This looks good

[Guest]

I'm sure this: Medical marijuana and artist grants

Had nothing to do with this: Kaya Compassion Medical Marijuana Dispensary's New Pricing Policy Shows How "Competition Helps Patients" - Says Dispensary Defense Group

Still, I'm feeling rather pleased with myself today ...

[Guest]

Oh, lovely.

Startup Cannabis Science ousts CEO - San Francisco Business Times:

Cannabis Science Inc. — the San Francisco startup trying to develop a cannabis lozenge to treat hypertension — fired its president and CEO and replaced him with its chief scientific officer.

Steven Kubby “failed to conduct his duty in the manner that … is in compliance with his fiduciary duties to preserve shareholder value and corporate integrity,” the company said in a filing Thursday with the Securities and Exchange Commission.

Kubby will remain a director of Cannabis Science (OTCBB: CBIS).

Dr. Robert Melamede was appointed president and CEO and secretary. Melamede, who will continue as chief scientific officer of the company, is the retired chairman of the biology department at the University of Colorado at Colorado Springs.

Melamede, the company said in a press release, is a leading authority on the therapeutic uses of cannabis. He serves on the advisory board of The Journal of the International Association for Cannabis as Medicine and the scientific advisory board of Americans for Safe Access.

Richard Cowan was appointed treasurer and chief financial officer, the company said in its SEC filing.

Email Ron Leuty at rleuty@bizjournals.c om / (415) 288-4939

Steve Kubby, Mary Ruwart, Ray Carr and Lee Wrights resign from Cannabis Science corporation Board of Directors
July 11th, 2009 · 55 Comments
Steve Kubby, Mary Ruwart, Ray Carr and Lee Wrights resign from Cannabis Science corporation Board of Directors | Independent Political Report

Steve Kubby and Mary Ruwart are former candidates for the Libertarian Party Presidential and Vice Presidential nominations, and Kubby was the 1998 Libertarian candidate for Governor of California. Mary Ruwart and Lee Wrights are At Large members of the Libertarian National Committee. Ray Carr is Mary Ruwart’s husband.

From Steve Kubby, via facebook: “Dr. Ruwart, Ray Carr and Lee Wrights joined me in walking out of a company I created. As Libertarians, we all share the same commitment to the same principles. When it became clear that our company had become entangled in fraud and deception, we demanded answers. Instead, those behind the fraud illegally removed me. Yes, we could have fought it and won, but attorneys repeatedly waned us that it is only a matter of time before the SEC will be investigating the company’s many questionable activities. Actually, these guys have done me a great favor, because they have removed me from a stinking mess and assumed the liability for themselves. Is a new company already in the works? Stay tuned…”

This was just followed by an email to Steve’s list: “The Truth Shall Set You Free

Yesterday I thought I had paid a high price by choosing to tell the truth, but today I know it has propelled me to a new level. The response to my resignation has suddenly filled my life with sunshine and amazing new opportunities. Our wonderful project, once mired in fraud, has been cleansed. As one member of our team put it: “We’ve been dragging around a 5,000 pound gorilla and now we’re finally free.”

Karma works!”

A more detailed note about the resignation was posted by Steve Kubby to facebook a couple of day ago:

My Resignation from the Cannabis Science Board of Directors
Share
Thu at 7:30pm

The challenges of launching our company, during the worst financial crisis since the Great Depression, forced us to move quickly and decisively, resulting in a lot of snap decisions and rushed actions that I felt needed to be reviewed. Hence, I recently asked our COO, Ray Carr, to perform an internal review, so we could determine what actually happened and where we are now.

In the course of his review, Ray Carr spoke by phone with Raymond Dabney, who had brought us the deal with Gulf Onshore to do a reverse merger. Our COO wanted to determine what stocks had been issued and to whom. When Mr. Carr attempted to get details about certain unusual consulting contracts, Dabney refused to provide answers and told our COO, “it’s none of your business.”

For Dabney to tell our COO what he did, was disturbing and unacceptable to Mr. Carr, and when I found out about it, disturbing to me, especially since I have been increasingly troubled by Dabney’s demands that we sign stock deals with consultants with vague responsibilities and identities. It was then that our COO advised me that he believed something might be going on that required an internal investigation of Raymond Dabney’s stock deals and the advice of our SEC attorney.

It was our Chief Science Officer, Dr. Robert Melamede, who brought Raymond Dabney to my attention and gave him a strong personal recommendation. Despite the recommendation, I did a search on Dabney and came up with this:

“In November 2005, for example, the commission suspended Ray Dabney, the president of Xraymedia, after he admitted sending out 22 false news releases about the company. Several Xraymedia directors serve on Goldmark’s board, and the two companies share the same Vancouver address, according to filings with the Pink Sheets. Xraymedia was the subject of a 2003 spam campaign, according tospamnation.info, a Web site that tracks penny-stock spam. Shares of Xraymedia are quoted on the Pink Sheets. Although barred from the Pink Sheets, Goldmark shares may still trade if a broker is willing to sell them to investors (few are).”

The truth behind penny-stock spam - MSN Money

[Guest]

The rest of the article:

Dr. Melamede and, in particular, Richard Cowan, our CFO, argued that this was only a civil infraction and had more to do with the Vancouver Exchange than any real wrongdoing on the part of Dabney.

However, before I agreed to work with Dabney, I sent our CFO to meet with him in Vancouver. Cowan reported that Dabney was perfect for us and we agreed to work with him.

Recently, I have become increasingly concerned about large blocks of S-8 free trading shares that Dabney insisted I immediately transfer to unknown individuals and companies. Due to the large amounts of stock involved and the lack of any information about the individuals and companies involved, I continually requested opinions by our Board of Directors. In each case, it was the opinion of Dr. Melamede and our CFO that these transactions were necessary and legal. Additionally, I was reassured by Dabney that his scrape with the SEC had been resolved and he had been cleared.

Despite these assurances, I became so concerned about what was happening, I refused to sign the most recent stock transfer he submitted, which awarded 850,000 shares, per year, to a company that had no clear duties and did not even have an address.

Then, when our COO told me about Dabney’s refusal to answer his questions, I decided to do a another search on Raymond C. Dabney. Within just a few minutes, I was shocked to find new information about him that is, on its own, troubling, but taken in the context of what Dabney has been doing in our company, it appears that immediate action is required.

One paragraph in an SEC report, dated August 8, 2008, on Dabney is especially disturbing:

“The Commission’s complaint further alleges that, from July 2005 to September 2006, Alliance, Richard Dabney, Raymond Dabney, Young, Smith, and O’Neal participated in an unregistered distribution of Alliance securities through a series of purported stock offerings by Alliance to North American Funding, Inc. (NAF), a Texas corporation controlled by Smith. According to the complaint, Raymond Dabney, Young, and Smith arranged for Alliance to issue stock to NAF in offerings that purportedly were exempt from registration. The complaint alleges that, in fact, the transactions between Alliance and NAF were not exempt from registration and were merely a device to evade the registration provisions of the federal securities laws. According to the Commission’s complaint, the stock was immediately distributed to third parties and sold into the market, without being paid for by NAF. Richard Dabney, an officer and director of Alliance, and O’Neal enabled Alliance to engage in those transactions by providing the necessary corporate resolutions and legal opinions, respectively. The Commission’s complaint also alleges that Young, Smith, and O’Neal received some of the Alliance stock through the unregistered distribution and sold it into the market without registration or a valid exemption from registration. According to the complaint, Lewis, Richard Dabney, and Raymond Dabney received a portion of the proceeds that Young obtained by selling the Alliance stock.”

Frankly, this seems to be exactly what Dabney is doing now, with our company. I then advised our COO that we had a fiduciary responsibility to conduct an immediate, confidential internal investigation of Raymond Dabney, to determine the following:

1. Are the stock deals arranged by Dabney legal?

2, Is the stock issued to the consultants that Dabney has recommended being distributed to third parties and sold into the market, without being paid for or properly registered, or exempted by us, as happened in the previous stock offerings by Alliance to North American Funding, Inc. (NAF)?

3. Given that Dabney never disclosed his history of SEC complaints about his attempts to create phony schemes to evade federal securities laws, are we still bound by contracts he created and had us sign, such as the Control Shareholder’s Agreement? That agreement gives Dabney a major role in the operation and decision making of the company, a role he would never had been allowed to assume, had I known the truth about him.

4. What legal options and obligations do we have to deal with this situation?

The results of that investigation are in and it appears that the level of fraud and illegal activities, as well as bogus or incompetent filings, appears to be systemic.

Yesterday, the Dabney group took actions to remove me as a Director, that are clearly a violation of Nevada state law. Dabney and group then contacted the investors and vendors of CSI to tell them I had been removed. By these two actions, I believe this group has so damaged CSI and its reputation, that I have no choice but to resign and do what I can to protect future investors by ending any appearance of support for CSI.

Also, I’ve learned that Dabney et al have issued themselves preferred stock, without my knowledge, any proper authorization, placing themselves in a majority position. If the CEO and COO are being left out of such fundamental actions as the issuance of stock, then the Dabney group is acting so far out of the law that I am again compelled to remove myself.

Furthermore, based on what we learned from our internal investigation, I now believe that the two court cases against CSI are not bogus as we all believed, but are actually the fault of Dabney’s failure to provide proper contracts or safeguards to assure a legal closing of his deal.

Another major problem is S-8 stock issuance with I believe was based on a fraudulent attempt to circumvent SEC rules with bogus contracts and fraudulent misrepresentation of services rendered, in order to create the appearance of legal activity, that was really intended to channel money back to Dabney and to the company.

These is also the matter of the Dabney group directing one of our investors to deposit $200,000 into our company lawyer’s CDN Trust account. However, the account to which our investor was told to deposit the $200,000 was NOT our corporate attorney’s trust account, but was actually Mr. Dabney’s own private attorney’s trust account. Mr. Dabney had attempted the same illegal diversion of funds a few days prior and had been warned by me that he had no authority and to cease any further activities, yet he brazenly repeated his attempt to divert these funds with the assistance of two of our CSI Directors, Richard Cowan and Robert Melamede.

I spoke to Annie Chan, secretary to Jeffry Wing, a Vancouver lawyer about the attempted diversion of funds. She told me that although Wing is Mr. Dabney’s personal attorney, he has not done any work for my company, nor, to her best knowledge was such a transfer known or authorized by Jeffry Wing. Mr. Wing and Ms. Chan can be reached at 604 689-2828. believe Mr. Dabney committed bank fraud by representing the account our investor was supposed to send money to was a Cannabis Science trust account when that is clearly not the case. So from my point of view, this attempt to divert funds appears to tie Mr. Dabney and his group to bank fraud, stock fraud, violation of the BC SEC order against him and attempted embezzlement. Not just once, but twice.

Dabney and his group claim they are partners with me, under the terms of a Control Shareholders Agreement I signed. However Dabney’s name appears nowhere in the document. The legal opinion of our corporate attorney, Faiyaz Dean, is that Dabney has no authority to say or do anything under the Control Agreement. According to Mr. Dean, there are at least three clauses that in the Control Agreement that nullify Dabney’s claims. Yet, in fact, Dabney has installed himself as COO, refusing to release files to us, using his own phone number and email to answer all inquiries to Cannabis Science. Dabney has done this with the full support of Melamede and Cowan, who appear to have entered into an agreement to take over CSI through unauthorized and fraudulent activities.

As long as my name is associated with Cannabis Science, innocent investors who know me and my reputation, will be investing their hard earned dollars into a company that is deceptive and fraudulent. Given what I have learned about the activities of Dabney, Melamede and Cowan, I believe it is my duty to resign and call attention to what I believe is an criminal conspiracy to defraud our investors.

Steve Kubby
July 9, 2009

Filed Under: Libertarian Party
55 responses so far ↓

[Guest]

This seems to me to be a prime example of what happens when you cover up for people for the "good of the movement".

Cannabis Science to investigate “apparently fraudulent activities” by ex-CEO

Posted by Jack Davis on July 14th, 2009 at 12:42 pm
Cannabis Science to investigate “apparently fraudulent activities” by ex-CEO | SiliconBeat

Cannabis Science, the San Francisco company dedicated to developing medicines derived from marijuana, filled in a bit more detail on why it fired former Chief Executive Steve Kubby last week in a filing today with the SEC. The company has authorized an internal investigation and “review by counsel” of Kubby’s “apparently fraudulent activities using the position he held as President & CEO as his authority to carry out these activities that damaged the Company and its shareholder value.”

Also disclosed in the filings were the resignations of the company’s chief operating officer, Raymond Carr, and its newly hired vice president in charge of research and development, Mary Ruwart, which were accepted by the board on Friday.

Among the “apparently fraudulent activities” Kubby is accused of in the filing are the “inappropriate and unauthorized signing of financial and share agreements” with both Carr and Ruwart, as well as with an unnamed “private party” and an “independent financial group”, all of “which were not disclosed to nor approved by the Board, using unauthorized company shares as collateral or consideration for his personal gain.”

The filing also cites Kubby’s “inappropriate and unauthorized acceptance of funds into a company account to which he had blocked and removed access by other officers and directors without approval or resolution”, as well as “inappropriate and unauthorized distribution of Company funds for his personal gain, while leaving essential obligations of the Company unmet.”

Finally, Kubby is said to have made “libelous accusation against the Company’s Directors and a key consultant, while misrepresenting his own actions to the public and the media in a manner injurious to the Company’s interests.”

Cannabis Science was formed earlier this year through a reverse merger with Gulf Onshore, a Texas-based energy company that traded as a penny stock under the symbol GFON.

In March, Gulf Onshore agreed to acquire Cannex Therapeutics, a private San Francisco company involved in medical marijuana research founded by Kubby, two of whose patents Cannabis said last month it was on the verge of filing with the U.S. government.

Cannabis Science shares lost two cents between Thursday and Friday, ending last week at 16 cents per share. They shed three cents Monday, and are currently down three more cents today, currently trading at 10 cents per share.

[Guest]

Looks like the story has reached escape velocity.

Startup boss under investigation ? company - San Francisco Business Times:

I must admit to a grim satisfaction from this. I'm thinking of those so-called "medical marijuana" sites that sell fake bud and ban anyone that points out some of our self-anointed leaders have clay feet - for the good of the movement.

I don't really like taking grim satisfaction, but it's about all I got left.

[Guest]

It's been two days now and I am still livid over Justin Hartfield's amazing interview with an Associated Press Reporter.

Justin Hartfield, a 25-year-old Web designer and business student, founded WeedMaps.com, where pot clubs and doctors who write medi-pot recommendations list their services and users post reviews. Hartfield says the site has brought in nearly $250,000 in its first year.

Hartfield exhibited at THC Expo, a two-day trade show at the Los Angeles Convention Center that attracted an estimated 35,000 attendees in June. There was hydroponic gardening equipment and bong vendors and bikini-clad models wearing leis made of fake marijuana leaves.

Like just about everyone else connected to the cannabis trade, Hartfield has a letter from a doctor that entitles him to buy medical marijuana from a dispensary. But he sees no point in pretending he is treating anything more than his taste for smoking weed.

"It is a joke. It's a legal way for me to get what I used to get on the street," he said.

He recalls telling the doctor who provided the referral that he suffered from insomnia and anxiety, though neither was true. As he signed the paperwork, the doctor "congratulated me like I was getting my degree from Harvard."

The Associated Press: California sprouts marijuana 'green rush'

I was leary about endorsing anything connected to Richard Cowan but I thought it sounded like a good idea, though their approach seemed misquided. Needless to say, it will be a long long time before I have anything good to say about Emery & Co.

[DdC]

Someone Is Lying: Kubby Fired By Cannabis Science;
Accuses Melamede and Cowan of Theft, Etc.
Are You A Thief If You Don’t agree With Me?
by Richard Cowan
Cowan@MarijuanaNews. com

The Kubby/CSI dispute involves some very complicated issues, but my decision to vote to remove him as CEO was based on a few very simple points:

First, when someone tells me that if I disagree with him I am therefore a thief, then I really must disagree with him.

Second, when agreeing with him would require me to falsely accuse two people of theft, and I do not believe the accusations be true, I would have no choice. It is a question of morality, and simple decency.

Besides, I have been slimed before, and there is too much “collateral damage” to the stakeholders, including those who need cannabinoid medicine.

Third, when one of the persons being targeted is a leading figure in cannabinoid science, and therefore the company’s most valuable employee, and if he were driven from the company under circumstances that would make it almost impossible to replace him with anyone who was not desperate, it is a question of good business.

The point is that Cannabis Science Inc. can be rebuilt by Dr. Melamede, but it cannot be rebuilt by Kubby.

Fourth, when I become the target of absurd extortionate threats, I have to conclude that the person making those threats and accusations really should not be running a public company.

Finally, when the person accusing others of theft is using company funds for his own purposes and is ignoring the basic practices of corporate governance and doing actual harm to the company, we really must act.

Below you will find a very abbreviated history, and some of the recent emails between Kubby and me.

After you read them, I think you will understand why I acted as I did, but if you still think that I have looted Kubby’s billions, please tell everyone that I spent it all on sex. That would do wonders for my reputation.
RC

History:
In the Spring of last year, Steve Kubby called me and said that some wealthy friends of his had expressed interest in the pharmaceutical cannabis business, and he was sure he could raise a significant amount of money for such a venture in a short time.

I had been acting as Kubby’s “campaign manager” in his unsuccessful bid for the Libertarian Party presidential nomination, so he asked me if I would serve as the Chief Financial Officer, because – many years ago – I had had experience in corporate finance, and he wanted someone he could “trust” in that position. (You will soon see the irony in that, but it seemed logical because I had been defending him through all of his legal difficulties, since his arrest in 1999, and had nominated him for the LP Vice Presidential candidacy in 2000.)

I agreed, but Kubby was only able to raise $50,000 from a wealthy neighbor, and that was all that he was ever able to raise, with some dubious exceptions, which we will hear about soon.

Kubby was, nonetheless, able to recruit Dr. Robert J. Melamede as the company’s “Chief Science Officer”. Dr Melamede is one of the world’s most respected authorities on cannabinoid medicine, so that was something of a coup. A friend of Dr. Melamede also introduced us – by telephone – to a fellow in Vancouver, Raymond Dabney, who could arrange a “merger” with a public company, which might make it easier for us to raise money. We knew that Dabney had had some problems with the SEC, but we did not consider them serious enough to prevent us from doing business with him. He was the victim of some bad legal advice, but it makes him an easy target.

I went to Vancouver and negotiated a deal, but the stock market crash killed it before we could raise any financing. We put together another deal, but everything that could go wrong did, and no one was able to raise any money.

Needless to say, I was not getting paid, and I was also feeling my age (I am now 69), and I kept telling Kubby that I did not want to continue as CFO. He asked me to stay on in just a nominal capacity, because he wanted to have someone he could “trust.” During all this time, my stress was greatly aggravated by the problem that Kubby simply could not grasp the nature of public companies, and he said that he did not want to deal with corporate finance. In other words, I realized that I had made a serious error.

Inasmuch as we had been unable to raise cash to pay for essential corporate services, Dabney proposed that we use a provision in the SEC rules that would allow us to issue shares for them. The Board – including Kubby – approved the proposal unanimously. I am not an expert on securities laws and/or SEC regs, but the deal was vetted by the company’s lawyer and the shares were issued.

I have found Dabney to be both competent and honest, and he has always insisted that everything be done in a legal and honorable way. However, he and Kubby have never gotten along well.

In the meantime, Kubby had moved into a large house in the Oakland hills, and was having trouble paying the rent ($3,000 per month). The company’s bills were also mounting, and Kubby was complaining about stress and urging Dabney to sell stock at any price, so he would not be evicted. (Kubby sent that email to all of the company’s employees, and that began a series of increasingly bizarre messages.)

Finally, on June 25th, I insisted that my resignation as CFO finally be accepted.

Excerpt:
“I have been saying for some time that I do not feel qualified to serve in this capacity, and my inability to produce results speaks for itself. Although my health problems are not “life-threatening”, it is clear to me that I do not have the stamina to do the job properly.”

Here is Kubby’s response on the same day:

“Richard,
I regretfully accept your resignation, but only because this appears to be affecting your health. The last thing we want is for your health to suffer.

As for your, “inability to produce results,” I must remind you that the ultimate responsibility for these decisions rests with me. You advised me, but I was the one who committed us to a program that has not produced the results we all anticipated.

I do think you should continue as a Director of CSI.

On behalf of the entire Team, please accept our profound appreciation for the work that you’ve done on our behalf.
Best wishes,”
Steve

Then just a week later, on July 2, I received the following email:
from Steve Kubby <steve@kubby.com>
to Richard Cowan <richardccowan@gmail .com>
date Thu, Jul 2, 2009 at 6:38 PM
subject Confidential
Full text:

“Richard,
You know me well enough to know that I never bluff and I never back down.

I want you to send me ALL the stock certificates and CFO files you are holding by Monday, July 6th, or I will file charges against you for stock fraud, embezzlement, and bank fraud.”
Steve

[DdC]

Here is part of my response:
July 3, 2009

“Dear Steve,
Let peace begin with me.
First, you say that I know you “well enough to know”.

No, I do not know you at all, because this threat does not come from the Steve Kubby that I have been defending and/or promoting for the last ten years. What a fool I have been!

May I remind you that I had been trying to resign as CFO for many months, and you kept begging me to stay because you wanted someone there whom you trusted. Ironic, eh?

In fact, nothing would make me happier than to be able to walk away from this deal, but – speaking of ironic – you have made it almost impossible for me to do so, because I have a fiduciary responsibility as a result of the position you wanted me to take and your actions that threaten the shareholders.

Second, you say you want me to send you “ALL the stock certificates.”

I will be happy to send you the CSI certificate for CANNEX. I do not have a cert in your name, and you have absolutely no right to demand any other certs, but I will also send Bob and Raymond theirs. Heretofore, no one has requested them, but I am happy to get rid of them.

Third, regarding the “CFO files”, may I remind you that we have done all of our transactions electronically, and you should have virtually all of these “files”.

They all exist in “Googleland”, and you can find them on your own .There really are no physical “CFO files”.

Fourth, you threaten that you will “file charges: against me for stock fraud, embezzlement, and bank fraud.”

Well, if I had committed those felonies, how would that be cured by my sending you certificates that are not yours and electronic copies of files that you should already have? Actually, you are threatening me with arrest for not making you an accessory-after-the-fact in crimes that – fortunately – I have not committed.

Stock fraud? I have done nothing that has not been vetted by the lawyers and approved by the Board, and nothing that I have done is dishonest.

Embezzlement? I have taken NO money from any source, directly or indirectly related to CSI, or on its behalf, and I have not been paid anything in such a long time that I have forgotten when the last time was.

Bank fraud? What bank did I defraud? I have had no transactions with any bank on behalf of CSI other than helping you open the WF account.

My purpose in going through all the above is NOT to defend myself, but rather in hopes that you will reflect on the absurdity of it all.
Unfortunately, your actions over the last few days have given us such grave concerns about your health.

Do you really think that Bob, Raymond and I are involved in some sort of vast criminal conspiracy, and plotting against you at the same time? Can’t you see how irrational that is?

When you first started this deal you asked me to help you and you said that you would have money in a “week” – or something like that. Now you are saying that Raymond’s plans have failed, but the only deal that you have come close to doing (since Gordon’s $50K) is the now uncertain “C” deal, which would be possible only with the public company that Raymond provided.

The serious flaws with the “C” contract you signed without Board approval were confirmed by “C”, but your only response was to announce that you were consulting an attorney about voiding the… deal with the very people who had pointed out those problems. Everyone on that call was astonished by that statement in that context.

Also, I assume that you are prepared to proceed without Dr. Melamede, since you say you do not trust him. And after all this, why should he trust you?

If you prevail, you will have to have a new Board. Who would want to sit on your Board after what has happened? How are you going to raise money after wrecking the company?

What is your plan for going forward with the company?
R”

As you can see, I raised a number of substantive points asking his plans for how he would go forward, but his response, “No middle ground”, demanded that I again explain a deal approved by him and the lawyers, and ended with this:

Excerpt: Dick,
“There is no middle ground, now that the fraud is so obvious. Either you wake up and recognize the fraud and join the effort to expose it, or I can only conclude that you are a willing co-conspirator with Bob and Raymond.”

In other words, if I did not agree with him that Dr. Melamede is a thief, then I must also be a thief. Except of course, he had already accused me of being a thief the day before, so I did not feel that there was any point in trying again.

That is the sum total of the basis of his accusations against me. As it happens, I have the greatest confidence in Dr. Melamede’s integrity, while I have learned the hard way about Kubby.

Don’t Point Your Finger When Your Hand Is In the Cookie Jar:
We had also learned that he had proceeded with the “C” deal mentioned above, without Board approval, and he had blocked my access to the Company’s bank account without Board approval, so he could take in $20,000 without Board knowledge or approval, and had paid himself $3,000, without Board approval, while leaving vitally important company obligations unpaid.

We have also learned that Kubby used promises of Company shares to borrow money from Company employees and at least one other person without Board approval.

The total amount of money involved was not great, but the way he was doing it endangered the company and put the Directors in an impossible position.

Consequently, because his behavior had became so irresponsible that the Board had to remove him as CEO, he resigned as a Director and then sent his libelous accusations to the media, claiming to be acting from noble motives.

There is one more illustrative point. A month or so ago, Dr. Melamede, who is not a wealthy man, loaned Kubby $2,000 to pay his rent, and Kubby has repaid him only with venom.

That reminds me of Mark Twain’s famous line: “A dog won’t bite the hand that feeds him, and that is the principle difference between a man and a dog.” .

Now I hope that you will understand why I voted as I did.
RC

[Dr. Drew]

wut? you were involved in this?

[DdC]