What If Platinum Studios Had An Investment Call And No One Came?

[Rich Johnston]

The Platinum Studios investors call we reported on previous happened last night.

We've been covering the antics of this well funded comics/movie production company for a couple of decades, and their financial decisions. The money must have come from somewhere. But now it seems there's not much left. And according to a Platinum press release, we have;

the current lawsuit suing Scott Rosenberg personally on behalf of Platinum Studios? shareholders.

The call with investors was to have had CEO of Platinum Studios Scott Rosenberg and President Chris Beall addressing issues such as

reasons why PDOS stock has so dramatically declined and is now at rock bottom prices

and

the current internal struggle and lack of checks and balances system within the company, and where exactly the company is currently located

There was clearly a lot of anger. Many were expecting the resignation of Rosenberg. So what would Scott and Chris say?

Nothing. They didn't show. The investors did, and they chatted back and forth. Some knew more than others. And that apparently Scott had fired Chris, while Chris was trying to fire Scott and that neither would be on the call.

Chris Beall emailed one of the investors two documents, a notice of suspension against Rosenberg and a call to action for the board, with serious financial allegations made against Rosenberg.

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That was three days ago. It seems in the interim that Rosenberg may have persuaded the board to reject that letter and subsequently get rid of Beall.

In an e-mail, Beall told a shareholder;

There is currently a suit against Scott suing him personally on behalf of Platinum Shareholders by Jeff Franklin. ?*I am also going to work on gathering 10% of shareholders to open a case against him and have him removed as quickly as possible per California Corporations Code

Neither Scott nor Chris repsonded to requests made yesterday for more information. Developing...

[vmars]

Seems like a lot of hubbub over a company no one cares two shits about...

[ManNBlack]

Seems like a lot of hubbub over a company no one cares two shits about...

Uh, shareholders care A LOT.

[die-yng]

Uh, shareholders care A LOT.

Yeah, but the question is, what's there to care about? Is there anything left at this point except for debts? As for Rosenberg, to me he was a shady figure from the start, but now he's up to Pat Lee proportionally.

[jcvd]

Yeah, but the question is, what's there to care about? Is there anything left at this point except for debts? As for Rosenberg, to me he was a shady figure from the start, but now he's up to Pat Lee proportionally.

And so the sharks, having eaten and digested as many innocent creators as possible, find the waters empty... and start feeding on each other.

jcvd

[CammyKnoxville]

"I'm gonna sue you!"
"Oh yeah? Well I'm gonna fire you!"
"Oh yeah? Well I'm gonna fire you!"
"Oh yeah? Well I'm gonna sue you!"

And repeat.

[abcdiablo]

I don't understand business.

[The Valeyard]

Fire both of them and install a new CEO & President. Look over the books to see how much damage they've done and decide from there to shut everything down.

[Wallabee Champ]

Yeah, but the question is, what's there to care about? Is there anything left at this point except for debts? As for Rosenberg, to me he was a shady figure from the start, but now he's up to Pat Lee proportionally.

The shareholders are the ones currently holding the debt. But, and this is where business gets messed up, the debt can be sold to another investor if they feel like they can wrap the debt up with other debts, sell off pieces of that group of debts to different investors in the hope some of that cash can be put back into those companies and any of those companies turning it all around and becoming profitable. (This is what happened with Marvel.) If the debt can't be sold, then the court steps in, liquidizes the company, and figures out who gets how much of what money.

[Wallabee Champ]

Fire both of them and install a new CEO & President. Look over the books to see how much damage they've done and decide from there to shut everything down.

That's what's currently happening. Rosenberg and Beall are fighting to have the control to do stuff like that.