Calypso Wireless (fka CLYW)

[litton51]

Memorandum of Opinion is scathing. Judge finds that the company was a scam from the beginning 8*( in that it was created so as to avoid scrutiny or public inspection. No one was ever elected to any position as an officer or board member. Officers and board members have used iHub to post.

Williams used the board improperly.

CLYW owes $352K to people who have funded it from their own pockets.

CLYW holds a portfolio of licenses not disclosed to shareholders.

Settlement with Daic acknowledged. CLYW ignored court order to hold an election of officers. The BOD refused to comply with the law. Williams then funded CLYW with $224K of his own money. Williams noted large and unexplained withdrawals of CLYW by Turrini and Pierce and objected. (Can you say racketeering?)

Williams lied about not being Ben Lurkin on iHub to pursue this matter.

The meeting to fire Williams was unlawful for many reasons and the number of those voting was also insufficient to fire Williams.

Both Turrini and Pierce lied about the DE lawyer who supposedly gave them the right to hold the meeting in the first place. CLYW never complied with the 2008 court order to hold elections.

The BOD has allowed the company to become insolvent, willfully.

CLYW is most egregiously dishonest in its website which presents a "glowing picture" of company health.

Williams has repeatedly posted lies on iHub to benefit himself.

The patent is readily saleable and for this reason the judge wants the company dissolved and the patent sold for the benefit of creditors and stockholders.

In summary, so much lies and deceit have occurred that the judge has taken the drastic step of dissolving the company.