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Probably because Thomas Braziel is involved. I'm not sure on valuation, I don't think $4 - 5 is unrealistic. We need more information to know for sure.
Ya not sure what to think. Someone needed $30,000 and someone else thought it was an opportunity to invest some cash.
The case was closed. The judge granted the end of the receivership. I'm not sure if Thomas has done anything with the cash. Last I talked to him they were cleaning up a few things and they would either liquidate or try and do something with the NOLs. He's a large shareholder so he's going to try and get as much value as he can.
He is a fan of bitcoin but I'm not sure if he has done anything with the cash. I know he is investing in bitcoin bankruptcy claims with his company and Winland (WELX) but I don't know what he has done with Fund.com
Well you're dealing with a company that has traded less than 20,000 shares over the last year. I would think that the majority of shares are tied up with a few individuals that aren't selling so the share price is going to be determined by people that are willing to sell off for less because they don't own many shares. Once some type of news is released I'm sure we will see a spike in the share price.
So the case is closed. Thomas requested to end the liquidation. You can search the case and see that it was closed and the final post on the fndmreceivership website shows they are in good standing with Delaware.
I haven't heard from him in a while.
I guess that person could just send me their email and I could talk to them that way.
Quick question for anyone that can answer. Is there a way to reply to a private message without subscibing to investorhub?
I don't know about soon. We know that Fund is in good standing with Delaware now, which was the last of the requirements from the court. We should now be able to withdraw the receivership and I expect we will have a meeting of shareholders, I'm not sure when the financials will be published. I'm sure Thomas has already come up with a plan to get the most value out of Fund that he can.
3/30. I reach out at the end of each quarter.
COVID has probably extended the timeline, I don't know to what extent. I would reach out to Thomas and Brian at their 507 capital emails and they can typically provide you with some update.
https://www.fndmreceivership.com/uploads/2/6/7/4/26748813/fund---letter-to-vcl-re-status-01-06-20.pdf
Looks like tax returns are filed, needs Delaware to accept filings. Once that is done the receivership will end and I'm assuming a shareholder meeting will take place and a super 10-K will be filed.
At that point we have a cash shell that is SEC compliant. Also, he mentions requesting the CD so he can use it as a NOL. Shell with cash and NOL, he'll try and find a private business that will reverse merge into Fund.com.
This is my take away from the filings with the Delaware court. Thomas hasn't said anything except that they are continuing to work through the issues to bring the company up to date.
Well between B.E. Capital who owns 173,681 shares and Richard Jordan who owns 42,929 that is 32% of the company. I think most people who hold shares are waiting until this one plays out.
I follow the podcast, just coincidence. He references a few million hopefully that is in the 3-4 range so with 670,000 shares you get $4.47 - $5.97...seems high but time will tell.
I don't know when the company will come out with anything. We know Delaware gave them permission to remove the company from the receivership, they just have to get back up to compliance with Delaware first. Once that is done there will be a meeting of shareholders. I'm assuming we would just liquidate but there could be value in the shell and hopefully there are some NOLs that may be valuable to someone.
I talked to him around the end of June. I usually email him at the end of the quarter to see how things are going.
The ask on the domain was $2.5 million so I would think it went for more than what you are projecting. I don't think it was listed on the mediaoptions.com website for too long before it was removed, I'm thinking maybe a month or two.
Mediaoptions charges 15% of the final sales price as commission, so just take 85% of whatever you think the sale price was.
Judge ruled for the receivership to discontinue but Thomas has to bring Fund.com current for taxes and current with Delaware. Once this is completed there is a 180 day period where Thomas has to have an annual meeting of shareholders. I imagine once everything is up to date we will be notified of the meeting and from there we will put together a plan. I usually check in with him once a quarter to see how things are going.
I spoke to him about a month and a half ago. He said they are working through back taxes and trying to get accounting and face up to date. The government help us, but that they are on it.
Anybody got anything new? There hasn't been any new Delaware court filings.
I’m not Thomas, I’d suggest emailing him. I tried but didn’t get a response.
I would think any form of payment for the URL would have to be approved by the judge, I did not see anything. The final request made to the judge was for less than $5,000 the annual report filed had north of $1.6 million of cash which already had a large amount of the legal expenses removed.
I don't know what salaries you are referring to, as receiver they don't receive a salary and if a salary were to begin once Thomas is placed as the sole director it would have to be approved by shareholders.
Even if you take out $500,000 you are sitting at $2.8 million with no value given to the shell and possible NOLs. That is assuming a $2 million sale price on a URL that was listed at $2.5 million for a month-ish, probably sold for more than $2
https://www.fndmreceivership.com/uploads/2/6/7/4/26748813/fund---motion-to-discontinue-10-16-18.pdf
10. The Receiver recognizes doing so would require that the Company’s
SEC filings be brought up to date and that a Form 10 (a so-called “Super 10-K”) be filed, covering multiple years of missed SEC filings. Towards that end, the Receiver contemplates engaging, on discontinuance of this receivership proceeding, corporate and securities counsel to bring the Company into compliance with SEC and state law disclosure obligations.
I believe that Thomas is wanting to return the company to good standing with the SEC and Delaware, which would require the company to file financial reports that would more than likely show the proceeds from the sale. When will this happen? Nobody knows. It was listed for $2.5 million and the mediaoptions fee is, I believe, 15% commission.
At $2 million sale price you are looking at proceeds of $1.7 million, combined with about $1.6 million from the AdvisorShares settlement so $3.3 million split between about 670,000 shares is $4.92. Add on top of this whatever someone is willing to pay for an SEC compliant cash shell and any NOLs the company may have minus the costs to get the company compliant. Outside of that I don't see any other assets, there should be an annual meeting that takes place within 180 days from when the judge grants the motion to discontinue liquidation.
Congratulations on the sale of Fund.com!
Just checked the mediaoptions.com website and did not see fund.com listed for sale anymore. Anyone have any information on this?
https://www.mediaoptions.com/brokered-domains/fund-com
If anyone has $2.5 million laying around you could buy this
I was expecting an update on the fndmreceivership website by now with the judges decision on ending the receivership and reinstating the company, has anybody hear anything on this? 50,000 shares on the bid today, only at $2 but pretty surprising to see considering it is usually a few 100 shares bid and ask.
He is going for B.E. Capital I doubt there will be anything discussed on Fund.
Questions:
Any NOLs?
I think you're right. Hopefully there will be some NOLs that could present value also.
BID: 14,000 shares @ $3
If you are wondering why the stock is up today:
http://www.fndmreceivership.com/uploads/2/6/7/4/26748813/judgereviewed_70008959_motion-to-disallow-proposed-order.pdf
For anyone who hasn't seen this:
http://www.fndmreceivership.com/uploads/2/6/7/4/26748813/fund_-_motion-to-disallow.pdf
Not sure if anybody has checked out the website today, it has been built out very nicely. Also, it looks like Thomas is going to do some of the type of lending that they advertise on their B.E. Capital website. We could have an actual operating business on our hands.
Be sure and check out fund.com today. Thomas left a little message on our new website.
Somewhere between $2.89 and $5, at least that is what people seem to think it is currently worth.
If you go to fund.com it redirects you to directnic and that the website is under construction, so there is something going on with the webiste. Maybe some are viewing this as it was sold, being sold. I don't think there is going to be much to buy under $4