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We don't have a copy of the books and records, so we don't know that. Financials would include any and all expenditures for legal costs, including any money borrowed from lenders and the terms of those agreements with the lenders.
Of course, we would ask for people to contribute. And, of course, we would ask we would ask for our costs -- attorney fees and court costs -- to be paid by Carter.
The court will not appoint a shareholder as a custodian. A custodian would have to be a 3rd party with no financial interest in the company.
At best, we may be able to get shareholders on the board, but as the majority shareholder, and the only director in the company per his filing in April 2020, that would depend on Carter's generosity. Otherwise, we would need to hire an attorney to file a request with the court to appoint a custodian, a lawyer who will probably charge at minimum $100k.
In addition, custodian or board members, we would need 2 years of audited financial statements. That would be about another $50k, not including filing fees - for said financials, the attorney letter, prospectus, registration statement, 13D (we'll need to file a couple of those), etc.
I dont see how it's cheaper honestly. Buy we would still need to hire legal counsel for the initial filing with the court either way, just to get the info we need for the court to determine that UOIP needs a custodian of some sort, since no one seems to feel they need to respond to shareholders.
You're looking at about $50k for two years of financials. And you're the one who looked into custodianship, around $100k is what you told me, plus court costs and filing fees to the SEC and OTCMarkets.
We've discussed this. It will cost hundreds of thousands of dollars to have a court appoint a custodian and hire accountants to bring the company current and relist.
I thought your main question was in regard 5o the 400 million preferred shares Carter found?
That's called a class action. Lawyers are not going to rely on a list provided by the reps. They'll get a list of shareholders from the TA.
I'm relieved it's going to trial as opposed to settlement. Thanks for taking the time to attend. Just don't get too chummy with Carter.
It's not confusing. In a class action, all shareholders are contacted.
If one or two individuals hire counsel to represent only their interests, that's who the lawyer(s) work with, that's who gets contacted and updated, and that's who gets paid in a settlement.
There is nothing "similar to class action." It's either class action or individual lawsuits. Anyone can opt out when they're contacted by the lawyer hired to represent the class if they don't trust the representatives for the class and hire their own lawyer to protect their own interests.
If we file a class action, the lawyers will contact the T&A and get a list of the shareholders of record and contact the shareholders on that list.
If we end up filing a class action suit, everyone will have the opportunity to opt out and hire their own lawyer.
For a class action suit, they like to have at least 2 representatives. We have already discussed this in the committee and there will be at least two reps. The problem with 80 or 90 people contacting the lawyers is that they charge by the hour, hundreds of dollars an hour. So the charges can add up pretty quickly. If someone is pitching in $1000, and spends a total of 3 hours on the phone with the lawyer at $400 an hour over the course of a month, you can see see where we would end up in a net negative situation.
Well, I can assure you I'm not a "sweet honey bun." However, in class action suits, the lawyers will be able to obtain a list of shareholders of record and all shareholders will be notified by the attorneys and given the option to opt out if they so choose.
But we have no idea what the total dollar figure will be. Depends on whether or not Carter wants to play hard ball. But then, he can't really get too far since he has basically already broken the law (specifically, in regard to the share restructuring).
If you do get a chance to speak with him, ask him about the 400 million preferred shares that just materialized out of thin air, who owns those? And how will that affect common shares?
It's called a "retainer."
Actually, the PTAB has quite a bit of experience in patent disputes, as does Judge Andrews. The CAFC will normally only hear the case if there is an excessive award or judicial error.
They're not cheap, and they won't take it on contingency.
I have the lawyer lined up.
Actually, it was Zomby who pulled that filing.
I agree. As evidenced by the 400 million preferred shares that materialized on the filing Carter filed with the State of Delaware last April.
I'm not terribly impressed with "David" at this point.
While you're at it, dig into one of Carter's other companies created in 2014 - Clouding IP, LLC.
Feckin A.
Well, this is interesting. I wonder why the 13 have NOW, six years into the case, decided the Delaware Court lacks jurisdiction?
I think we should just file a complaint with the Federal Circuit Court. That would be injurious to their reputations without subjecting us to a libel suit.
Billy and Leane's shenanigans have nothing to do with the patent infringement cases against the 13. Andrew's laid it out in a filing.
Generally, they have jury selection before the first day of trial. It's usually not open to the public. Jury duty and selection usually starts on Mondays for trials beginning that week.
No. I have enquired of a couple. Once you sign the retainer, the lawyers are basically locked in, so if things do escalate they will need to be more heavily involved.
No worries. We only need one lawyer.
I think he was talking about time, not $$$.
UOIP is out of Delaware's jurisdiction. I received a call from the Delaware DOJ today from my follow-up email. They told me I need to file my complaint in NC.
So much for the idea that we needed a lawyer in Delaware. I'm reaching out to a nationwide referral for a lawyer that specializes in securities fraud/shareholder oppression.
Feel free to file. Got a call today from Delaware DOJ. It seems UOIP is not in their jurisdiction. Make sure you file in North Carolina, since that's where it is now domiciled.
What committee? Haven't heard from anyone since December.
Would have shown up in Pacer when I did a search using his name.
It would have been easier to keep the company a going concern if Carter had an interest in going that route, and there may not have been a need for additional loans.
How do you know he's going to get the company reinstated? Have you spoken with Carter?
The waterfall shows the payout Carter cooked up after letting the stock get delisted. If each defendant goes to trial or settlements separately, Carter could disburse funds each time, which would make a huge impact on CBV and UOIP shareholders.
Rumor has it that Carter likes to assume he has authority that he may not have.
There's hope for UOIP and Chanbond. The question is where does that leave shareholders?
The trial will take more than a day. I think Andrews anticipated 5 days for testimony. So perhaps everyone doesn't go on the same day? I don't know.
Why would Carter decide to "put working capital in UnifiedOnline!, LLC," his private company, and not UnifiedOnline, Inc., the company that owns Chanbond and the patents?
January. Haven't heard anything, but then I figured they probably wouldn't keep me updated if they were investigating.
I filed a complaint on the SEC website. I also filed a complaint with the Delaware DOJ.