Total Sports Media Inc. (fka TSMI)

[MDuffy]

Google Street View + DD [aka, the things I found out this summer. ]

Yes, Lenco was/ (is?) in the same bldg as streamtrack.

https://www.google.com/maps/@34.4146876,-119.6951725,3a,37.5y,238.44h,84.51t/data=!3m4!1e1!3m2!1s2dvAUkSEMxPUzNvQqiJMcQ!2e0!6m1!1e1


^ ^ ^ The photo was taken in Mar 2012. If you zoom in on the little sign sticking off the front wall, it does say Lenco Mobile.

An interesting read- may shed light on our CEO's connection to Lenco:

Lenco turned the businesses that it bought from Superfly into AdMax Media, a subsidiary that promises enhanced online and mobile ad delivery through proprietary technology.
AdMax shares a building with Lenco in Santa Barbara.



PREVIOUS PROBLEMS

SEC filings show that Superfly had purchased the businesses just five weeks earlier from Commerce Planet Inc. (Pink Sheets: CPNE.PK), which was facing a Federal Trade Commission investigation into complaints of deceptive business practices.

The FTC ultimately sued the company and two of its executives, alleging that many of the people who signed up for its “free” Internet auction kits wound up paying $59.99 for enrollment in an online supplier program. The FTC said people who discovered the unexpected charges had difficulty getting them reversed.

A California court issued a $19.7 million judgment against Commerce Planet, its chief executive, Michael Hill and Aaron Gravitz, former head of its Legacy Media division –one of the businesses acquired by Lenco.

That judgment was suspended because of the defendants’ inability to pay. But the FTC negotiated a settlement that calls for them to come up with as much as $1.2 million in reparations.

Hill, who is responsible for the biggest chunk of that money, now is president of Lenco’s AdMax unit. Real estate records list Hill as the owner and occupant of the condominium that the company is renting in Santa Barbara.

Also:

Some of Lenco’s businesses engage in domaining – the practice of parking highly trafficked Internet domains and filling their pages with ads. Others use Internet sites to gather names, email addresses and other information valuable to marketers.

<<aka Streamtrack's ownership of high-trafficked domain names.

Lenco did go into BK; under Chapter 11 for reorganization.

BK:http://www.bloomberg.com/news/2014-09-09/hedge-fund-brokers-lose-claims-against-lehman-bankruptcy-1-.html

Lenco Mobile Technology Marketer Files in Seattle

Lenco Mobile Inc. (LNCM) and affiliate Archer USA Inc., global providers of mobile marketing technology, filed Chapter 11 petitions in Seattle on Sept. 6.

The companies intend to strengthen the balance sheet and simplifying the capital structure, according to a statement.

Calling itself an early-stage business in the mobile engagement industry, Lenco had a $2.9 million operating loss on revenue of $7.9 million for six months ended June 30, according to a regulatory filing. The net loss for the period before preferred stock dividends was $3.5 million.

The June 30 balance sheet listed assets of $6.6 million against liabilities totaling $32.6 million, according to the filing.

The cases are In re Lenco Mobile Inc., 14-bk-16660, and In re Archer USA Inc., 14-bk-16659, U.S. Bankruptcy Court, Western District of Washington (Seattle).

To contact the reporters on this story: Bill Rochelle in New York at [e-mail]; Sherri Toub in New York at [e-mail]

^ ^ ^ Now, I will say long term investors who just hold and hold are likely to get burned in the end on this one (I sold in April last year, and just re bought for flipping in the past couple months). That doesn't mean there isn't money to be made here, though- just don't plan on holding this 20 years, lol. On the bright side, at least their product works, and I think in order for the execs to make as much money as they would like, they'll make this thing spike hard again before it's all said and done. My two cents.