Thanks. I still don't understand how LIQR, the public company took credit for significant DKAM revenues (back when they were a filing entity).
This is from LIQR's own filing and sure doesn't sound like the deal was with an unaffiliated 3rd party.
"Breach of Contract Claims Against Drinks Americas:
On June 30, 2009, Liquor Group Wholesale, Inc. OTCBB:LIQR (Liquor Group) filed
claims exceeding $1,000,000.00 of damages against Drinks Americas Holdings, LTD.
OTCBB:DKAM (Drinks America), Case Number 002-JWM-CHT, in Duval County, FL, and
is seeking additional damages including but not limited to:
o Breach of Contract
o Loss of Contractual Rights
o Loss of Future Commissions & Gross Sales
o Shareholder Value Damages
o Tortuous Interference With a Business
History:
In April 2008, the Liquor Group contracted and commenced representation of
Drinks Americas' products in the State of Michigan, an agreement which was
swiftly amended to include Florida and subsequently Sixteen (16) additional
states (all NABCA.org listed Control States except MS) for a total
representation in 18 US States. The contracts are for exclusive representation
of brands marketed by Drinks Americas including: Trump Vodka & Trump Flavored
Vodkas, Willie Nelson's Old Whisky River Bourbon, Damiana Liqueur, Bo Dietl's
Casa BoMargo Wines, Cohete Rum & Aguilla Tequila, and other Drinks Products as
they become available. These agreements utilize Liquor Group's patent pending
Bailment method for the sale of alcohol products to the state level. Once
delivered at the state level, the privately owned Liquor Group companies or
affiliated companies take over the operations representing the goods to
bar/restaurant/liquor store customers.
On or about December 19, 2008, Liquor Group notified Drinks Americas of their
numerous contract violations, including but not limited to overdue marketing
funding and insufficient inventory to fill customer orders in excess of
$300,000.00. At this time Liquor Group suspended further depletion payments per
the agreement procedures, and declared a six month notification for liquidation
of Drinks Americas all remaining inventory in the possession and control of
Liquor Group under the contractual agreements for re-payment of monies due.
Drinks Americas' representatives only responded that they would be able to bring
the agreement into compliance soon.
The multi-state inventory depletions and marketing fund positions were
reconciled April 1, 2009, showing a balance due by Drinks Americas to Liquor
Group, even after applying all collected funds withheld from sales of Drinks
Americas' products post December 19, 2008. Drinks Americas was given time to
bring their accounts current with Liquor Group and to revise the marketing
agreements at this time, however no action was taken on their part to rectify
the deficiencies.
After a courtesy five day notice sent on June 15, 2009, approximately
$103,524.28 of Drinks Americas' inventory remaining in Liquor Group possession
was declared liquidated per the terms of the contracts, and is now wholly owned
by Liquor Group. The funds from the liquidation have been used to help defray
Drinks Americas' marketing debt obligations to Liquor Group, which will still
remain mostly unanswered.
At the time of this document filing, more than $830,000.00 of orders generated
by Liquor Group remained unfilled by Drinks Americas, a major contract violation
and contributor to the proceedings herein."
The only thing necessary for the triumph of evil is for good men to do nothing.
EDMUND BURKE (and others)
