There is a new BOD not controlled by Daic. They consist of unpaid folks that are stockholders like Dave. So far Dave has done everything he said he was going to do. If you read the SEC documents posted by Calypso back around Dec you will see all the reasons Daic should be afraid to go to trial. If I were him I would look to find a way out that would let me keep some of the money I've already taken and hope I don't get my butt kicked in court.
Pattin was let go by the new BOD because he did not disclose his conflicts of interests from my understanding. The documents are filed with the SEC. Some believe he was an insider for Daic, don't really have the inside scoop, but he was in on a 2009 non-agreement that wasn't executed within the BOD guidelines, the Daic parties now agree the agreement was not a legal agreement pursuant to the articles of incorporation.
From SEC documents:
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On 12/13/09, the Company's Governance Committee demanded that Director Pattin disclose updated information regarding his current affiliations outside the Company or resign within 2 days. Mr. Pattin acknowledged receipt of this demand yet chose to not respond. Consequently, on 12/18/2009, the remaining Board met to accept his resignation effective 12/16/09. Additionally, the Board concluded that Mr. Pattin's alleged 5 year "Employment Agreement", previously disclosed in the company's 8K filing on June 29, 2009, was improper and of no effect.
The company also noted and recorded at least 25 past actions that could be deemed breaches of fiduciary duty and/or being actions contrary to the Company's Code of Ethics by Mr. Pattin. The Company will continue to investigate the role of Mr. Pattin in the past management of the Company and may take action to recover damages to the Company resulting therefrom against Mr. Pattin and any others who were involved if warranted. However, at this time and solely for the purposes of his continued Directorship, these issues are moot because of the deemed resignation.
