AI
Thursday, August 12, 2010 11:22:15 AM
I'm glad that you're reading my Music Void column, however I think you may have missed a couple of things. I never said that the iPhone was over. Not by any means. The exact quote is: "I’m not suggesting that iTunes will be toppled" and "... devices like the Galaxy, the HTC Evo, Motorola Droid X and the upcoming HTC 4G handsets, Apple will start to feel the heat very soon unless they start cutting deals with all of the major US carriers." This is by no means an indictment of the iPhone, which is certainly a superior product that is NOT going away. I was commenting on how the sudden uptake of Android poses an opportunity for iTunes competitors. And Qtrax is certainly not in the mix. It is an afterthought and not compatible with any phones that I know of. Maybe old Windows mobile devices, and I doubt that. I don't even think that Windows 7 mobile will play those crappy wma drm'd files. That's ancient history.
But while on the subject of Qtrax, Klepsy has gone to great lengths to keep his legal problem out of the public record. On Tuesday Aug 10, the attached was entered into the record in the PLATINUM LONG TERM GROWTH IV, vs. BRILLIANT TECHNOLOGIES case.
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=Wi6ATK7yODX/5KL8zzmDFw==&system=prod
For those of you who may have severe reading comprehension issues, the judge's handwritten decision states that the case has been "settled as per a stipulation read into the record of August 5, 2010. Record and settlement to be sealed for good cause shown to protect the interests of defendant corporation. Parties only to have access to record."
This is very revealing. Obviously Klepsy hates the fact that I post the public record here and clearly does not want any of his shareholders to have any access at all to the company's legal obligations. He certainly has not issued any statements, SEC filings or any other communiques with the shareholders other than the occasional threatening legal letter to some of his biggest critics. My guess is that Platinum has required him to sign another confession of judgment in a best effort to keep him from bailing out on the settlement, as it appears that he has done so on other occasions.
Also, last week there was a conference in federal court in SF regarding the Oracle mess. If you'll recall, he took a default judgment and then circled back and claimed that the default judgment should not stand because he wasn't around and didn't respond to the suit.
All this leads me to think that he is extremely paranoid and doesn't want the operations of a publicly traded company to be public at all. The only information given to shareholders appears to be nebulous rumor and innuendo leaked on this board and this board alone by certain arm's length company conduits. I think that this should not only be cause for concern for ANY investor, but is obviously the cause of so much of the anger that is voiced here toward the company. And toward me, of course.
I'm sure that I don't have to remind you that the last time you heard anything at all from Klepsy was Dec. 24 of last year. That's almost 9 months ago. And shall I ask when the last time he filed anything at all regarding the state of the company with the SEC, despite his promises to do so more than a year ago? It's gotten to the point that it really doesn't matter if Qtrax gets launched or not. If by some miracle he's able to eek out anything vaguely resembling a legitimate launch, it will never work. Technology wise it is so far behind the curve that it is a non-issue. As it exists now, Qtrax would have had a better chance of success 10 years ago. There's just no way.
Services like Rdio, mSpot, Catch Media, Amazon MP3, iTunes, and Spotify have just left Qtrax so far in the dust that it looks like the Edsel of the digital music space. They are well funded, properly licensed, not crippled by drm, have mobile solutions and are ahead of the technology curve. And to top it off, Qtrax is definitely not on the lips of anyone. The only people who give a s**t are you guys, and there's not enough of you to save this thing. So many of you are right when you say that you should just fold your tent and chalk up the loss. But please don't keep pumping smoke up people's a***'s by saying that great things are happening because it just doesn't matter anyway.
But while on the subject of Qtrax, Klepsy has gone to great lengths to keep his legal problem out of the public record. On Tuesday Aug 10, the attached was entered into the record in the PLATINUM LONG TERM GROWTH IV, vs. BRILLIANT TECHNOLOGIES case.
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=Wi6ATK7yODX/5KL8zzmDFw==&system=prod
For those of you who may have severe reading comprehension issues, the judge's handwritten decision states that the case has been "settled as per a stipulation read into the record of August 5, 2010. Record and settlement to be sealed for good cause shown to protect the interests of defendant corporation. Parties only to have access to record."
This is very revealing. Obviously Klepsy hates the fact that I post the public record here and clearly does not want any of his shareholders to have any access at all to the company's legal obligations. He certainly has not issued any statements, SEC filings or any other communiques with the shareholders other than the occasional threatening legal letter to some of his biggest critics. My guess is that Platinum has required him to sign another confession of judgment in a best effort to keep him from bailing out on the settlement, as it appears that he has done so on other occasions.
Also, last week there was a conference in federal court in SF regarding the Oracle mess. If you'll recall, he took a default judgment and then circled back and claimed that the default judgment should not stand because he wasn't around and didn't respond to the suit.
All this leads me to think that he is extremely paranoid and doesn't want the operations of a publicly traded company to be public at all. The only information given to shareholders appears to be nebulous rumor and innuendo leaked on this board and this board alone by certain arm's length company conduits. I think that this should not only be cause for concern for ANY investor, but is obviously the cause of so much of the anger that is voiced here toward the company. And toward me, of course.
I'm sure that I don't have to remind you that the last time you heard anything at all from Klepsy was Dec. 24 of last year. That's almost 9 months ago. And shall I ask when the last time he filed anything at all regarding the state of the company with the SEC, despite his promises to do so more than a year ago? It's gotten to the point that it really doesn't matter if Qtrax gets launched or not. If by some miracle he's able to eek out anything vaguely resembling a legitimate launch, it will never work. Technology wise it is so far behind the curve that it is a non-issue. As it exists now, Qtrax would have had a better chance of success 10 years ago. There's just no way.
Services like Rdio, mSpot, Catch Media, Amazon MP3, iTunes, and Spotify have just left Qtrax so far in the dust that it looks like the Edsel of the digital music space. They are well funded, properly licensed, not crippled by drm, have mobile solutions and are ahead of the technology curve. And to top it off, Qtrax is definitely not on the lips of anyone. The only people who give a s**t are you guys, and there's not enough of you to save this thing. So many of you are right when you say that you should just fold your tent and chalk up the loss. But please don't keep pumping smoke up people's a***'s by saying that great things are happening because it just doesn't matter anyway.
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