Luxeyard, Inc. (fka LUXR)

[SuperC]

LUXR .045 Facts >>>

On October 23, 2012, our Board of Directors removed Braden Richter as our principal executive officer. Mr. Richter served as our Chief Executive Officer.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8884064

Why?
Item 1.03 Bankruptcy or Receivership.
On December 27, 2012, an Involuntary Petition for bankruptcy, entitled In re Luxeyard, Inc. (Case No. 12-bk-51986-BR), was filed against LuxeYard, Inc. (the “Company”) by three creditors of the Company. The petition was filed in the United States Bankruptcy Court, Central District of California. The date that jurisdiction was assumed was December 27, 2012. The Petitioners have claimed that they have debts totaling $66,220.20.
Braden Richter filed for bankruptcy on $66,220.20!!
This was the first red flag something about this guy and his group was terribly wrong.

This 8k continues: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9011484

"The Company believes that the Petitioners’ claims are without merit, fraudulent and unsubstantiated , brought in bad faith by friends and business associates of our previous CEO, Mr. Braden Richter, who was terminated for cause. The Company intends to aggressively contest the involuntary bankruptcy petition and will pursue all available grounds for dismissal."

The Company had filed suit against Defendant Kevan Casey and his associates for manipulation of the Company’s stock price. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77246331

The Company has strong evidence showing that some of these defendants were working and continue to work with Mr. Richter. Mr. Richter was terminated for cause on October 23, 2012 stemming from this conspiracy and other violations of his duties as CEO. Subsequently, the Board of Director’s investigation revealed that Mr. Richter had filed a personal Chapter 7 bankruptcy petition in 2006 and received a discharge of more than $80 million in debt in 2007. The investigation also revealed that Mr. Richter conspired with his wife, Victoria Richter, to defraud the Company. Mr. and Mrs. Richter, through their company, Jaxon International, LLC, received a $308,000 loan from the Company and refused to pay it back. The Company then filed suit against Mr. and Mrs. Richter on December 18, 2012 for fraud, breach of fiduciary duty, conspiracy, and conversion, among other causes of action, in Los Angeles Superior Court (case no. BC497730).
The involuntary petition was filed against the Company by a business associate of Mr. Richter, Mr. Philip Ison of Ison Furniture, LLC, who has falsified a $16,000 claim against the Company, and has included another of his associated companies, based overseas, which has no colorable claim against the Company. Mr. Richter and Mr. Ison engineered this petition despite Mr. Ison’s withholding from LuxeYard over $100,000 worth of the Company’s inventory which currently remains in his possession and that he is refusing to release.

Then what happened? http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9134549

On February 27, 2013, LuxeYard, Inc. was awarded $1,299,512 in connection with a default judgment ordered by the District Court of Houston County, Texas 127 th Judicial District, pursuant to a lawsuit (Cause No: 2012-67100) filed by the Company, and its wholly owned subsidiary, LY Retail, LLC, against former CEO Braden Richter.

Next: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9225286
Los Angeles, CA – April 15, 2012 – LuxeYard, Inc. (LUXR) announces that the United States Bankruptcy Court for the Central District of California summarily dismissed the involuntary bankruptcy petition filed against it.

Responding to Bankruptcy Judge Barry Russell’s inquiry, LuxeYard, Inc.’s attorney, Steven Fox, Esq., advised that LuxeYard, Inc. will be seeking actual, compensatory, and punitive damages against the parties that filed and joined in the involuntary petition, pursuant to Bankruptcy Code Section 303(i) and all other applicable law.

Why will investors continue to buy now that this company, management, and all concerned are heading in the right direction?

http://www.smallcapnetwork.com/Luxeyard-Inc-LUXR-OB-Ready-to-Take-the-Flash-Sales-Industry-by-Storm/s/via/754/analysis/view/p/mid/1/id/23/
LuxeYard is the pioneer of Concierge Buying, which gives members the power to determine what items will be sold on the site, and Group Buy, which allows them to lower the price by sharing sale items with friends. LuxeYard partners with celebrity Trendsetters and design and fashion industry insiders to deliver a curated buying experience and point of view to its members.

The company has cash, and yes they have debt. http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8926601

But investors did buy at one time envisioning the next game-changing sales venture, and they are now back at the table looking forward [forward-looking as investors do], into what this company set out to accomplish in the first place.

It's an extremely false claim too that LUXR's chart loss was from a company going no where. If you look close http://stockcharts.com/c-sc/sc?s=LUXR&p=d&b=4&g=0&id=p17970548896
and then match up the dates with 2012 filings, and no doubt other got wind when former CEO Braden Richter filed, it makes sense the charts show a strong loss. This started to unwind late Oct of last year, and no doubt earlier when a few started to smell the stink in regards to former CEO Braden Richter!!!

A very promising company to own, hold well into 2014!

Understanding LUXR Business Model going forward: http://www.prnewswire.com/news-releases/luxeyard-announces-new-brand-identity-and-revamps-website-with-new-look-and-improved-functionality-183940361.html

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