Sorry, no contracts coming! Right now a BK looks much closer to happening than 8 cents, much less $8.
This week's court hearing defeat means neither tmm or its execs and co-conspirators are getting out of paying the price for their FRAUD, THEFT and CIVIL CONSPIRACY!
The 4th quarter financials are coming out soon. I expect to see Zero revenues, Zero customers, Zero products, Zero patents, Zero progress on any front! How many more Zeros can tmm survive???
And there is still all of this:
Tmm advertises on its web site and in its news releases that it is using the Iterated created codec VDK 1.x. However, if you read the December, 1996 Iterated lawyer letters on file in the court case they clearly state that tmm lost all rights to use any Iterated technology due to ongoing failures to make payments due from their contracts.
Tmm also advertises that it purchased the rights to the Iterated VDK 2.0 codec license by buying DFI, a shut down California S corp. However, DFI had no rights to that codec for a number of reasons so tmm bought nothing but an empty shell.
Why did DFI have no rights to that codec license? First, they never completed the original license contract requirement of transferring 5% of the company stock to Iterated because they couldn’t as an S corp, it wasn’t legal. So, DFMI was created and they consummated a deal with Iterated for the license and it was signed by the DFI/DFMI President Simpson. All shares of DFI were cancelled and same shares were created and passed out to shareholders in the new company DFMI, leaving DFI an empty shell. All shareholders in DFI were moved to DFMI, none were left in DFI.
Simpson and Haskins claimed they had the rights to sell this codec to tmm in 2012, even though they personally put zero into the purchase of it.
In 2002-3 a lawsuit against Simpson, Fernandez and tmm by DFMI was heard in California courts. The results were a default judgment against tmm and a settlement with Simpson that recognized DFMI as the license owner and Simpson was ordered by the judge to turn over every copy he had of the codec to DFMI.
The year 2000 and afterwards tax returns for DFI showed zero assets and the tax returns for DFMI showed the codec as an asset. Both tax returns for 2000 were prepared by the same tax firm, so there was no confusion.
In 2003 Iterated/MediaBin, on advice from Alan Sloan, renewed its license with DFMI for the VDK 2.0 codec.
Tmm is relying on challenging the Iterated license to DFMI, saying Simpson should have signed the release and new contract twice instead of once since he was President of both companies. Probably the lamest legal argument ever concocted and as the jury will determine, at least 10 years too late due to the statute of limitations to even challenge. And as Judge Ellsworth stated, it’s a direct admission of attempted securities fraud.
Tmm calls its “product” trudef, which is the name of a very basic still image editing program Simpson sold to tmm around 1997-98. Nothing more.
The new team at tmm has been in place for 3+ years. If you read the filed financials, they have raised and spent around 5 million dollars so far. And so far, there have been no contracts, no revenues, no patents and no verifiable products created. They also show no employees and no tmm office. However, all the company management, lawyers and about a dozen “advisors” get checks monthly from the investor funds.
Tmm has engaged in a number of bully lawsuits the past three years, mostly against individuals who couldn’t afford to fight them and they settled with them. Then they decided to sue Dimension and some of its contractors and shareholders and are now in a two years so far lawsuit that they are highly unlikely to survive. Dimension has countersued them and trial is scheduled for this September. It’s likely both sides have a million or so bucks in attorney fees spent that should double to get through trial.
Tmm also decided to challenge one of Dimension’s many patents and spent a ton of money on it, with the action not finished. There is an IPR patent site where you can get information on this. What is known is that the key parts of the patent in question have been ruled protected by the patent office, leaving tmm in the position of still spending money to chase the non-essential parts of the patent. Keep in mind that tmm has no patents and even if it wins this action it still has no patents and Dimension still will have all its patents, so the reasons to spend hundreds of thousands of investor dollars on this while spending none on buying legal rights to some technology and then developing a product from it are unclear.
The judge has recognized that Tmm’s real beef is with Iterated issuing the license to DFMI and they have been ordered to sue the Iterated successor, which is HP. Tmm has been stalling since last August to formally sue them, claiming they need to verify which section of HP to sue. Eventually, they will have to man up and serve HP with more than the current subpoena for records, which will be lights out for tmm as HP is unlikely to react well to that suit.
This explanation could go on for thousands more words, but this is the basic version for now. Why should the market believe this? Because it’s all true. And with the market downgrading tmm by 80% since last May, it looks like it’s understood.
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