Saviour or Sinner: The Truth about Linda Perry
You, BuckeyeMike and others (and to an extent tothe) have totally missed my point. I was defending myself against unjustified and inaccurate criticism not pumping the deal.
I am NOT an insider and as you will see from the below just the opposite, so let me put the record straight, but firstly, one has to ask why all the deals that Linda Perry has been involved in with RTGV since 2003 have failed ?
I only have first hand knowledge of the original deal with Atlantic Network Holdings Limited “ANHL”, negotiated in the fourth quarter of 2006 (agreed mostly in transatlantic telephone calls and documented in exchanges of e-mail with both Barry Fludgate and Linda Perry) and was for a reverser merger of just some of the subsidiaries of ANHL at a cost to ANHL of $85,000. At the suggestion of the Board of RTGV, this was to take place before the year end based on the existing audited and filed accounts, to be followed swiftly by a Regulation D 504 placing, to provide working capital and to restructure the Group with up to date accounts.
Following the signing of the Letter of Intent (revised completely at the last minute by Perry) Linda Perry began to “move the goal posts”, continually in her favour, including demanding the updating urgently of the ANHL subsidiaries accounts to GAAP standards prior to binding contracts. This ANHL complied with.
The continual changes demanded by Perry resulted in further costs to ANHL by the middle of 2007 of a sum in excess of $235,000 including paying for the Audit of RTGV!
One comment to my protests about the continual increases in costs in a conference call just before the signing of the Definitive Agreement in March, (attended by a representative of the European investors), was “that was then and this is not”-------“take it or leave it”
The Euros are missing from the party because of Perry’s rude, aggressive, demanding, intransigent and impractical attitude.
It seems that many now share my long held opinion from reading Posts over the last 10 days or so
The only person to stand up to Perry was me, the then Executive Chairman of ANHL and at the time the majority shareholder, which resulted in many serious arguments due to Perry’s continually increasing demands, including a last minute demand for cash into an escrow account to be utilised for promoting the company (i.e. paying her disproportionately high monthly fees equating to $360,000 per annum for 3 years; for part time consultancy !). I argued that it had been agreed that these funds were to be used for the acquisitions which were under Heads of Terms to ANHL
The Press Releases of August 2007were in breach of the DA in that they did not have the approval of the appointed signatory for ANHL, that is me, Roger Bailey. I made written complaints to the company (RTGV) about the breaches, without any proper responses, the breaches continued, culminating in the Board of RTGV conspiring with 2 Directors of ANH, Roger Taylor and Ian Macdonald, to produce further amendments in December 2007, without my knowledge, as the then major shareholder (of Atlantic Network Holdings Limited) let alone approval by me and other shareholders needed for such major departures from the Agreement and business plan of ANHL.
Obviously these Amendments are unconstitutional and this was pointed out by me to all parties at the time, when I informed both sides:-
“One cannot simply “give away” assets ( Ecommercenet Limited and epaypoint plc) without consideration, let alone without approval of the shareholders of ANHL.”
The response of ANHL’s Ian Macdonald when challenged by me was to make a death threat, documented contemporaneously to the Board of ANHL with a request for an Extraordinary General Meeting of ANHL to remove Macdonald from the Board of ANHL and declare the unconstitutional actions void. This was ignored by Taylor and Macdonald as well as by Linda Perry and Barry Fludgate who was kept informed of events by me as they unfolded.
Shortly after, one of Taylor’s closest colleagues in Guernsey, George Freeman, called in his long term loan to me demanding my shares in ANHL as against an original agreement to await Closure and the transfer of an amount of RTGV shares and I was forced to hand over 60% of my shareholding in ANHL to Freeman, resulting in Freeman being the largest single shareholder in ANHL (32+%) with me being reduced to 19%.
On 19th February 2008 I wrote to the Board of ANHL saying “being cut out of all business decision and being kept in the dark I had no alternative other than to resign from the board of ANHL” again informing Perry and Fludgate contemporaneously..
This deal could have and should have been Closed in May of 2007 with the UK FCA prepared GAAP Accounts and THEN audited by the Auditors to RTGV Sherb & Co.
Perry now needs to address the changed economic and business climate of 2008, and hand over negotiations for further revised terms for Closure to a realistic, competent individual as has been suggested by other on the Hub.
One also has to ask, is Perry in breach of SEC Regulations as well as her fiduciary duty to RTGV shareholders by not reporting these problems in her updates by Press Releases which are, in the light of events, misleading to say the least and a contributory factor to my resignation from ANHL, given that she ignored my protests over corporate governance issues for over 6 months.
AI
