No, DFMI was created in May 2000, not 2002. It was created by DFI President Simpson, not Panik.
DFI was legally banned from completing the deal with Iterated because it was an S corp and an S corp cannot have a corporate shareholder. Therefore, DFI NEVER owned the codec license.
DFMI was a C corp and completed two licenses with Iterated, both valid.
In mid-2000 DFI cancelled all shareholder certs and all shareholders were issued DFMI certs. The entire Board of DFI moved to DFMI as Board members. Nothing was left in DFI and it stopped paying its state registration fees, filing taxes, etc. It was dead. Simpson issued countless letters to shareholders confirming the transfer to DFMI and stating he had signed the merger agreement.
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