Destiny Media Tech Inc (DSNY)

[Hugodrax]

It's hard to really speculate without the facts here.

One item that will be interesting in the next 10-Q is whether or not they paid or accrued a severance payment to Steve V.

Steve did not have an employment agreement with the company per the past 10-K. Most guys like him put in place a golden parachute so they can get one last squirt of milk from the cow they drove into the ditch.

That means his severance would be governed by common law. If he was not fired for CAUSE, he would have a good case to demand 3-4 weeks of salary and bonus for each year of service, so for him that would be upwards of $400-$500K based on my rough math.

If he got paid that it's hard to see how he'd have much of an economic case, and the "defamation" stuff I don't think holds much water as the company hasn't said a thing publicly from what I can tell.

So my gut is that perhaps they tried to fire him for "cause" and not pay him anything, or otherwise stiffed him.

If so the question is in the details - what did he do etc. to deserve the sacking.

My experience is usually these things don't get settled very quickly so we should at least be able to see the company's response to his statement of claim, which is available in B.C. court.

I wouldn't be surprised if he did genuinely get the shaft, and wouldn't be surprised if he totally deserved it too.

Steve really can't sell stock (at 100% of daily volume it would take him 6 years to sell), and I'm not sure how employable he is at the $200K+ USD he was pulling out in cash.

I've been involved in several of these types of things. My guess is the comapny's strategy is to bleed him over a year or two letting him burn his savings on legals.

But to be clear I have none of the facts here and haven't bothered to pull the statement of claim.

From an investor standpoint it shouldn't be much of a distraction now and to be honest my impression of Fred V is fairly positive, so far.

Not sure if that answer's your question.