Re: ONE BIG red flag!
in response toby
Sman, you raise important questions. Where would these articles of corporation exist in California and/or Delaware? I believe the trustees would have/or have this possible information with corporate filings. How might shareholders obtain a copy of this critical information? Additionally, with regard to the BOD, they had fiduciary responsibilities and Edigital was a corporation and they should have kept records of all minutes of all meetings as BOD members met over time. All that transpired should have been documented in writing. That documentation should exist at least for the past two years where FF and MarDee indicated they saved those files based on what a shareholder posted on this board who attended trustee meeting. These last two years of BOD meeting minutes could answer some of our questions as to what led the company to fold suddenly after not filing required SEC documents. Your point that they all resigned voluntarily the same day indicating they had no issue with how the company was run! So, the million dollar question, was this premediated as well by the board - the sudden, unexpected filings both in California and Delaware? When exactly did the discussion between them start to surface in these meetings that they should file bankruptcy? This timeline should be documented? These documented minutes of meetings held by the BOD would indicate what they did in their roles as BOD members. Additionally, the minutes would indicate what they did in their important roles and how it might have benefitted the shareholders and the Edigital Corporation. Excellent points, SMAN! A real dilemma - trying to figure out what happened so suddenly and, most importantly, why? The stunning news of no assets (California filing) and shedding of shareholders with a Chapter 7 filing in California/Delaware is still a mystery with so many unanswered questions! IMO only.