Reason for aggressive selling?
We may never find out why exactly someone was selling so aggressively yesterday, and some today. It could easily just be someone made the decision to sell, and it caused others to make the same decision.
I just found it to maybe be too large of a coincidence that Kidd was settling his big case yesterday. I could be TOTALLY wrong. Feel free to point out any hole in the possibility, if you care to. Nothing we can do if it is him. Better now than later, if it is him.
From the court documents.
UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF FLORIDA
ORLANDO DIVISION
In re:
ROY THOMAS KIDD Case No.: 6:10-bk-15274-KSJ
Debtor(s). Chapter 7
__________________________ /
ORDER GRANTING THE TRUSTEE’S AMENDED MOTION FOR
APPROVAL AND NOTICE OF COMPROMISE OF CONTROVERSIES
WITH JOINDER OF THE DEBTOR AND YA GLOBAL INVESTMENTS, LP
This case came on for hearing on February 21, 2012 of the motion filed by
Emerson Noble, trustee for approval of a proposed compromise of a controversy between
the Trustee, the Debtor, and YA Global Investments, L. P. (the “Motion”) (Document no.
154) For the reasons stated orally and recorded in open Court, it is
ORDERED
1. The Motion is granted.
2. The settlement of the various contested matters and adversary proceedings
is approved based on the terms and conditions set forth in the Motion, including the
following specific provisions:
a. The Maxim Account. Any and all security interests or liens,
including any lien asserted by Y. A. Global Advisors, L. P. f/k/a Cornell Capital Partners,
L. P. (“Y. A. Global”) against that certain brokerage account with Maxim Group, LLC in
the name of R. Thomas Kidd and Joan L Kidd, husband and wife (the “Kidds”), account
number ****3675-TBE (the “Maxim Account”) are void and stricken. All funds in the
Maxim Account shall be released as follows:
Case 6:10-bk-15274-KSJ Doc 159 Filed 02/21/12 Page 1 of 42
i. $643,516.35 (the “Settlement Funds”) shall be released from
the Maxim Account to Emerson Noble, as trustee in this bankruptcy case (the “Trustee”);
and
ii. the balance of the cash and other assets in the Maxim
Account shall be released to the Kidds free and clear of any liens or claims by the Trustee
or any creditors.
b. YA Global has an allowed claim of $562,171.04, as filed in Proof of
Claim No. 2-1, which shall be bifurcated into a secured claim of $490,000.00 and an
unsecured claim of $72,171.04.
c The Trustee shall immediately disburse $490,000 of the Settlement
Funds to YA Global as payment for the purchase by the Kidds of all assets held as
collateral by or pledged to YA Global, including the following assets (the “Pledged
Stock”):
Greens Worldwide, Inc. (GRWW) - 4,918,910 shares.
The tacking period on the GRWW shares is as follows:
1,503,390 shares; Certificate 11001867 from July 2005; and
3,415,520 shares; Certificate 11001870 from November 2006.
Domark International, Inc. - 400,000 shares of common stock.
YA Global shall immediately deliver the Pledged Stock to the Trustee. Upon
disbursement of the $490,000 to YA Global, the Trustee will also deliver the Pledged
Shares to the Debtor. The payment to YA Global will be made to the trust account of Kevin
Mangum, Esq.
Case 6:10-bk-15274-KSJ Doc 159 Filed 02/21/12 Page 2 of 43
d. The balance of the Settlement Funds:
i. is allocated to the settlement of all objections to
exemptions, the pending adversary proceedings (11-22, 12-08 and 12-09) and the purchase
by the Kidds of all remaining assets of the estate including, but not limited to, all right, title,
and interest in all claims and causes of action filed in, or that may be filed in, that certain
lawsuit styled R. Thomas Kidd and Joan L Kidd, Husband and Wife, v. JBI, Inc., et at.,
Case No. 10-CA-5989-16-K, filed in the Eighteenth Judicial Circuit in and for Seminole
County, Florida. To that extent, all other assets that belong or may belong to the estate
are abandoned back to the Debtor and his wife and any and all assets that the Trustee or his
attorney is holding shall be returned to the Debtor; and
ii. shall be distributed by the Trustee pursuant to the provisions
of 11 U. S. C. §726, provided that:
(a). the administrative expenses of the Trustee and his
attorney, John Meininger, Esq. shall be limited to $67,500.00; and
(b). the payment to YA Global on the balance of its
unsecured claim shall be limited to $30,000.00.
e. YA Global shall execute and deliver to the Debtor a satisfaction of
the judgment that YA Global obtained against the Debtor on July 18, 2005 in that certain
case styled Cornell Capital Partners, LP v. ASGA, INC., Tom Kidd, individually, etc. et al,
Docket No. L-7634-02, Superior Court of New Jersey, Hudson County, Law Division.
Case 6:10-bk-15274-KSJ Doc 159 Filed 02/21/12 Page 3 of 44
f. The parties shall execute and exchange releases as provided in the
Motion.
g. Currently, there are no allowed priority claims in the case. If any
priority claim is filed and the claim is allowed, then the Debtor shall immediately pay that
the amount of the allowed priority claim to the Trustee in addition to the Settlement Funds.
h. All parties will bear their own costs and attorneys’ fees.
i. The Court will enter separate Orders dismissing adversary
proceeding numbers 11-22, 12-08 and 12-09.
DONE and ORDERED on February 21, 2012.
_______________________________
KAREN S. JENNEMANN
Chief United States Bankruptcy Judge
Copies to:
Roy Thomas Kidd, 432 Valley Stream Drive, Geneva, FL 32732
Emerson C. Noble, P.O. Box 195008, Winter Springs, FL 32719-5008
Kenneth D. Herron, Jr., Wolff, Hill, McFarlin & Herron, P.A., 1851 W. Colonial Dr.,
Orlando, FL 32804
John Henry Meininger, III, Meininger & Meininger, P.A., P.O. Box 1946, Orlando, FL
32802-1946
Kevin E. Mangum, Mangum & Associates, P.A
