mPhase Technologies Inc (XDSL)

[olroy]

If i read this correctly,,as of June 2, 2017 Mr Durando and the Ergul Family (RCKJ Trust)exchanged all there shares of Microphase for shares of stock in Digital Power Corporation.
My Question is:

WHY WOULD THEY DO THIS?? ? Can someone please explain what motivated this trade?

Do they have 80% ownership to make this deal go through???



The Company leased office space from Microphase at its Norwalk location. Microphase also provided certain research and development services and shares administrative personnel from time to time. Mr. Necdet Ergul retired as the chairman of the board of mPhase in Nov 2007. Mr. Ergul and his family had owned a controlling interest and he is a director of Microphase Corporation. Mr. Durando was a strategic employee of Microphase Corporation from January 2, 2015 through May 31, of 2017. On February 9, 2015 Mr. Durando assigned all his interests in the Capital Stock of Microphase to the RCKJ Trust as the Grantor. On June 2, 2017 the RCKJ Trust, the holder of Durando’s prior interest in Microphase, and the Ergul Family Limited partnership, the holder of Ergul’s prior interest in Microphase, each exchanged all their respective shares of stock in Microphase in exchange for shares of stock in Digital Power Corporation, a publicly-held company then listed on the New York Stock exchange. As of September 30, 2018, the Company owed $32,545 to Microphase.