This is exactly what happened. Comingling- DSTV owned the intellectual property and all rights to any movies BEFORE there was a VCP. So like we discussed , debt that is not necessarily dstv’s.
1. VCP vs DSTV
VCP owns the rights to Exposure. Gordon Scott Ventures was the owner of rights but has since been paid for those rights by VCP. Any proceeds coming from Exposure by VCP, 35% of those proceeds go to general administrition of DSTV, creating revenue for DSTV, thus giving the stock a chance to grow for the shareholders. DSTV has the rights to distribute Exposure.
“DSTV owned the intellectual property and all rights to any movies BEFORE there was a VCP”
2. IRS – the lien was just filed in 2011. So the 10 year wait doesn’t seem to be an option. Monte comes in tomorrow to let us know his progress on dealings with the IRS. Pat Rogers HAS NOT completed our audits and isn’t expected to do so for 3 to 4 weeks. He had us on the back burner and now he has started DSTV, VCP, and The Movie Studio. Once that is complete, we can release news releases on Exposure. Scott’s belief is that our $83,000 can reduced to zero or close to with Monte’s help and putting the monies paid in the past to the right places, the amount will be greatly reduced and we can enter into a payment plan with the IRS to correct our issues and get the stop sign lifted on DSTV.
“It could take 2 years to get a payment plan with the IRS and like we discussed, everything is comingled so they will see “the movie studio” bank account and VCP”
3. The Terry’s – they own 50% of the movie in exchange for taking $1.4 million off our debt when the movie is finished. The 50% will decrease to 20% if our stock goes to $.22 for a minimum of two business days and their ownership decreases from there based on stock performance. The Terry’s also gave us a break on rent that balloons. We are currently paying $2,500 a month and increases to $4,500 a month in January, 2013. We have the purchase option on the building as well.
“I looked at the notes and it is not all dstv debt so by eliminating personal notes that GSV took on , he uses VCP to wipe out debt, and I paid for the building for 2 years and made all the fixtures for a movie studio and bought the equipment”
4. The current plan to make all stockholders happy in this is by giving DSTV 35% of proceeds from Exposure. Also, we hope to convert the holders in VCP to DSTV stock and would give DSTV a value of $1 million, thus making the stock price rise.
“DSTV stockholders NEVER agreed to this deal”…..dstv stockholders believe they own the movie
As far as unathurized stock being issues, Scott has been informed by David Kahn that only he and Todd Nugent (only other board member) need to sign off on stocks and as President/CEO, he has the right to other stock as it could be in the best interests of the shareholders as it brings additional monies in VC
“best interest of the stockholders cannot be decided by Scott as he has equity positions in VCP , dstv and themoviestudio. giving away stock with a VCP purchase kills the value “
