Blackout Media Corp (BKMP)

[Bam Bam17]

Posted by: captbly, Sandy Comments on CRTC
http://investorshub.advfn.com/boards/profile.asp?user=48236

Sandy Comments on CRTC, but its not all there... looks like the end is missing

STEP 3 - REASONS FOR OPPOSITION:

I oppose this transfer of the CRTC license to broadcast The Fight Network (the "license") for several reasons as set out below.

A public hearing is required in order to properly, fairly and reasonably consider whether the license should be transferred. There are serious issues surrounding MMC's application for a transfer.

At the very least I hope that if the CRTC sees fit to grant Mayhem Media Corp.'s ("MMC") application, that the application be stayed until I have had an opportunity to seek the court's intervention as set out below.

I was from 2004 until August 31, 2007 at the helm of The Fight Network along with Mr. Michael Garrow and Ms Andrea McCarthy. I understand both Mr. Garrow and Ms McCarthy are lodging opposition and requests to appear in connection with Mayhem Media Corporation's application for transfer.

The license is currently held by TFN Inc., a wholly owned subsidiary of TFN Global Inc. ("TFN Global"). The license permits TFN Inc. to broadcast The Fight Network.

TFN Global is currently indebted to me in excess of $8,000,000 (approximately) on account of principal and outstanding interest. This payment is due and payable now and I will be commencing legal action to recover same in the near future.

I am also the largest shareholder of TFN Global. I currently hold directly and indirectly 7,190,000 class "B" shares of TFN Global. These shares are non-voting shares.

In or around November 2007, MMC acquired all of TFN Global's Class A shares. The current float is 4,550,000 Class A Voting Shares (the "Class A Shares").

MMC acquired these shares in connection with its involvement - including as investor and manager - of TFN Global (the "MMC Involvement") that took place in or around November 2007.

As of November 2007, the MMC Group - being MMC along with Messrs. Owen and Nordholm - have been in control of TFN Global, TFN Inc. and The Fight Network. It is under their management (Messrs. Owen and Nordholm served on TFN Global's Board of Directors, with Mr. Owen as its Chair) that the alleged current financial distress of TFN Global has come to pass. The MMC Group - as manager and as secured creditor is in an inherent conflict of interest. The MMC Group alleges (but I have not seen the security documentation or evidence of default) that TFN Global is in default of its obligations to MMC. These obligations are financial in nature. It begs the question as to why?

It is important to note that I did not hear about this application directly from either Messrs. Owen or Nordholm, despite the fact that I have been in regular communication with them since they became involved with the network. I learned about this application through another stakeholder.

At present I in the process of launching a court application for oppression (along with other relief) pursuant to the OBCA against MMC and Messrs. Owen and Nordholm. If MMC seeks to foreclose on its security - the assets of TFN Global and hence TFN Inc. including the license - I will seek an injunction to oppose same. Before so doing, I have made a further attempt to reach a business solution with the MMC Group. In brief, I am proposing to buy-out the MMC debt and in exchange the MMC Group will no longer - in any capacity including as shareholder - be involved or connected to TFN Global, TFN Inc. or The Fight Network.

The Fight Network ¬successfully operated for three years prior to the MMC Group's involvement. I continued to be involved with TFN Global after the MMC Involvement. I witnessed - and complained to no avail - serious mismanagement that has apparently led to the financial situation facing TFN Global that is the pretext for the MMC application to transfer the license.

According to the MMC Group - as relayed to the CRTC and indirectly to me, TFN Global is in financial troubles, including being in default of its debt (and perhaps other) obligations to MMC. As such, MMC intends on "realizing on its security" by way of foreclosure pursuant to the PPSA (in particular, section 65). The requested transfer is being done in anticipation of and in connection with this plan so as to enable, upon foreclosure of TFN Global's assets - and thereby TFN Inc.'s assets - MMC to take over the license of TFN Inc. and thereafter operate The Fight Network.

This scheme would result in MMC being the only beneficiary of the license, with the other Class B Shareholders, employees, all creditors (save for MMC of course) being left with nothing and no recourse. The MMC plan would result in TFN Global being insolvent or otherwise in a state where its debt to me - $8,000,000 - would be unpaid.

It would appear obvious that the transfer of the license to MMC is a necessary first step to MMC's foreclosure plans. If the license is not transferred then, the MMC Group would have no reason to foreclose. Instead it would continue to do what it has done for over a year - operated TFN Global Inc., TFN Inc. and broadcast The Fight Network. I should state that I am presently working with MMC to buy-out or redeem its alleged debt with TFN Global so as to protect all of the stakeholders' interests and maintain the integrity of The Fight Network.

Moreover, in resisting the transfer and MMC dealing fairly with my buy-out proposed all the existing shareholders, employees and creditors of TFN Global Inc./TFN Inc. would be treated fairly as was the case before MMC's Involvement.

In summary, I hope that the CRTC will consider the questionable circumstances surrounding and leading up to this application and at the very least convene a public hearing before granting the transfer.



Reasons for appearance/Raisons pour paraître
STEP 4 - WHY I WANT TO APPEAR/TOPICS TO DISCUSS:
If the license is transferred, I along with the other stakeholders' - except for the Applicant MMC - will be left with nothing. I will have lost over $8,000,000 with no recourse. Once the license is transferred, MMC will attempt to foreclose on its interest. If this succeeds, then TFN Inc. will have nothing and TFN Global will be worthless. If the foreclosure does not succeed then the license will have been transferred for no reason at all.

The CRTC, the stakeholders and the public all have an interest in hearing all sides of the story from some of the people most affected by MMC's tactics. We respectfully ask that we be given the opportunity to be heard.

I intend to discuss the matters set out in my "reasons for opposition" (Step 3) and answer questions the CRTC may have of me about the realities of the situation.

I am confident that I will add value and weight to the CRTC's consideration of the application for transfer of TFN Inc.'s license to MMC.

For the foregoing reasons, a public hearing is required in order to properly, fairly and reasonably consider whether the license should be transferred. There are serious issues surrounding MMC's appl


Copie envoyée à la requérante / Copy sent to applicant : Oui/Yes

Nom / Name : Mr. Sandy Winick
Titre / Title :
On behalf of Compagnie / au nom de la Company :
Adresse courriel / E-mail address : [e-mail]
Adresse postale / Postal address : 3266 Yonge St., Toronto, Ontario / Ontario , Canada
Code postal / Postal code : M4N 3P6
Téléphone / Telehone :
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