trustee or the U.S. District Attorney’s office. The Court Trustee has recommended the court case be closed as a no-asset case.
The Company is currently awaiting a no-asset letter from the U S Trustee indicating the closure of the bankruptcy proceedings with Zealous Holdings, Inc. Subsequently, the Company will be dissolved as entity of the state of Delaware.
Kent G. Wyatt, Sr. v. Adult Entertainment Capital, Inc., et al.
Eighth Judicial District of Nevada Case No.: A574309
Kent G. Wyatt, Sr. (“Plaintiff”) filed a Complaint against Adult Entertainment Capital, Inc. f/k/a Zealous Trading Group, Inc. (“Defendants”) in the Eighth Judicial District of Nevada Case # A574309 on October 24, 2008. Plaintiff took a default against both Defendants. Plaintiff seeks compensatory, consequential, and restitution damages according to proof at trial. Defendants signed a settlement of the entire litigation on March 15, 2010 for $525,000. The settlement resulted in a note payable reduction of $650,270, an accrued interest reduction of $70,129 and a reduction of the accrued consulting fee of $85,500 which realized a savings to the Company of $805,899. The plaintiff has received 150,000,000 shares of common stock in 2010 as payment towards the balance with $115,614 received in proceeds through February 2011 from the sale of stock. The plaintiff still retains over 33,000,000 shares as of December 31, 2010 and will continue to receive regular payments in 2011 until the debt is satisfied. (Refer to Note 11, Gain on Debt Extinguishments).
Louis Glazer, et al. v. Milton Ault III, et al .
Los Angeles County Superior Court Case No.: BC 407274
On February 6, 2009, Louis Glazer and Melanie Glazer, Plaintiffs, filed a Complaint in Los Angeles County Superior Court against Milton Charles Ault, III, Kristine Larsen Ault, Adult Glazer & Co., Zealous Holdings, Inc., Zealous, Inc., Zealous Asset Management LLC, and Zealous Capital Markets LLC. Los Angeles County Superior Court Case # BC 407274.
Plaintiffs’ took defaults against Kristine Larsen Ault, Zealous Inc., and Ault, Glazer& Co, Inc. Notice of Milton C Ault III Chapter 13 bankruptcy was provided to the parties and Court. A trial date of August 24, 2010 set by Court.
Defendants have filed a motion to vacate default judgment due to perjury by Plaintiffs and have filed a lawsuit against Plaintiffs for damages. Defaults of Kristy Ault, Zealous Inc. and Ault, Glazer& Co, Inc. will be set aside.
Alpha Capital Anstalt V Milton Charles Ault, III
New York State Supreme Court Case No.: 602444/09
11
Lawsuit by Hedge Fund against Milton C. Ault, III seeking $1 MM+ in damages. Defendant has answered and has entered negotiations with plaintiffs. No dates have been set by the Court. Notice of Milton C. Ault III Chapter 13 bankruptcy has been provided to parties and Court.
During 2010, a few of the plaintiffs have settled with the Company including Whalehaven, Enable Growth, and Pierce Diversified. Steven Caspi, who was not a party to the action but an original investor in the capital raise that is the basis of this litigation, has settled as well.
Zealous Asset Management LLC v. Patient Safety Technologies, INC., et al
Orange County Superior Court, Case No. 30-2010-00424948
Filed November 15, 2010, Zealous Asset Management, LLC (“Plaintiff”) filed a Complaint against Patient Safety Technologies, Inc., Melanie and Louis Glazer, and Steven Bodnar (“Defendants”) in California Superior Court, County of Orange, Case No. 30-2010-00424948. The matter involved 2 distinct claims; one involving dividends related to 2,600 shares of preferred Series A Patient Safety Technologies, Inc. stock, the other related to default of a promissory note. On or about December 30, 2010, the parties settled in-whole the causes of action related to the default of the promissory note and dismissed respectfully, Patient Safety Technologies Inc., the Glazers, and Steven Bodnar. The case is still open with respect to the Series A stocks. Zealous Asset Management LLC has agreed to dismiss Patient Safety Technologies Inc from the Series A causes of action upon their interplead in the Los Angeles Superior Court of said dividends to be resolved between Zealous Asset Management LLC and the Glazers.
The proceeds due from PST to AGCP have been paid to Bodnar Capital Management, LLC through issuance of PSTX common stock as settlement of the original investment for consideration related to the Bodnar Capital Management, LLC v. Ault Glazer Capital Partners, LLC, et al. United States District Court, Connecticut Case No: 3:08CV199 (JBA) referenced above.
NOTE 13. SUBSEQUENT EVENTS
At various times subsequent to March 31, 2010, the Company issued a total of 215,000,000 shares to pay down convertible notes.
At various times subsequent to March 31, 2010, the Company issued a total of 157,000,000 shares for services rendered and expenses paid on behalf of the Company.
As discussed in Legal Matters, Kent G. Wyatt, Sr. signed a settlement of litigation on March 15, 2010 for $525,000. The settlement resulted in a note payable reduction of $650,270, an accrued interest reduction of $70,129 and a reduction of the accrued consulting fee of $85,500 which realized a savings to the Company of $805,899. The plaintiff has received 150,000,000 shares of common stock in 2010 as payment towards the balance with $115,614 received in proceeds through February 2011 from the sale of stock. The plaintiff still retains over 33,000,000 shares as of December 31, 2010 and will continue to receive regular payments in 2011 until the debt is satisfied.
On June 1, 2006, the Company issued a convertible bridge note to Lori Livingston for expenses paid on behalf of the Company. On May 3, 2010, the Company issued 150,000,000 shares to Ms. Livingston to pay down the note. These shares were disbursed immediately per the request of Ms. Livingston to several parties. The Company is still in final negotiations regarding the amounts to be settled via proceeds of share sales.
At various times subsequent to March 31, 2010, the Company issued a total of 63,000,000 shares to Charles Kalina for expenses paid on behalf of the Company and to pay down notes owed to Mr. Kalina.
The Company changed its course of business and decided to hire a new CEO and CFO during 2010 that were very familiar with the new business model and industry. Milton Ault, III resigned as CEO effective June 4, 2010. The Company also changed its name to reflect the change in business. Per agreement dated July 21, 2010, the new CEO, John C. Rainbolt, was to receive preferred shares with 10:1 voting rights and convertible into 200,000,000 commons shares of the Company with a one year vesting period and a requirement to own and operate at least four producing wells in the first year. The Company has yet to acquire producing wells therefore no preferred shares have been issued as of March 31, 2010.
Zealous Holdings, Inc., filed for Chapter 11 Bankruptcy on February 20, 2009, in the U.S. Bankruptcy Court, Central District Case # 09-11425-ES. Zealous Holdings, Inc.’s Chapter 11 Petition was converted to a Chapter 7 in April, 2009. Continued 341 hearings have now clearly established that Zealous Holdings, Inc. is without assets. Since April 2010, the Company has been awaiting a ‘no-asset’ report from the U S Trustee, indicating the ‘closure’ of the BK proceedings with Zealous Holdings, Inc., lacking assets, with no discharge, and no payments to Creditors, contemplated. Subsequently, the Company will be dissolved as an entity in the state of Delaware.
In February 2009, a forced conversion occurred of a convertible promissory note in the amount of $300,000 held by Whalehaven, a hedge fund that had invested with the Company. Although the shares were issued in 2009, Whalehaven decided not to take their shares at that time. Due to complaints regarding forced conversions, the Company recorded a contingent liability in the amount of $3,000,000 to recognize potential obligations that remain to Whalehaven and other forced converted note holders. On May 14, 2010, Whalehaven sent their written request for the 15,287,022 shares previously issued in 2009. As a result, the parties are negotiating final settlement.
In February 2009, a forced conversion occurred of a convertible promissory note held by a creditor that had invested with the Company. Although the shares were issued in 2009, the creditor decided not to take their shares at that time and a liability was recorded by the Company. During 2010, the creditor ceased operations. All attempts to contact the creditor have been unsuccessful. No successor has been located.
The Company is now focusing on primarily two areas, pursuing opportunities to drill in areas with proven reserves and to purchase existing production with large geological offset opportunities. Due to the Company’s new business model all non-oil and gas assets will be sold or liquidated. On July 22, 2010 all the assets and liabilities of the previous operations of Zealous, Inc. prior to July 22, 2010, have been placed in an escrow account where all distribution and resolution is proceeding.
Effective February 11, 2011 Milton C Ault III was appointed to the Board of Directors as a director and its Chairman as well as CEO and President of CoreStream Energy, Inc.
Effective February 12, 2011 the Board of Directors of CoreStream Energy, Inc. accepted the resignations of John C. Rainbolt as Chairman, CEO and President and Kevin James Adkins as Treasurer and Director and indemnified each, respectively. Compensation for service period is still to be determined.
Perhaps you can be silenced by Kristy and Todd Ault, if you do a private deal through Glazer and Bodnar, and settle by getting your stock traded for some other Stock, and hold Bearer shares, that you can unload on some one else, and get paid through Pay Pal, so as not to leave a trace.
Follow all the other people who have settled with the Aults. Where is the $12,000,000 they raised from people, like the Hedge Funds, who sued? Where are they? They have been paid off, with hush-stock, bearer shares.
Maybe you should follow their lead.
Thanks for the tip. We will have to uncover this in a big way. Todd Ault, and his troop of fraudsters is targeting every market segment they can. They will target anyone.
How do we get the world to stop these guys. The victims are now poor people caught up in real estate.
Any advice? You know for sure, anyone signing up with this new company, cosign - or whatever will loose their money.
HELP - TAKE ACTION.
You are the man.
You got it right. A to Z.
Milton Ault - Todd and his wife Kristy, have been running the same scam on every one that comes across their path.
It was Ault, Glazer and Bodnar.
Kristy and Todd agreed to give Glazer a DEFAULT JUDGEMENT, so that all the real victims, leave Glazer, and Bodnar alone. So Kristy and Todd, gave both their partners Default Judgements, which are being defended through Lawyers paid for by......Victims (shareholders), money. Very smart way to allow only one partner to take the fall---while keeping the others clear, for the next game in the Equity Markets.
The world is going to find out soon, the real story behind the scams that Kristy and Todd have been playing, and they enjoy it sooo much. You understand the changing faces of Graham and Edwards. But this is going to be exposed. Not only through FINRA and the SEC, but IRS and the conspiracy, the RICO Conspiracy with Lori and Scott Livingston of Transfer Online, and Vince Molinary.
Who has contacted the SEC, to make sure no one else becomes a victim of these predators? Who feels good about their actions, as a "Muckraker"?
You sound like you have the smarts, and audacity to get things done.
There never was a heartbeat. It was fraud, and all their investments were in companies, that never generated any revenue, or earnings, to make sure that Ault, will not have anyone oust him, in a hostile takeover. That was his and his wifes plan, from day one. All the companies, Ault,Glazer invested in were empty money loosers, that no one would try to take away, and had no interest for other players.
Introducing the master mind, and chief Bookkeeper for Ault Glazer, who moved all the money around, and does all the dirty work for the Aults:
John Hughes:
Vt. man accused of running fraud check scheme
Featured Videos
Vt. man accused of running fraud check scheme
John Ross Hughes
A handful of South Burlington financial institutions have been swindled out of tens of thousands of dollars.
Now police are searching for John Ross Hughes, 37, who is the man accused of running this fraudulent checking scheme.
"He's been defrauding financial institutions probably faster than he can write checks," said Chief Trevor Whipple of the South Burlington police department.
And now Hughes is on the run. The Waterbury Center man is also a convicted sex offender - charged in California with the aggravated sexual assault of a minor. Failure to inform law enforcement of his whereabouts is illegal.
"One of the requirements of a registered sex offender is that law enforcement know where you reside. Certainly now we can't find him. So he's clearly in violation for that alone," said Whipple.
And for awhile Hughes got away with his checking scheme as well.
"One or two bad checks doesn't always raise huge alarms," said Whipple.
But when Hughes starting depositing more fraudulent checks in various banking accounts throughout the city and withdrawing increasingly larger sums of money the banks caught on.
"These banking institutions do talk together," said Whipple, "And suddenly they found a common name that's a problem for them and thus it's come to our attention."
Investigators say Hughes has scammed at least five banks including Bank of America, Key Bank, TD Bank and the Vermont Federal Credit Union -- stealing tens of thousands of dollars. Police say that it's likely Hughes has hit other financial institutions with this elaborate scheme. And now he's also being investigated for identity theft.
Hughes is believed to be in Chittenden County either staying at an area motel or with friends. If anyone has any information on his whereabouts they're urged to call the South Burlington police or Crime stoppers.
South Burlington Police Department: (802) 846-4111
Crime Stoppers: (802) 864-6666
Jennifer Reading - WCAX News
Will do. Milton Todd Ault, and his front people, include his wife Kristy, who holds sway over all his assets, and handles the money, through a variety of methods. She pays off the creditors who have the dirt on them. John Hughes knows how they do their money movement, and has shared where their assets are, and how they pay for their ongoing escapes from the jaws of the law.
If anyone wants more information about the Ault's hidden treasures, like their alleged Creditors, they simply have to ask.
CALL THE SEC - ask for the office of Burk Burnett, tel 212-336-0037.
Including a section of their 10Q, which Mr. John Hughes, and Mr. Graham, and Gary Gottlieb, as well as the other principals of Ault, Glazer, will regret, due to the actions of Burk Burnett of the New York Regional Office of the SEC. Call him with information about Kris and Todd Ault.
He is looking at all the law suits, that were settled with BEARER UNREGISTERED SHARES, with money transfer through Pay Pal, to avoid BK detection.
Ault has avoided all litigation, including to the Hedge Funds (whome he diverted money from to Porn), by giving them assets belonging to the corporations, to avoid his own culpability. If you look at all the lawsuits, the corporations made the payments, for Ault, who was the Architect of all this fraud, with Lori and Scott Livingston of Transfer Online. Oh, yes. They think they are moving their money to India, but Burk Burnett will make a win for all the victims.
Ault has settled with all his partners, and front men, and the big boys, by giving them assets belonging to all shareholders, by having sue the corporations, Zealous - defaulting, and then......pay them off with corporate assets, depriving all other creditors.
Ault had partners, it was called Ault, Glazer, Bodnar. He told all his name partners to sue, and he will give them defaults - which they took. Everything was mysteriously settled, with money from principal players in Transfer Online. Check it out.
AULT WILL STOP AT NOTHING, AND SURROUNDED HIMSELF WITH FRONT MEN, WHO WILL DO HIS BIDDING. RUTHLESS.
From the 10Q:
Mr. Graham continues in his capacity as the Corporate Secretary.
Mr. Ault brings over twenty-one years' experience in various aspects of the Oil and Gas Industry including capital formation, finance and trading which are directly applicable to the identification, analysis, investment, and operational objectives of CoreStream Energy, Inc. and its plans for future growth. More complete descriptions of Mr. Ault's and Mr. Graham's relevant business experiences can be found in the recent 8K.
Effective February 12, Chris Rainbolt resigned as a member and Chairman of the Board of Directors and as CEO and President of CoreStream Energy to pursue other business activities. Kevin Adkins resigned the same day as a Director and the Treasurer of the Company for similar reasons. Mr. Rainbolt has been a strong influence in the shift of the Company direction to the energy sector and creating a strong foundation in the industry. There were no known disagreements relative to corporate policies or the activities of Mr. Rainbolt or Mr. Adkins that precipitated their decisions. The Company will remain dedicated to oil and gas and it is expected that Mr. Rainbolt will work with the Company from time to time on items of mutual interest. The Company thanks Mr. Rainbolt and Mr. Adkins for their contributions to the Company and wishes each of them success with their future endeavors.
Mr. Ault said, "Our investors can be assured that we will continue to concentrate on expanding the energy program we began last year. As our primary corporate activity, significant progress has been made to line up funding sources and secure new opportunities. We are committed 100% to the growth and development of CoreStream Energy. We have shown our investors considerable progress on all fronts, and will continue to do so in the coming weeks. We continue to expand and cultivate relationships with recognized energy experts who will advise us in the field. The Company expects to see a significant acceleration in its growth in 2011 based on changes in the marketplace, emerging new opportunities and the active interest expressed by funding partners."
As a demonstration of its commitment to the oil and gas business model, the Company has renewed its effort for the expeditious change of its trading symbol and to create a comprehensive new website.
The Company would also like to take this opportunity to update its investors on a few areas of interest and address some of the common questions received.
With respect to State Lease #2, the well is expected to be completed and production begun in the next few weeks. The bad weather in the area has been the reason for the delay. CoreStream is part of a partnership which, by drilling State Lease #2 in 2010, has the rights to 1600 acres in this area of proven reserves and success. CoreStream will enjoy a minimum 4% working interest in the current well, and has the right of participation in any of the wells in the project area over time. The cost of development and operation of each future well will be proportionate to the Company's participation. The partnership will determine when to commit to future wells. More information about the well and its expected performance, along with future activity, will be shared when such facts are known.
As previously reported the start of the proposed well known as Sanders #1 continues to be forecast for late Spring when conditions will allow for it at Catahoula Lake, LA. The Company has received no further update on this project at this time.
Gary Patterson has been retained to be the Company's consulting Manager of Investor Relations. His contact information can be found at the bottom of this press release.
The Company does not see any need to and it does not have any plans to do a reverse split of the common shares in 2011. As of January 10, 2011 the Company's current common stock share structure is 1.5B authorized shares and 1,390,162,856 outstanding shares. Increases in shares issued have resulted from extraordinary opportunities to settle outstanding legacy debt and the Company will continue to be opportunistic at issuing equity to pay off debt. The Company believes this is a critical process to the future of the Company and elimination of debt will continue to be a top priority for CoreStream Energy in 2011.
The Company is pleased to report that the non-oil and gas assets held in escrow have been sold or have been disposed of and final settlements of these transactions are expected by the end of March. Similar progress has been experienced with the creditors with over 75% of the legacy debt resolved and it is expected that the vast majority of the debt settlement will be finalized during 2011. The creditors who have reached settlements in this difficult financial period are applauded by the Company for their interest and efforts to reach solutions. The creditors have also expressed appreciation for the effort and fairness that the Company has extended and a number of them have approached the Company as possible investors in its future activity.
The previous web sites for earlier businesses running under Zealous Inc. have been deactivated. A new basic web site for CoreStream will be initiated in the near future and it is the Company's goal that the continued development of this site will make it a valuable tool to keep investors aware of the Company's efforts.
The Company's Q1 filing for 2010 will be submitted this week while its Q2 is expected to be filed within a few weeks. The Company intends to be current during 2011.
You have no idea how deep this goes. The Penny Stock fraud, and making a market for it, while utilizing Pay Pal, to move money, is being investigated right now. Grand Jury will be looking at the Fraudulent 10K, and Press Releases that prey upon the public. Ault Glazer have created the perfect storm.