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The EMO updates are just as frustrating as the 12DP updates!
EMO Corp. Assets Sale Update
Wednesday, 02 May 2007
The Receiver had successfully negotiated the sale of substantially all of EMO’s assets, which was to occur in early March 2007 for in excess of $1 million. A former member of EMO management (Todd Tredeau) impeded the sale by asserting a claim of ownership in EMO’s intellectual property. Although the Court has found the claim to be unsubstantiated, this has caused the buyer to put the process (at least temporarily) on hold. The Judge recently ordered all parties involved (former management, including Todd Tredeau, The State of Texas, the Secured Lender, the Receiver and the Buyer) to a mediation hearing to occur before May 31, 2007 in an attempt to complete the sale of EMO’s assets to the Buyer.The Receiver has also begun the process of formally objecting to claims. Upon completion of the claim objection process and a successful resolution of the sale of EMO’s assets, the Receiver will prepare a distribution plan to be filed with the Court.
The website will be updated with these documents as they are developed.
On May 9th Gary R. Barton filed a whole host of claim objections. The list can be found here.
So, more delays and more of our potential refunds being spent on the legal process! You can read all of the updates at http://emoreceiver.fticonsulting.net.
JMO - Sharon
Popularity: 3% [?]
There is no more money left. The receiver has spent it all and in the process has failed to provide the creditors of EMO a reasonable accounting of what he has actually accomplished in almost 15 months worth of bogus investigating. He has not been forthcoming with information, especially when it comes to his fees and expenses, as well as that of his attorneys from Fulbright and Jaworski. The only potential way to gather information on what Gary Barton has filed is by physically visiting the Travis County Courthouse in Austin, TX and viewing the documents personally. As of yesterday May 21,2007, FTI Consulting, the company that Gary works for, has removed all of the files from the emocorp.com website, so that no interested party can view the documents anymore. When you visit the site and click on the links for anyone of the documents, you will receive a 404-error, not found page. Ironic since he has been made aware that this ridiculous and bogus investigation is going to be aired on tv soon, and Gary will be the center of attention. There is an investigative reporter in Austin that works for KEYE-TV, Nancy Wilson is her name, that has been filing freedom of information act inquiries from the Attorney General’s office’s as well as that of the Texas Banking Commission and the receiver and his attorneys. Guess what the response was, you guessed it, not a chance in hell that they would release any information pertaining to this case, and that really commanded her attention. She knows what the story is and will provide an objective view of what has transpired with regards to EMO and the great State of Texas. And by the way, Todd Tredeau, the sole owner and inventor/author of all of the IP of EMO Corp has every right to object to the sale of his assets, especially the IP, software, copyrights, etc. So if for one minute you think that Gary Barton has acted responsibly and ethically in his investigation, think again. The money is gone, EMO creditors are the only losers here and for the state of Texas to supposedly protect the consumers of Texas and beyond from the management of EMO, I say who the hell are you kidding. Thank you for your time.
That about sums it up. The injustice and victimization Tredeau has suffered at the hands of the State of Texas is virtually unknown to former EMO account-holders. Hopefully Nancy Wilson gets to the bottom of all this and tells the story; otherwise, the facts will remain suppressed about the truly scandalous conduct of Barton et al.