Status Quo Order
Probably been discussed before but worth a refresher.
The order was filed because Manning, Vredegoor, and Harrington as Board of Directors voted to oust VV as President.
The reason IMO was that above mentioned BOD did not know at the time of their appointment or during the following three months that VV had negotiated a deal on his own with the Rathods that included 50 million shares. The was no SEC filing at the time beyond the 11 million shares the Rathods owned. See filing dated around 4/4/11 for the date 11/12/10 .
So when the BOD found out about the existence of this deal, they tried to vote VV out, because their % ownership was diluted. The Rathods exercised their sizeable position and voting powers and naturally voted to keep VV in power.
The first time the SEC filings recognized the Rathods 50 million additional shares was the 8/24 filing (effective date 8/21/11), thus blindsiding the current BOD that was appointed by VV only three months earlier.
So now there is this stalemate between the two sides. Manning, Vredegoor, and Harrington will put up a good fight until they can get paid off handsomely by the Rathods. IMO, if the Rathods pay off, there will be another XXX million shares granted to the Rathods is order for them to recoup that payout from Valcom. VV is almost a non-player in this cat and mouse game. The Rathods own him...VV is there just for whatever contacts he has left in the industry. The fight can go on for years. It just depends on how much people are not willing to admit they are wrong.
