Yahoo doesn't allow email addresses to be posted in comments, so here it is strung out:
Steelcloud, Inc. public shareholders:
Be advised that complaints written on behalf of 16 Steelcloud shareholders, together owning more than 10% of the common stock, have been filed with multiple federal and state agencies.
We are seeking relief from the attempt to convert Steelcloud, Inc. --- a publicly traded company --- to Steelcloud, Llc. --- a privately owned Llc --- without consideration of the public shareholders’ rights to compensation for their shares or offer of ownership in the new enterprise.
Public shareholders who are interested in participating in the action may contact ZZWING at his YAHOO address.
I was not notified by SCLD through the USPS that there would be a shareholder's meeting.
All comments above well taken IMO. Could the revival of BBRY
spell a resurgence for SCLD? N.B. All patents belong to legal
SCLD insiders appear to be operating on the theory that they can extinguish the rights of minority shareholders by transferring the company’s assets --- cash, patents, products, and good will --- into an LLC that only the insiders own.
Please know that:
1. The minority shareholders will test this theory with the Federal and State of Virginia regulatory agencies.
2. A securities lawyer has looked at our case and found it actionable.
I’ve written legal briefs that won judgments against the owners of unethical companies for fraud, inducement to fraud, deceptive trade practices, and unjust enrichment. I have won a conviction of a business owner on criminal charges of running an organized scheme to defraud, and have won restitution for the victims.
I am not making any allegations against SCLD insiders along these lines, just pointing out my familiarity with the legal system. Business is about doing the right thing. Those who have looked at this case do not think the SCLD insiders are doing right by the minority shareholders.
I recently became acquainted with ZZWING, the leader of our group of minority shareholders. We’ve agreed that I will take the information he has gathered and write up the legal briefs, which he will review with others in our group.
At the moment, we could use an affidavit listing all the minority shareholders whose claims SCLD insiders are trying to extinguish. If you haven’t already done so, please send your name, contact info, and number of shares owned to ZZWING at his Yahoo address.
I’ve been an SCLD stockholder off and on for over a decade. We will pursue this case and will insist on due consideration of the rights of ALL stockholders.
I just heard about the special meeting this week from another source. I was never notified and since I was considering attending...I contacted my Broker as to why I didn't receive the notification. He stated emphatically that neither Ameritrade or their agent had received any information from Steelcloud regarding a shareholder meeting.. Steelcloud management appears to be playing a dangerous game that will inevitably redound to their detriment.. The egregious actions of SCLD management over the past 3 years.. culminating in what appears to be a blatant purposeful disenfranchisement of minority shareholders could easily be construed as act of legal fraud which comprises all acts or omissions or concealments involving breach of equitable or legal duty or trust or confidence. It might just behoove the BOD to get themselves lawyered up...because their actions and inactions over the period in question are rife with fraud in my opinion.
I remember a couple of years ago Brian secured a patent in HIS name, not SteelCloud's name.
On a moral plane, I don't understand how appropriating company property for one's personal use is any different than shoplifting from a 7/11.
I guess there is a shareholder meeting today which i was never notified of. Anyone else know about this meeting? Brian the CEO of SCLD claims info was sent out by USPS to everyone. Anyone else receive anything by mail on this?
Probably go private and sell to GOOD in a few days.
An Internet search reveals that SCLD is appears to be active in filing applications for patents, the most recent filings appear to be on 4/10/2014, just a few days before SCLD said that they were going private because they had no further business prospects. What company files patent applications if it has no business prospects?
These patents, plus software products, belong to ALL the public shareholders. They are not the exclusive property of the company insiders as individuals.
It is legally dubious that they be transferred into a private LLC that is owned by only SOME of the shareholders in the public company. ALL public shareholders need to be compensated for the value of these patents and the software offerings that the successor LLC may start selling.
Besides patents and software, SCLD owns intangibles, such as the "goodwill" of its business contacts inside the department of defense.
If SCLD insiders are planning on transferring ownership of the successor LLC to certain insiders who now hold shares in the publicly traded SCLD --- while excluding other shareholders from receiving the same prorated ownership --- then the legality of the transfer may be disputed.
Wow...I'm still shocked to see so many shares still trading. Why are people selling their shares at next to nothing. As for the shareholders that sold their after April 14th announcement of the Asset transfer, why did you sell...just curious....