Replies to post #55393 on Calypso Wireless (fka CLYW)

[sirhaggus]

You seem to forget that this company is owned by the shareholders and managed by its board of directors. The board has not functioned properly for a long time and it wasn't just Dave's fault. The reason that we went to court in the first place was entirely the fault of Cristian and Kyle for holding a shareholder vote that was not properly noticed and what was noticed had errors that were not publicly corrected. Then after the vote, they announced in error that Dave was removed without consulting competent legal counsel to advise them on how many votes was required. Then after being notified by Dave that he was not removed, they still didn't consult competent legal counsel to investigate his concerns. Then immediately thereafter they scheduled a board meeting to elect a guy that had previously been voted down by the other faction.

It is failure at every stop. That is why the judge removed the whole lot of them. I shared all of these concerns on the phone with both Kyle and Cristian and was told to take the matter up in Delaware court. Kyle also told Dave directly to take the matter up in court. What did you think was going to happen when both sides aired all of the dirty laundry? This was headed for receivership the moment all of them stepped in the courtroom.

[downsideup]

"The source of this fiasco should have walked away after his undeniable rebuke from the shareholders who did vote."

I agree that Turrini should have resigned... and long ago, not just as a result of the failed attempt to continue the CLYW fraud through the fraudulent election... but, then, telling them that they shouldn't have done these things wrong... isn't really very useful, is it ?

LOL!!! But, Williams ? Yeah, he should have walked away, sort of the same way Obama should have refused to accept the office of the Presidency, because some minority that voted for the Republicans voted against him ? Too funny. And then... that minority that didn't pay for their shares, who voted against Williams, did so through the practice of election fraud ? Really ? That's what you got to try to sustain the wrongdoing that was being imposed on CLYW by the fraudsters ? More fraud ?

The era of CLYW's flagrant practice of frauds on shareholders, at least, appears it is at an end. Whether other frauds being practiced will be similarly addressed is still uncertain.

What ending the flagrant frauds will mean in terms of what survives in value to benefit those who were being wronged by the frauds... is still an open question that is dependent on what else is going to be addressed, and how it will be.

Receivership is clearly in the public interest, whether it is in the economic interest of the victim's of CLYW's frauds or not... but, beyond that, there are so many variables in how this may yet play out, that it is impossible to judge whether the resolution and unwinding of the frauds will be as effective as the effort in terminating them appears it will be.

Receivership clearly is the only condition the judge could quite properly create, that generates an unquestioned ability to "fix it" and far and away the most ability to "straighten things out"...

As a general proposition, receivership often "tends" to lead to a fairly routine practice in "winding up the affairs" that results in the firesale disposition of assets.

That's the risk here now...

And, it will probably be a WHOLE lot more useful to focus on addressing those forward looking issues, now, than it will be useful to engage in carping about the various (and obvious) failures that put CLYW where it is. Receivership is a FACT. And, it is clearly enough a PROPER result. Deal with it.

[litton51]

>>The theories about patent suppression and backdoor payments from Diac or telecoms are unfounded,

In your opinion.