To the question asked of me this morning on this board, the court has awarded the company and all its assets to Harvey Vecehry, so he is now the legal owner of MAXD. I have no idea who he is going to put in charge until he announces it, but I doubt he will be operating it himself as he oversees a large operation and is too long in the tooth to be running MAXD. I assume he will appoint a team to take over and run with it.
The question referred to on this board, which was posted on the other board, was as follows. “Who is currently running this entity?” Why this is such a key question after 14 years of having no one running “this entity” is an interesting question in itself. 14 years of non-production and the new ownership group is being questioned on day one? Although I think we need to consider the source, so be it.
The court was slow in delivering the final order, as well as the follow-up details, which took almost three weeks to post the documents online. It was only posted before the end of the day Thursday, which has only been a little over 24 business hours. There was an additional delay waiting for notes and details and digesting the court documents. The new “entity” could not move forward until they were legally allowed to do so.
As soon as they are legally allowed to move forward, the owner’s new team must go to work on many levels simultaneously to make up for the complete mismanagement by Greg Halpern. We know the SEC filings must be updated, audited, and filed, as Halpern himself has stated many times. The company must also go through the process of getting off the Expert Market and back onto the OTC market, which Halpern also mentioned that he intentionally placed it there. I’ve been told this process is more difficult and time consuming than Halpern made it sound.
The executives, managers, board of directors, and financial team needs to be appointed by Vechery, and all administrative systems need to be brought back into place.
The engineering team must go back to work upgrading the technology before MAXD can become marketable. Relationships which were destroyed under the Halpern regime must be mended and renegotiated. Lots to do.
You ask how I know this? First, the problems the company has been dealing with have been plastered all over the financials, much less the chat boards, and are well known. Second, I have research skills and use them diligently. Third, these are the basic steps listed in a college business 101 class for building, or rebuilding, a company. A class Halpern obviously slept through.
For the above-mentioned reasons, patience is the key word for the time being. Another key word is “cooperation.” The transition would be much faster if Greg Halpern would cooperate instead of fighting the law or pulling a disappearing act. The suggestion on this board has been that Halpern is going to fight another losing legal battle. Not advisable, but not surprising either. Be a good sport Greg, shake hands after losing and then take a little Mick Fleetwood MAXD Advisory Board advice and “go your own way.”
If you are a shareholder, you have every right to demand answers. We have been for years, both on the boards and directly to management. However, you must also be realistic as there is a legal process to play out behind the scenes. Greg Halpern had the company for 14 years, Harvey Vechery has had the company legally turned over to him for slightly over 24 business hours and is in the process of taking control. If you have been patient with Halpern, surely you will be willing to wait for Vechery’s team to be put in place.
My understanding is there is a plan to move forward, which I’m sure we will all hear about at the right time, but the legal steps must be followed. In answer to the last comment from the other board, “has/had to be a plan to either salvage the company or dump it,” I would also say that this much time, effort, and money would not have been expended by Vechery if the plan was to dump the company. He is not Gordon Gekko and there are no assets to sell off. My understanding is that he wants the company to be productive and profitable with quality leadership.
I’m willing to wait to hear who he puts in place, and what he has to say. I have 14 years of being patient in the books already, which should indicate I’m willing to wait until the plan is revealed.
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