Okay, here is the new news.
Fan and company have produced NO, ZERO financing. They have already went beyond their contractual obligations to have produced funding. They will be exiting shortly.
Enter: Frank. Yes, that Frank. From what I undestand, he is going to do this:
Take the company from public to private. GIVE QTN 51% of his shares, and keep 2% for himself. A CFO will be hired to handle all financial aspects of the company from day one. Salary will be cut for all personnel.
All current stockholders will be asked to donate their shares to the company. In exchange, you will be given partial ownership of the company.
In THREE years, the company will be brought forward once again as a public company and at THAT time will be valued as to its true value for the owners.
In the mean time, all employees will have to sacrifice to make the network a go. No more parties, no more needless expenditures, everyone works for a living. All salaries will be renegotiated.
If a stockholder does not wish to donate his or her holdings to the company, they will have the option of selling their shares to the company at current prices.
All key positions will be filled by gay people.
Frank will be in charge of programing only....nothing else, and will have a permenant seat on the BOD.
Large investors will have the opportunity to have a seat on the BOD. This will be determined by the size of the investment given to the company. BIG investors, have a shot at a seat in the running of the company.
Fan will soon exit the picture. He failed to do what he promised he could do.