Sounds like the future is bright.
[email protected] wrote:
Well, they were in fear that I would end up running it again (I was in
legal control for the past couple of years but it was impractical to
actually take over, I just wanted the lawsuit to end). During
discovery we found that the highest point of owner equity occurred at
the point where they threw me out. And now they are upside down.
They acquired tons of debt. A friend of mine was told their strategy
was to drive the boat up onto the rocks so that if I came back I would
have a company with negative equity. In short, anything that is
financially detrimental to Chuck McCown was the strategy.
They had good growth and have plenty of revenue. But now they have
tons of debt service and a poor chance of getting commercial
financing. Beehive Telephone also sued Beehive Broadband for failure
to pay on intracompany notes (yep sued themselves) and then continued
to loan more money to Beehive Broadband, all parties committed lender
liability fraud.
I presume the board of Beehive Telephone has stopped doing this
illegal lending activity. But what do you do now with Beehive
Broadband with horrible debt and the inability to borrow? I am no
longer an owner, shareholder or equity partner in any of those
entities. So they are in my rearview mirror these days.
-----Original Message----- From: Jay Weekley
Sent: Thursday, June 14, 2018 8:49 AM
To: [email protected] ; [email protected]
Subject: Re: [AFMUG] this list
How is Beehive Broadband doing from a business perspective?
[email protected] wrote:
Everyone needs to give a big thank you to Paul McCall for hosting
this list for almost 5 years. Paul stepped up when I was in a pretty
tight pinch.
Five years ago, I was given 30 days to get all my hosted stuff off of
my own company’s systems. Not cool.
I had payroll, time clocks, accounting, inventory management,
asterisk, NAT/SAN storage, web hosting, mailman, email, database, CNC
manufacturing network, solidworks server, featurecam server and
probably a few more.
I had previously been told that I would have to start paying for
this, I kept asking for a quote. Instead of a quote they started
corrupting my data. Started with the PDF files, then the next day
the Excel files, then the next day the word docs. Funny thing, a
little voice in my head told me to get a clean backup. The very next
day after the backup the corruption started. Then instead of a quote
I got an eviction notice. Then at the end of 30 days they sued me.
Which lasted for 4.5 years.
In the end, financially, I am very glad they sued me... still not
supposed to talk about it, they wanted it to be kept confidential.
You can imagine why. I also have a non disparagement agreement that
covers the company and the employees.
Funny thing, a bit over a week ago those Beehive boys all got fired.
Yep.
Those three clowns that I hired, that I gave equity to that stabbed
me in the back, helped to throw myself, the longtime CFO and a bunch
of other people out of the company, took over our jobs and were the
main actors in that lawsuit (they sued most of the people that were
defenestrated). (your word for the day)
So, those captains of business and industry that have made my life
hell while showing me how it is done, showed me how it is done I
guess...
And since they are no longer employees my non disparagement &
confidentiality agreement I signed as part of my settlement does not
cover them!
I do NOT include Bryan Scott in this list. He was not one of the
three. He did not get fired. He quit about a year ago due to many
“problems” within the company. He is now a college teacher. From my
perspective he is the only one that didn’t lie during the depositions.
So thanks Paul. And thanks to lots of people, many of you, that
supported me through that rough patch.
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*Jay Weekley*
*Cyber Broadband
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