Looks like Imperia is going to get a default judgement against it as will Say It In Russian LLC. (see court documents below in bold).
Here are the facts:
-According to the financials the company had $90,000 in capital as of last March with no income since then (other than massive dilution)
-Imperia and Ken are defaulting on judgements and we know from Hergott's court declarations that other monies are owed to multiple parties
-No new income or any money coming in
-Never Submit is budgeted to cost $1.5 million. They don't have the money. This must be the real reason for the constant delays and now delayed till January
-Another indication that the company is flat broke is it could not pay its financial obligations on Whiskers and lost the rights. My guess is the company is in serious trouble
-The stock is as low as it can go which hinders Ken from diluting unless a reverse split happens..
For those of you who think the bond will save the day.. lets look at the facts with that:
-It was supposed to come in over six months ago.
-Several people posted evidence that the bond is not real...
-Now Ken is looking to "monetize it" which sounds like more bs. Since the company does not have an income, one must conclude that it is in serious financial peril
-Without funds they have no money to do anymore movies
Now some of you may be thinking that Say It In Russian will sell and save the day.. but lets look at the reality of that:
-The movie was not accepted by the Cannes Film Festival, By Sundance or by Venice.. in other words the movie had to be shown in a rented theatre and was not good enough to get into any of those festivals. The most I have ever read of an independent movie selling for is $5 million and that was Napoleon Dynamite which not only was accepted by Sundance but won the Sundance Grand Jury Prize. SIIR is not even close in terms of gaining any kind of accolades
-By Ken's own admission the movie has color and other problems
-The budget for that movie according to IMDB has now inflated to $5 million.
-When the movie does sell there are vendors who are owed money, principal investors who invested through a PPM and according to the financials over $1.5 million in loans outstanding
-Say It in Russian LLC is the one that controls the rights to the movie and shareholders are not going to see a dime
The numbers simply don't add up, this company is either going to go belly up.. reverse split and dilute or both... add to that the CEO is not only a complete lying scumbag but has shown no business abilities at all (other than dilution) and I think you all know how this story is going to end....
Case Summary
Case Number: SC093118
ATTORNEY RECOVERY SYSTEMS,INC. VS. IMPERIA ENTERTAINMENT,INC
Filing Date: 03/14/2007
Case Type: Collections Case-Seller Plaintiff (General Jurisdiction)
Status: Pending
Future Hearings
01/09/2008 at 08:31 am in department WEX at 9355 Burton Way, Beverly Hills, CA 90210
Order to Show Cause (RE SANC/DISM FOR FAILURE TO OBTAIN ENTRY OF DFLT JUDGMT)
Documents Filed | Proceeding Information
Parties
ATTORNEY RECOVERY SYSTEMS INC. - Plaintiff
EADE KENNETH G. - Attorney for Defendant
GRAZIANO JOSEPH P. - Attorney for Plaintiff
IMPERIA ENTERTAINMENT INC. - Defendant
SAY IT IN RUSSIAN - Deft's DBA
Case Information | Party Information | Proceeding Information
Documents Filed (Filing dates listed in descending order)
09/11/2007 Request for Entry of Default (AS TO IMPERIA ENTERTAINMENT, INC. DBA SAY IT IN RUSSIAN )
Filed by Attorney for Plaintiff
09/11/2007 Partial Dismissal (with Prejudice) (AS TO DOES 1-100 ONLY )
Filed by Attorney for Plaintiff
09/11/2007 Declaration (IN SUPP OF DEFAULT )
Filed by Attorney for Plaintiff
09/10/2007 Notice of Ruling
Filed by Attorney for Plaintiff
09/06/2007 Default Entered (AGAINST DEFENDANT IMPERIA ENTERTAINMENT, INC. DBA SAY IT IN RUSSIAN BY ORDER OF COURT 9-6-07 AFTER ANSWER STRICKEN BY COURT ORDER 9-6-07. (SEE MINUTE ORDER OF 9-6-07))
Filed by Court
08/08/2007 Notice of Hearing
Filed by Attorney for Plaintiff
07/05/2007 Notice of Hearing
Filed by Attorney for Plaintiff
06/27/2007 Notice of Ruling
Filed by Attorney for Plaintiff
06/21/2007 Order (GRANTING PLTF'S MO. FOR ORDER TO COMPEL DEFT'S PMK TO ATTEND DEPO (SIGNED BY JUDGE LISA HART COLE) )
Filed by Attorney for Plaintiff
06/19/2007 Statement-Case Management
Filed by Attorney for Defendant
06/06/2007 Statement-Case Management
Filed by Attorney for Plaintiff
06/05/2007 Notice (NOTICE OF NON OPPOSITION TO MOTION FOR AN ORDER TO COMPEL IMPERIA ENTERTAINMENT, INC'S PERSON MOST KNOWLEDGABLE TO ATTEND AND TESTIFY AT A DEPOSITION DECLARATION OF KENNETH EADE)
Filed by Attorney for Defendant
05/18/2007 Motion to Compel
Filed by Attorney for Plaintiff
05/18/2007 Declaration (of Joseph P. Graziano )
Filed by Attorney for Plaintiff
04/13/2007 Answer ( (ANSWER STRICKEN BY ORDER OF COURT ON 9-6-07) )
Filed by Attorney for Defendant
04/04/2007 Proof of Service of Summons & Com (party served: Imperia Entertainment )
Filed by Attorney for Plaintiff
03/14/2007 Complaint Filed
Case Information | Party Information | Documents Filed
Proceedings Held (Proceeding dates listed in descending order)
09/06/2007 at 08:31 am in Department WEX, Lisa Hart Cole, Presiding
Order to Show Cause (RE SANC/STRIKING OF DEF'S ANSW FOR DEFS' FAILR TO APPR @ 8-6-06 CMC-CASE MANAGEMENT CONFERENCE(CMC&OSC HELD.DEF'S ANSW ORDEREDSTRKEN;DFLT ENTRD.OSC RE SANC/DISMSET FOR FAIL TO OBTN DFLT JUDGMT.)) - Other: See Memo Box below
08/06/2007 at 08:30 am in Department WEX, Lisa Hart Cole, Presiding
Conference-Case Management ((C/F 7-2-07)(CMC HELD & CONT, OSC RESANC/STRKING OF DEFS' ANSW SET FORDEFS' FAILR TO APPEAR @ 8-6-07CMC)) - Other: See Memo Box below
07/02/2007 at 08:30 am in Department WEX, Lisa Hart Cole, Presiding
Conference-Case Management - Held-Continued
06/21/2007 at 09:01 am in Department WEX, Lisa Hart Cole, Presiding
Motion to Compel (PMK TO ATTEND DEPO (PLF)) - Motion Granted
