He stole my company. Could he steal yours?

  • Good saleable product(s)
  • A strong team
  • An effective marketing plan
  • Legal protection
  • Access to capital
  • display at trade shows
  • pitch stores for retail stocking
  • sponsor the Chicago Marathon and the Philadelphia Marathon
  • Some wraps had mold-like finger prints.
  • Packages had water in the bottom.
  • Wraps had excess gel.
  • CVS.com
  • Academy Sports
  • McKesson Canada
  • Overwaitea Foods
  • Kohl & Frisch Wholesalers,
  • Kinney Drugs
  • AHOLD grocery banner stores
  • Giant Eagle
  • Meijer
  • Value Drug Stores
  • Shoppers Drug Mart
  • Dunham Sports
  • Imperil Distributors
  • Dick Sporting Goods
  • Cardinal Health
  • Dik Drugs
  • London Drugs
  • Sears.com

The Devil is in the details

  • Repair equipment
  • Attend customer meetings
  • Run an internal investigation
  • Assess how to rebuild our production capabilities
  • Staff had not been adequately trained.
  • Job responsibilities were often unclear.
  • Poor layout was making inefficient use of space.
  • Incoming substrate was not tested before being processed.
  • Basic pH testing had stopped when we first went into full production.
  • We had incomplete standard operating procedures for quality control.
  • We had no standard operating procedures for production and warehouse operations.
  • Both raw materials and finished product were scattered haphazardly around the plant.
  • We did not have enough production staff, and the COO refused to recruit or interview more.
Some of the electrical wiring damage to the Azco Equipment and unsaleable Arctic Ease wraps as a result of the damage to the equipment

Remember that Lucifer was an angel, too.

  • Ray Starker of Costar, Bill Cohen’s proxy on the Summetria Board and co-owner of Miller Ryan Textiles
  • Mitch Weinberger, COO of Dillon Yarn and Costar Board member
  • Dennis James, Substrate supplier, owner of Miller Ryan Textiles and Costar Board member
  • BJs Wholesale
  • Brookstone
  • Select Nutrition
  • Longstreth Sporting goods
  • AAFES (Army- Air Force Exchange Services)
  • Big 5 Corp
  • Bargain Athletics
  • The Golf Warehouse
  • Vitamin Shoppe
  • Hibbetts Sports
  • McKesson USA
Alex Meshechok, CSG Partners email to Bill Cohen of Dillon Yarn, Board of Directors member of Arctic Ease, LLC / Summetria, LLC turned over in Discovery
Alex Meshechok, CSG Partners email to Bill Cohen adding their personal funds to the Arctic Ease / Summetria capital raise without company knowledge

The Angel turns out to be a thief!

  • The whole point of convertible debt is to be used when the valuation is uncertain.
  • Convertible debt is short term in nature.
  • Convertible debt is normally for insignificant dollar amounts.
  • It has no guarantees, personal or other.
  • The valuation is set when a capital raise is done. The venture capital firm taking part in a capital raise then sets the company valuation.
  • The Board would be given the right to dilute shareholders or take their shares and give them to any party they wanted to, including Class A appointed Board Members (e.g. Board Members from CSG Partners and others Cohen appointed to the Board).
  • The Manager of the company would need Board approval for everything, including but not limited to, trivial items such as hiring a vendor to empty the company dumpsters each week. It would take micromanagement to previously unknown extremes.
  • The Board would set the marketing plan. If their plan failed, I would be held responsible. It sounded like my new title would be Chief Scapegoat.
  • Common Board members could be removed with or without cause, and new Class A Board members appointed at the sole discretion of Majority Holder of the Class A members. That would be Bill.
  • If I were to die or own less than 20 percent of the shares, all Common Board members would lose their seats.
  1. He loaned the company money.
  2. He arranged for the company to raise bridge financing needed to fulfill retail stocking through a company he could influence.
  3. He got the capital raise delayed. And delayed. And delayed. And in the last minute, had the capital raise called off.
  4. With the company in a financial squeeze, before his note was due, he demanded payment of his note…or else the assets of the company.
Alan Rubin, Esq of Cole Schotz offer on a conference call with the 2 Corporate Attorneys and my personal attorney of 7% in a Newco owned by Bill Cohen of Dillon Yarn, Investor in Summetria, LLC/Arctic Ease, LLC to put the company(s) into a bankruptcy to rid them of shareholder(s) and pay as little as possible to the unsecured creditors.
  • Pay off all secured creditors.
  • Screw the unsecured creditors.
  • Pay me $200,000 to close the deal.
  • Pay me another $200,000 to see the company through a 60 day transition.
  • Pay me a 2% commission on out-license sales to a global consumer products company
  • Give a personal release of my guaranty from Bill, as well Bill would receive a liability release from the company and me personally.

Unlisted

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Content Marketer, Freelance Writer. Cut Through The Noise. Create Better Content. Build Trust In Your Brand. Get More Leads. Boost Your Sales.

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Carol Forden

Carol Forden

Content Marketer, Freelance Writer. Cut Through The Noise. Create Better Content. Build Trust In Your Brand. Get More Leads. Boost Your Sales.