posted
oh and as far as a lawsuit, I'm not putting my name forward to join in any lawsuit.
why cripple the companies chances further in fighting a lawsuit that is going to award you absolutely nothing?
as long as they are not bankrupt they have the opportunity to pull this together.
I do not want to be part of the final nuise that will sink this company.
You all have to do what you think is right, but there is no point in my eyes in pursuing this path.
I'm actually disappointed to see such a thing happening.
everyone invested in a pink sheet stock, that really has no obligations to follow any SEC rules. It is a very high risk stock. If you invest big dollars in one of these and then decide to sue over the loss, that does not make sense to me.
this is high risks, it would be like playing a high stakes poker game and then trying to sue the winner because you found out that he bluffed on a couple of hands. That is the way the game is played.
You really don't have a leg to stand on, nor do you have anything that you can recoup.
I spoke with Frank Olsen several weeks ago, and i got the impression that he is an extremely sick man and i don't believe his time left on this earth is long.
chances are he has no money to get, as he ran the company into the ground.
all the shares that where diluted, where more then likely to try and run the company, I don't believe that Frank made out like a bandit, as the potential for that to happen was long gone by the time he realised the company was in trouble.
My advice would be to let the company be and see if they can pull together a last ditch effort to bring this sucker back from the dead. I feel that the chances are slim to none, but with a lawsuit we are sealing the none.
JMHO
Rod
-------------------- Dont buy or sell on my opinions, do your research. Make sure you know what you are buying before you buy.
This is a non reporting pink sheet with very high risk. From high risk comes high rewards. Dont invest more then you can afford to lose.
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quote:Originally posted by Penny-Trader: Thanks AJ4400 for bringing that post over.
that was refreshing to read from an employee that is not completely disgruntalled.
even this guy feels there is a small chance of them pulling this together.
Hopefully this gentleman gets the oportunity to return to the Q.
sounds like a guy that does not burn bridges, and it is nice to hear some confermation that Fan real and is not Frank in a new alias.
Rod
PT - your best post to date. Hope everybody reads and pays attention. There is no profit in a lawsuit or a SEC action against QBID. Complaints against Frank Olsen could possibly affect QTN - who knows? My opinion - Leave things alone - give Fan a chance (if possible) and lets just ride it out. I've not posted much but have been in this since 2004.
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posted
A post on IHUB got me thinking yesterday about the share increases and the attempt by Fan to conduct a reverse stock split.
Now I must say up front--I am certainly not a Washington State Attorney, but this is just thinking out loud:
Washington State Statute:
RCW 23B.10.020 Amendment of articles of incorporation by board of directors.
Unless the articles of incorporation provide otherwise, a corporation's board of directors may adopt one or more amendments to the corporation's articles of incorporation without shareholder action:
(1) If the corporation has only one class of shares outstanding, to provide, change, or eliminate any provision with respect to the par value of any class of shares;
(2) To delete the names and addresses of the initial directors;
(3) To delete the name and address of the initial registered agent or registered office, if a statement of change is on file with the secretary of state;
(4) If the corporation has only one class of shares outstanding, solely to:
(a) Effect a forward split of, or change the number of authorized shares of that class in proportion to a forward split of, or stock dividend in, the corporation's outstanding shares; or
(b) Effect a reverse split of the corporation's outstanding shares and the number of authorized shares of that class in the same proportions;
(5) To change the corporate name; or
(6) To make any other change expressly permitted by this title to be made without shareholder action.
Okay:
Let's assume the Articles of Incorporation did not provide otherwise, so one could assume that Frank/Fan could INDEED increase the authorized shares (by amending the Articles of Incorporation). One small problem. This press release on the Qtv site:
Tuesday, August 02, 2005 Q Television Reduces its Tradable Stock by Fifty-Three Percent
PALM SPRINGS, Calif. – August 2, 2005 -- Q TELEVISION NETWORK, (OTCBB Other: QBID), the first 24/7 premium network for the gay and lesbian community, announced today that, in an effort to bring fair value to its trading stock, QBID, Frank Olsen, President, CEO and majority shareholder, has converted all his personal QBID holdings into preferred stock, which makes up 53 % of the total shares.
Can anyone help me here? Would not then the following amendments increasing the authorized shares be null? (because as of 8/2/2005) there were in fact TWO classes of shares outstanding? (our common shares and Frank's 53% "preferred")
Would any increase of shares then require shareholder action?
posted
I'm actually disappointed to see such a thing happening.
everyone invested in a pink sheet stock, that really has no obligations to follow any SEC rules. It is a very high risk stock. If you invest big dollars in one of these and then decide to sue over the loss, that does not make sense to me.
Rod-
Yes we invested in a pink sheet stock, but that did not give Frank carte blanche to blatantly lie in PR after PR about the financial strength of the network while he was busy working the printing press over time.
I too am giving this stock limited wiggle room in the hope that there is some kind of comeback. But don't think for a second I'm going to sit back and watch any investment of mine go belly up by managerial misconduct then chalk it up to it being a pinkie.
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posted
Ad Astra, I think the problem here is that Frank never actually converted his stock. Just another of his lies! In the conference call, he said that it all had not been converted yet because it was mostly owned by his kids. I think what was really going on was that none of it had been converted and he didn't actually look to do it. It was just something to try and boost the pps and get him more money for his dilution.
On another note, I'm indifferent on the lawsuit. I'd like to leave Fan and Q alone to try and do something with the company, but I want to make sure Frank doesn't have anything left to leave his kids or spend for the rest of his misserable life.
Lastly, on the bankruptcy. Would this only be QTV that would file or would it be TMM? I'm thinking it would only be QTV and TMM would be protected from this. Isn't that why people form different companies? If QTV did go bankrupt, does TMM even still own anything (NTI, LBS, etc.)? I guess we'll never know without some financials.
posted
Any real chance Franky will do some time for his actions here. I know we all feel he should but who really thinks it will happen???
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posted
Any real chance Franky will do some time for his actions here. I know we all feel he should but who really thinks it will happen???
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posted
From what I have been hearing there WAS NEVER any preferred. Frank didn't convert a damn thing.
quote:Originally posted by Ad astra: A post on IHUB got me thinking yesterday about the share increases and the attempt by Fan to conduct a reverse stock split.
Now I must say up front--I am certainly not a Washington State Attorney, but this is just thinking out loud:
Washington State Statute:
RCW 23B.10.020 Amendment of articles of incorporation by board of directors.
Unless the articles of incorporation provide otherwise, a corporation's board of directors may adopt one or more amendments to the corporation's articles of incorporation without shareholder action:
(1) If the corporation has only one class of shares outstanding, to provide, change, or eliminate any provision with respect to the par value of any class of shares;
(2) To delete the names and addresses of the initial directors;
(3) To delete the name and address of the initial registered agent or registered office, if a statement of change is on file with the secretary of state;
(4) If the corporation has only one class of shares outstanding, solely to:
(a) Effect a forward split of, or change the number of authorized shares of that class in proportion to a forward split of, or stock dividend in, the corporation's outstanding shares; or
(b) Effect a reverse split of the corporation's outstanding shares and the number of authorized shares of that class in the same proportions;
(5) To change the corporate name; or
(6) To make any other change expressly permitted by this title to be made without shareholder action.
Okay:
Let's assume the Articles of Incorporation did not provide otherwise, so one could assume that Frank/Fan could INDEED increase the authorized shares (by amending the Articles of Incorporation). One small problem. This press release on the Qtv site:
Tuesday, August 02, 2005 Q Television Reduces its Tradable Stock by Fifty-Three Percent
PALM SPRINGS, Calif. – August 2, 2005 -- Q TELEVISION NETWORK, (OTCBB Other: QBID), the first 24/7 premium network for the gay and lesbian community, announced today that, in an effort to bring fair value to its trading stock, QBID, Frank Olsen, President, CEO and majority shareholder, has converted all his personal QBID holdings into preferred stock, which makes up 53 % of the total shares.
Can anyone help me here? Would not then the following amendments increasing the authorized shares be null? (because as of 8/2/2005) there were in fact TWO classes of shares outstanding? (our common shares and Frank's 53% "preferred")
Would any increase of shares then require shareholder action?
Posted by: florist805 In reply to: None Date:5/10/2006 12:43:10 AM Post #of 17778
Posted by: CFlynn In reply to: foxy who wrote msg# 251841 Date:5/10/2006 12:18:11 AM Post #of 252216
To clarify this, I have an e-mail from a Q executive (will not get into the name of the exec or the circumstances of the e-mail), received Monday, May 8th stating, "...selling as much as possible to bank money to make payroll." I will say, by "assets" we were discussing equipment & physical items in the studio facility, I was NOT speaking about "assets" in a general sense (libraries, programs, holdings, etc.). A week ago Wednesday, at least one of the large screen television monitors had been boxed up and was being loaded in a truck.
I'd also like to address this comment by The OTHER Frank, "To see them and their producers, cameramen, directors and tech staff cut afer working so hard was a painful moment for me - BUT (unlike Frank Owe) NO ONE LIED TO THEM WHEN IT HAPPENED. They were kept fully informed." Now, I'm new to this board, only came here because another ex-employee linked it to everyone, but I do know that may or may not have really been from Frank Hagan (having worked side-by-side with him, it does sound like Frank). It does, however, fall under what I think may be some feeling that the ex-employees are just "disgruntled".
Many of you are stock holders in this company, investors, and there seems to be a lot of anger for feeling cheated and/or burned. I'm not saying you don't have a right to feel that way, but it seems to me that investing is a gamble and you take that chance when you buy in. Employment is not suppose to be a gamble when it comes to receiving a paycheck. All of us knew going in that Q might fail and some of us still took the chance to leave other jobs to give it a try. Had Frank Olsen called us in January 30th and said, "I'm sorry, Q failed. Here's your final checks, thanks," people would have been disappointed, but no one would be angry.
Instead, these guys KNEW they were out of money and kept working everyone into the ground anyway. And I do mean into the ground. For those not familiar with television production, a typical tough, fast-paced entertainment show crew produces one or two shows per day. A typical news crew puts together two shows and promos over the course of a shift. When things were full-steam at Q, we did four entertainment shows (Brunch, On Q and two Queer Edges), two talk shows (On Topic and Reichen), plus the news and promos over a twelve hour shift on a typical day. So, to have people keep working like that for an additional month KNOWING they are not going to at least be paid is criminal. And they lied - they painted a picture of things going great, so none of us saw it coming.
Fast forward to a week ago Friday, when Mr. Fan announced they, once again, couldn't meet the payroll. The couple of weeks prior to that were very hectic - again painting a rosy picture that things were going well. Two new shows were being developed and a great deal of work was going into them. Fernando Loera, the graphic designer, was putting in an unbelievable amount of work to come up with graphics packages for the two news shows, plus a redesigned news package. The crew and producers were being run ragged to get ready for the shows. Unless Ms. Hinnant and Mr. Fan were as dumb as Olsen, there is NO WAY they didn't know they were out of money. Same problem - we worked our tails off for a month, while management KNEW we wouldn't get paid.
Mr. Fan told us in the meeting that he was funding the company out of pocket and that his "funds are limited." I think Mr. Fan's definition of "limited funds" are quite different from how that is defined by the people he just stiffed for a month's pay. Many people, who were only being paid half-day salaries to begin with, are only a paycheck or two from being DESTROYED. They truly live on "limited funds", where I'm sure Mr. Fan could have liquidated a property, a car or some kind of other holding in order to cover this skeleton crew's payroll. That's what angers us about how this has played out. Fan and Olsen screwed all these people out of their pay crying poor-house, when they don't seem to put themselves too far out before doing so.
For the record, as soon as Mr. Fan reached the point in his speech where he stated they "will not be able to meet the payroll," I walked out of the meeting and informed my supervisors that I was done.
This goes back to February 13th when, a week earlier, I had been laid off with everyone else and had no idea if I'd ever see my January pay. I received a phone call that Q was getting back on the air and would be bringing back a small skeleton crew to keep things going for "a few weeks". They had my January pay...but I was only going to get it if I came back. Same went for the rest of the small crew. Hesitant, I asked A LOT of questions and made some statements. First off, I asked about everyone else's pay and was told they expected everyone to be paid by the end of the week. Having coordinated the initial group complaint with the California Labor Commission, I asked if the state was aware they were bringing people back and was told a "deal" had been made to bring us back in and that there was "no way" Q would be able to stiff anyone on paychecks again, because the labor commission would shut them down. There were some other points addressed and I insisted I would only come back freelance and that, as a freelancer, I would be free to take off or "book-out" when I was called about other work. During the time I thought I was laid off, I had restarted my freelance connections and was not about to close those doors again when I knew Q could screw me again. Finally, I assured Q management that if another paycheck was missed, I would be done, immediately.
By the end of the first week, we saw there was no intention of getting the remainder of the crew paid and execs inside were playing a game of "I don't know where that came from." There was also a stated attitude that the ex-employees who were angry (and were being vocal to the press) were "unstable people made more unstable by the financial hardship" and that the financial hardship was the fault of "financially irresponsible people". There were also assurances of "action" and retaliation to be taken against those people "making it tough for us in the press." At the time I remember wondering where they were going to find the money to go after them, but that was a whole other issue. They went on to say dealing with the Labor Commission was "not a big deal" and that the penalties we all understood we were entitled to were "not what you all think."
In the end, we (as a crew) decided the best chance of getting everybody caught up and paid was to keep the thing alive long enough for them to find an investor. A month in, I called the Labor Commission to follow up on the outstanding payroll and penalties. When I asked about the "deal" they made with Q, the person representing our claim at the time laughed and said, "That's boloney, there is no deal. I don't even think anyone from our office has been over there yet because we're still waiting for all the claims to come in." He went on to say that we did the right thing, that if there was some way to get our money by going back, to do it, but if they stiffed us again to walk away.
So, having been lied to again and again and AGAIN, we stuck it out until a week ago Friday, when we found out it we had just worked another month while they KNEW we weren't going to get paid. What amazed me was hearing they believed they could continue on all last week, based on everyone's loyalty. Mine was gone and as a mercenary-for-hire, I walked. An attorney from the Labor Commission is now handling our claim and they are simply waiting to see what Q's next move is. Like Ms. Meyer, I am a group representative for the attorney and received an e-mail early last week saying she had met with Carol Hinnant before we were even told about the payroll, where Ms. Hinnant stated Q was out of options and intended to file bankruptcy. For those of you wondering why two "former employees" were aware of Q's intentions, there is your answer. Obviously, it is a fluid situation and the story has changed several times since, but the Labor Commission is not waiting forever for Q to decide its fate.
All that said, I also want to agree with something the real-or-fake Frank Hagan said about how hard everyone was working to keep the thing alive, because it is SO true. We had no staff or support. Two camera operators were doing the work of four, plus the work of the stage manager, utilities and props/art departments. The previously mentioned Mr. Loera came in at 9am, built graphics all day, then came down and ran the graphics machine for all the live shows. Two audio techs were doing the work of four, one lighting director was handling all of the lighting duites normally done by a crew of techs. Carrie Havel, the director, who had previously been the assistant director, was still doing both jobs with myself helping her through it. And when the girls went to Palm Springs for Dinah, I was directing and switching (cutting cameras, doing effects) at the same time. Our engineer was also painting cameras. And one young man, Alex Honda, ran his tail off for the past two months, as an UNPAID INTERN, doing every job imaginable and he deserves an MVP award for sure.
Likewise, the two producers, Scott Dill and Buck Fraser, who only had the most basic support (Dill had John Carroll & Steve Oldfield, Buck had Dominic Ottersbach) ran all the shows and worked extremely hard, despite the limitations and frequent frustrations. The show hosts made sacrifices and not only did their on hair/makeup & wardrobe, but also took care of the guests. I have to agree, Honey Labrador is one of the hardest working & nicest people I've worked with. Steve Kmetko is great and it was a thrill to work with him again, since going back to E!. Robbie is indeed one of the funniest people on TV and I'm glad to be running into him auditioning & working at other places. Chrisanne Eastwood is funny as all hell too and is brilliant. Reichen's cool too, nice guy and he really does care about other people. Seeing Scott Withers let go after busting his butt to keep the place going was heartbreaking, as was the loss of Queer Edge because "Daddy Jack" is one of the sickest and funniest people you'll ever meet (PLEASE someone pick up that show). Even Frank Hagan would jump in to cover short positions and facilities manager Dave Kingsburry would pull cables for the camera guys during the transitions between shows.
Everybody was dedicated to Q's survival. To reach the end of the road being left hanging for another month's pay is insulting. For those who call the ex-employees "disgruntled", maybe now you have some sympathy for us.
Just to end on a good note, it can not be overstated how great a group of people made up the family at Q. Besides being hard workers, they were also the most incredibly fun, creative and friendly people you'd ever work with. Many of us noted how every job has some people you don't like, but Q was different. We all got along so well and had so much respect for one another. Even the straight folk, like myself, had a great time with what we were doing and had it not been for all the nonsense we weren't aware of, it could have been a real success. We all felt like we made friends & business relationships for life and because of that, I'll never regret the decision to join the team at Q.
But I still want my damn money!!!
Chris Flynn former technical director/director, QTN.
PS - a lot has been made of the PlanetOut article claiming "three millions subscribers" and just want to point out, that number seems to be mistaken with Q's penetration - the number of POTENTIAL homes Q was available to. Based on the number of cable systems it was available on and the size of those markets, there would be POTENTIALLY three million subscribers, but there is no way we had that size audience. Just looking at the Reichen show, many of the e-mails still had to be faked every day, if we had three million subscribers, producers wouldn't have had to do that.
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Member Rated: posted May 10, 2006 09:22 -------------------------------------------------------------------------------- (Finally! I found the tread on the 5th page). ------------------------------------------------ Press Release Source: Vision Works Media Group, Inc.
Vision Works Media Group Seeks Office Space & Production Studios In Hollywood, California Wednesday May 10, 9:00 am ET
OCALA, Fla.--(BUSINESS WIRE)--May 10, 2006--Vision Works Media Group, Inc. (Pink Sheets:VWKM - News) announces that it is seeking office space & production studios in Hollywood, California for its wholly owned subsidiary New Screen TV, Inc.
The company has determined that a presence in Hollywood for its New Screen TV unit would benefit the company greatly with greater exposure within the television programming industry along with greater access to independent producers and their productions.
As the company signs new affiliates/distributors and with the increasing demand for its programming, the need for additional product becomes essential. If successful in obtaining offices and production studios the company will be able to create and co-create new programming and increase affiliate signings.
**Well it looks like Q may have a buyer, because VWKM is looking for space. Keep an eye on this possible transaction** Not that it will do us any good.
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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posted
Doc maybe it's a good time to buy VWKM. I've been over at THE BATTLE OF NORD OIL for the last 6 weeks and it looks like we finally won the war. There are much better investments after this Q turd.
quote:Originally posted by Doctoall: Trasq Member
Member Rated: posted May 10, 2006 09:22 -------------------------------------------------------------------------------- (Finally! I found the tread on the 5th page). ------------------------------------------------ Press Release Source: Vision Works Media Group, Inc.
Vision Works Media Group Seeks Office Space & Production Studios In Hollywood, California Wednesday May 10, 9:00 am ET
OCALA, Fla.--(BUSINESS WIRE)--May 10, 2006--Vision Works Media Group, Inc. (Pink Sheets:VWKM - News) announces that it is seeking office space & production studios in Hollywood, California for its wholly owned subsidiary New Screen TV, Inc.
The company has determined that a presence in Hollywood for its New Screen TV unit would benefit the company greatly with greater exposure within the television programming industry along with greater access to independent producers and their productions.
As the company signs new affiliates/distributors and with the increasing demand for its programming, the need for additional product becomes essential. If successful in obtaining offices and production studios the company will be able to create and co-create new programming and increase affiliate signings.
**Well it looks like Q may have a buyer, because VWKM is looking for space. Keep an eye on this possible transaction** Not that it will do us any good.
posted
Frank never made his shares prefered shares like he stated.
there was never an application to the board to do this.
they do not show up at the wa sos
just because he said it in a pr doesnt mean he did it.
he stated in the last confernece call that the shares where not all converted. that could have ment that none of them where converted, and that is evident in the fact that no application shows on the wa sos.
Frank was a slimmy *******.
Rod
quote:Originally posted by Ad astra: A post on IHUB got me thinking yesterday about the share increases and the attempt by Fan to conduct a reverse stock split.
Now I must say up front--I am certainly not a Washington State Attorney, but this is just thinking out loud:
Washington State Statute:
RCW 23B.10.020 Amendment of articles of incorporation by board of directors.
Unless the articles of incorporation provide otherwise, a corporation's board of directors may adopt one or more amendments to the corporation's articles of incorporation without shareholder action:
(1) If the corporation has only one class of shares outstanding, to provide, change, or eliminate any provision with respect to the par value of any class of shares;
(2) To delete the names and addresses of the initial directors;
(3) To delete the name and address of the initial registered agent or registered office, if a statement of change is on file with the secretary of state;
(4) If the corporation has only one class of shares outstanding, solely to:
(a) Effect a forward split of, or change the number of authorized shares of that class in proportion to a forward split of, or stock dividend in, the corporation's outstanding shares; or
(b) Effect a reverse split of the corporation's outstanding shares and the number of authorized shares of that class in the same proportions;
(5) To change the corporate name; or
(6) To make any other change expressly permitted by this title to be made without shareholder action.
Okay:
Let's assume the Articles of Incorporation did not provide otherwise, so one could assume that Frank/Fan could INDEED increase the authorized shares (by amending the Articles of Incorporation). One small problem. This press release on the Qtv site:
Tuesday, August 02, 2005 Q Television Reduces its Tradable Stock by Fifty-Three Percent
PALM SPRINGS, Calif. – August 2, 2005 -- Q TELEVISION NETWORK, (OTCBB Other: QBID), the first 24/7 premium network for the gay and lesbian community, announced today that, in an effort to bring fair value to its trading stock, QBID, Frank Olsen, President, CEO and majority shareholder, has converted all his personal QBID holdings into preferred stock, which makes up 53 % of the total shares.
Can anyone help me here? Would not then the following amendments increasing the authorized shares be null? (because as of 8/2/2005) there were in fact TWO classes of shares outstanding? (our common shares and Frank's 53% "preferred")
Would any increase of shares then require shareholder action?
11/07/05 amendment a/s + to 60b
12/19/05 amendment a/s + to 100b
02/07/06 amendment a/s + to 350b
Thoughts?
-------------------- Dont buy or sell on my opinions, do your research. Make sure you know what you are buying before you buy.
This is a non reporting pink sheet with very high risk. From high risk comes high rewards. Dont invest more then you can afford to lose.
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posted
I agree with Ad astra, and while I too am allowing Fan to do what he can to help QBID, I am waiting only until one of 3 things happen: QBID either files bankruptcy, reverse splits to the point where what I have is worth nothing or QBID goes back up so I can sell out and recoup my investment. At that point, I also will not just sit back and not take action against Frank. He lied about the financial strength and stability of the company (that company being QBID aka Triangle MultiMedia). These lies should not go unpunished and even if I was to gain nothing financially from a class-action lawsuit, I sure would enjoy Frank's loss of financial security and whatever other hardships a lawsuit might bring upon him.
-------------------- Still holding, Still waiting, ...
Don't forget to send your letter to Echostar/DISH Network. 20 letters a day gets Q some play :)
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posted
As far as VWKM goes, it's a nice thought, but they won't be buying the studio from Q. Remember? One of the many fun lies we found out about was the fact that Q RENTED the studio, but had some sort of agreement to buy in the future. Can anyone dig this info up?
-------------------- Still holding, Still waiting, ...
Don't forget to send your letter to Echostar/DISH Network. 20 letters a day gets Q some play :)
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quote:Originally posted by polo1110: As far as VWKM goes, it's a nice thought, but they won't be buying the studio from Q. Remember? One of the many fun lies we found out about was the fact that Q RENTED the studio, but had some sort of agreement to buy in the future. Can anyone dig this info up?
Polo that is how Egan Elleridge got himself situated with Q, he is the President of Valcom and he rented the property to Frank, so Frank gave him an office at the studio, gave him the ability to oversee operations and get money from diluted shares. If the studio changes hands you can be sure that Egan will want to remain as a part of the fixtures. Egan took Valcom to BK and screwed the shareholders.
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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posted
This turd comapnay is spiraling out off control!
NEWS QTN runs out of cash – staff laid off
by Lisa Keen
Just two months away from a commitment to broadcast Gay Games VII from Chicago, Q Television Network abruptly laid off all its employees last week.
The for-profit gay cable and Internet broadcast company, delivered through several major cable outlets in San Francisco, Boston, New York, Chicago, and other markets, had in December 2004 promised to pay Gay Games organizers $1.7 million in cash and provide $1.5 million in "advertising and programming benefits" for the exclusive right to broadcast Gay Games events. The company also agreed to unscramble its signal during the Games to make the broadcasts widely available in more than 150 markets worldwide.
Kevin Boyer, co-vice-president of Gay Games Chicago, issued a statement in response to questions from the Bay Area Reporter to several Games officials this week. In the statement, he said the Games had "dissolved" the contract it signed with Q Television Network after "discussions" with the company "earlier this year."
Although the Games organizers remain "open to some degree of QTN involvement with broadcasting," said Boyer, they have talked with "additional potential partners in television, radio, and online streaming media."
The Gay Games takes place July 15-22 in Chicago.
[See story, sports section]
Lloyd Fan, who took over as head of the beleaguered QTN on March 7, said the company is "still trying to restructure" and that he hopes to "move forward" with Gay Games coverage. He also estimated that QTN had already paid Gay Games about $1 million of its commitment.
Fan said QTN had to lay off its employees this month because it "ran out of money." He said he had not been able to "arrange proper financing" of the company because the company had "not been able to provide proper audit and finance statements" to investors.
Q Television Network (not to be confused with the San Francisco cable program QTV Newsmagazine was founded in Palm Springs, California, in April 2004 and billed itself as "by and for the gay community." According to an Associated Press report in April 2005, its founder, Frank Olsen, was a former gay bar owner in Seattle and served as chairman and CEO of both the network and its parent company, Triangle Multi-Media of Seattle.
While the network showed signs of growth – entering more markets through such media giants as Time Warner, Cox, RCN, and Verizon; buying a production studio in Burbank for $25 million; signing a contract with performer Sandra Bernhard; and employing an estimated 100 employees – it also showed signs of trouble and, in February of this year, laid off all its employees. It eventually hired some of them back and on February 27, Triangle issued a press release saying Olsen was appointing entrepreneur Fan as "interim president" of QTN. A week later, the company issued another press release saying that, under "a new agreement," Fan would immediately assume Olsen's roles as chairman and CEO of Triangle Multi-Media Limited and Q Television Network.
Although Olsen wasn't mentioned by name, the March 7 press release also indicated that " all Triangle Multi-Media Limited and QTN officers and board of directors have resigned their positions and have relinquished all responsibilities and affiliations."
Fan immediately closed down the network's Palm Springs offices, consolidating its operation at its studio in Burbank. He also sent a letter to shareholders saying the company was "positioned to prosper in the GLBT marketplace."
Then last week, in an e-mail dated May 3 and addressed to more than 40 people working on the network, Fan said the company had simply run out of money and options.
"It is with deep regret, I must terminate your employment effective today due to the network's inability to pay salaries," wrote Fan in the e-mail. "As you know, since I have taken control of the company on March 7, 2006, I have worked tirelessly to secure funding for the company. All negotiations with potential sources have ended and there are no longer any options on the table."
Boyer of Gay Games Chicago said the event's contract with QTN was "structured in advance to ensure that any subsequent difficulties experienced by Q Television would not have a significant negative impact upon the financial strength of the 2006 Gay Games."
quote:Originally posted by Dew-it: Kevin Boyer, co-vice-president of Gay Games Chicago, issued a statement in response to questions from the Bay Area Reporter to several Games officials this week. In the statement, he said the Games had "dissolved" the contract it signed with Q Television Network after "discussions" with the company "earlier this year."
I wonder what date "earlier this year" was. Seems like something we should have been told about!!
Hey, volume seems to be up today. Maybe its a buy-back .
posted
Im tired of reading the press. The minute my shares are no longer able to trade...that's when i'll give up and start looking for some payback.
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Posted by: The OTHER Frank In reply to: skunksyard who wrote msg# 252698 Date:5/11/2006 2:27:57 PM Post #of 252726
Hi ThomasG... an answer to programming
RE: Programming? There wasn't anything to work with when I got there. The VAULT of TAPES of existing acquired programming were expiring or were crap. There were little to no movies to run and those we had had licensing agreements that were lapsing. I had to do what I had to do to keep the schedule full -- and it was like being "MacGuyver" in dealing with what little available programming there was. Dan M and Hank worked miricles with scheduling and adding whatever we could to keep the schedule filled - including accessing public domain movies and shorts.
I had plans for additional new programs that never had the chance to start or roll out. NEWS developed the Steve Oldfield Entertainment show (which aired twice - by the way, a nice guy and a hard worker!) -- we were readying other special shows that Honey / Chrisanne and crew taped at the Dinah Shore Weekend and also an hour-long documentary I personally shot in Syracuse on the Miss Gay Syracuse event there, and we also had readied the "repremier" of the 1960's Judy Garland show.
Then there was Honey's return to Daytime talk with "GET REAL with HONEY."
I also wanted to create a prime time. I looked to do a Friday night movie series called BURNT POPCORN (really bad movies hosted by gay comedians), for Sunday nights my plan was to incorporate the HAMMER and NAILS show and create a night for Lesbian oriented programming only -- something the previous people at Q seemed to have "amazingly" and SEVERELY OVERLOOKED, Jinx Titanic was assembling a weekly "alternative lifestyle hour show" for the Bear and S/M crowd, something the previous people at Q seemed to have "amazingly" and SEVERELY OVERLOOKED, I planned a "ON THE DL" night where documentary specials discussing the DL lifestyle would air and the evening talk shows preceeding this would promote it by doing DL related topics. I also planned doing a Q PEOPLE OF COLOR night where Latino / Latina and Afro American Gay issues and targeted programming would fill a night of Prime Time -- again, something the previous people at Q seemed to have "amazingly" and SEVERELY OVERLOOKED, and I also had a SAT night Variety / Talk show in development. I even looked at -- and seriously considered -- running the Canadian Gay Male Naked News for a late late night block. (I was turned on to that concept by Scott Dill - the man who was the true genius of QTN News.) Much credit needs to go to him and the many good things he did at Q.
If only Frank Olsen and crew had left Q "stable" and with operational cash -- that is what you, the viewers, would have been seeing hit the QTN airwaves on my watch. Carol and Lloyd were behind every effort I wanted to achieve with programming. We just didn't have the available cash flow to do it, but we tried a number of ways to get some of it done --and we almost did it.
So if you see a rerun or the Three Stooges? Think of THE OTHER OTHER FRANK, not this one.
posted
its too bad to hear this. as we have always stated, the timing was right, the talent was there, and the spirit was good. there was just one great big fat Leach sucking the financial blood out of this company.
good idea, bad management. its too bad that so many good ideas get screwed up by poor managers.
Franks dream was to build the best, but instead he killed the best.
god i hope something can be done to salvage the damage he has done. I don't care about the money now as it is gone, I'm more concerned about the ones that put their hearts into their jobs, and unexpectedly for no pay. They are the real losers in this company. we all still have a revenue stream, where as these ones lives get put on hold until they can find someone that will pay them for their creative talents.
that is the saddest part of this situation.
we should be thinking about them instead of our own selfish interests as well.
I'm not going to die with out the money i invested. IM not going to miss a car payment or a meal or have to give up any luxuries because of this closure, but they will, and that is the part that bothers me the most.
the fat lady has not sung yet, but the orchestra is getting ready.
lets hope Fan can get a stay of execution for this company.
hell if he claims for bankruptcy protection, maybe he can restructure this thing. it worked for RCN. It has worked for many other companies.
who knows.
Rod
-------------------- Dont buy or sell on my opinions, do your research. Make sure you know what you are buying before you buy.
This is a non reporting pink sheet with very high risk. From high risk comes high rewards. Dont invest more then you can afford to lose.
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posted
Penny: The fat lady has not sung, but as you say the orchestra is getting ready, while the naked fat man runs through the desert. Frank watch out for the cactus. Better still I hope you are sitting on one
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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quote:Originally posted by aj4400: There were little to no movies to run and those we had had licensing agreements that were lapsing.
What about the movie library??? Have we uncovered another of Frank's many lies?
Hmmm, we never actually bought the studio that was going to be worth so much, and now...we never actually bought the movie library that was worth 1 billion!
posted
As soon as the sh!t hits the "Fan" and by the looks of it - seems inevitable. This will be our last option. Frankie the Fraudster, you better run your fat ass for cover.
Shareholders Sue XM Satellite Radio Holdings, Inc. -- KGS Announces Filing Thursday May 11, 9:33 pm ET
NEW ORLEANS, LA--(MARKET WIRE)--May 11, 2006 -- Kahn Gauthier Swick, LLC ("KGS") announces that a securities class action lawsuit has been commenced in the U.S. District Court for the District of Columbia, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of XM Satellite Radio Holdings, Inc. (NasdaqNM:XMSR - News) between July 28, 2005 and February 15, 2006. No class has yet been certified in this action. ADVERTISEMENT
UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.
The Complaint alleges that defendants misrepresented XM's ability to reduce its subscriber acquisition costs, and that defendants knew or recklessly disregarded the fact that excessively large marketing expenditures would be needed through 2005 to reach XM's goal of 6 million subscribers. It was only on February 16, 2006, that XM disclosed to investors the fact that XM's subscriber acquisition costs were skyrocketing. Shares of the Company immediately fell 13% to close at $21.96 on February 17, 2006 and have subsequently fallen further to around $17.00 per share. During the class period, several key insiders of XM made huge sales of their personal holdings in the fourth quarter of 2005, taking advantage of the artificial inflation of XM's common stock and selling almost $70 million in Company stock during that time.
If you purchased shares of XM between between July 28, 2005 and February 15, 2006, and wish to discuss your legal rights, you may e-mail or call KGS, without obligation or cost to you. You may contact Lewis Kahn of KGS toll free 1-866-467-1400, ext. 100, or at 504-648-1850, or by email at lewis.kahn*kglg.com. Further information is available at. http://www.kglg.com/case/case.asp?lngCaseId=4799
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posted
Ok, lets say Fan files for bankruptcy...which company will it actually be? TMM or Qtelvision? I know TMM is pretty much nothing more than QTV, but doesn't QTV have its own 75,000 shares of stock? Also, don't we (TMM) still own some other companies?
posted
The gay games won't have this event in their program, but if they did Q share holders would win the gold hands down for the who can get screwed the longest and BSed the most competition.
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