Circa Pict. & Prod. Co. Intnl Inc. (fka CPPD)

[old_timer99]

The corporate shell is what was incorporated in WA. The public vehicle is the o/s.
QTN is a legal seperate entity by way of it's incorporation in WA as well. Note both TMM and QTN have their own UBI numbers and are seperate legal entities.
The VC's were paid off per the terms of the toxic financing agreement that shareholders ratified by proxy in December of 1999 and disclosed in the HM Richards audit posted on QBID's website.
They "automatically get paid" because the common shareholders approved them supervoting rights. They controlled QBID after exercising those rights. Then they exercised their liquidation rights for their ROI. Frank converted his 53% of the o/s to preferred convertible liquidate his stock in the liquidation. The 5 a/s increases were due to the stock required to pay-off the financiers and Olsen.
Fan supposedly "took control" post liquidation. Shareholder approval would be required for that. Seeing there was no shareholder approval or proxy, it suggests the financiers with supervoting rights appointed him.