jeremiah, what job did Colvin receive?
Does anyone know any of these players very well?
There are accusations going back and forth regarding individuals none of us know. The allegations are serious because if true provides us with a story with problems that cannot be ignored forever.
It is in the investors of this stock to not to dismiss the negative information immediately, nor affirm it, but instead to start to make calls and learn more about it.
_____________________________________________________________________
Colvin's suit raises the profile of Hayton, a dealmaker with a long history of scrapes with
securities regulators and business partners, in the
Zulu-Tek picture. Butler, the attorney, describes
Hayton as an adviser to a group of investors who
hold the majority of Zulu-Tek's stock. But Colvin's
suit asserts that Hayton controls Zulu-Tek as its
majority shareholder and acts as a "de facto Chief
Financial Officer, Chairman of the Board and
President" of Softbank Interactive.
It was in this capacity that Hayton allegedly
withheld the money owed Colvin and forced him
out of his job.
Five days later in a face-to-face meeting, Colvin
again asked Hayton how he could refuse to hand
over the $200,000 given the signed agreement
from Meatchem, the wire transfer signed by
Hayton. That's when, according to the suit, "Mr.
Hayton laughed and said, 'I always negotiate to
gain leverage' and 'no one said we had to be fair.'"
With the supposed extended relationship that Hayton has with the company, why did he allegedly take part in this face-to-face meeting?
Subsequent correspondence with Meatchem in
which Colvin asserted he did not agree to resign
and demanded his payment, was met by a letter
from Meatchem in which he agreed that Colvin
was owed $200,000, but said that only Hayton had
the authority to transfer the money. Meatchem
contended that despite serving as the parent
company's chairman and CEO, he had no signing
power over Softbank Interactive's bank accounts.
Who besides Hayton has authority over bank accounts?
On 16 February, Colvin contacted an attorney
representing Softbank Interactive and was told that
the company was experiencing a cash shortage.
"If that is true," the suit states, "it can only be
because Defendants caused the Yahoo options to
be liquidated in violation of their duty to hold those
options in trust ..."
Is a copy available of the letter from Meatchem? It may be an excellent starting point. |
