I am not privvy to the agreement, and neither are YOU. But we DO have filings that anybody can read and understand.
For instance here is the applicable text from the 10Q:
On November 22, 2009, the Company entered into an agreement with R Thomas Kidd
whereby the Company and Kidd have agreed upon the disbursement of certain
proceeds to be received in a possible settlement the Company and certain Victory
Lane Financial elite parties or a final adjudication of litigation and
arbitration actions in connection with claims in current litigation. The
agreement also mutually cancels the Assignment of Claims granted to R Thomas
Kidd by the Company on August 26, 2009. Terms of the new agreement are outlined
as follows:
Upon closing of any settlement agreement between the Company and Victory
Lane Financial Elite, et al, the Company shall pay to R Thomas Kidd the sum
of $192,500 in cash if cash is received, or at a minimum, $42,500 in cash
and an assignment of a third party promissory note in the minimum amount of
$150,000 executed by all Victory Lane Financial Elite, et al in favor of
the Company on terms acceptable to KIDD provided that R Thomas Kidd will
cancel the promissory note executed by the Company in favor of R Thomas
Kidd in the amount of $192,500 and return the original promissory note to
the Company;
In the event of no settlement agreement between the Company and Victory
Lane Financial Elite, et al, R Thomas Kidd agree to accept and the Company
agrees to pay R Thomas Kidd the sum of $192,500 from the first proceeds of
any award or judgment obtained as a result of the prosecution of the
litigation and arbitration actions against the Victory Lane Financial
Elite, et al;
R Thomas Kidd canceled the Assignment of Claims executed by the Company in
favor of R. Thomas Kidd on August 26, 2009 and transferred title and
ownership of the Victory Lane, LLC Units to the Company; in addition, R
Thomas Kidd resigned as Managing Member of Victory Lane,LLC and appointed
Scott Sieck as Managing Member of Victory Lane, LLC.
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