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Updates

UPDATES FROM SYNERGY & BEN BERRY

Update 10/4/20

Update 10/4/20

Our attorney had a conference with the Court of Chancery, Chancellor Bouchard on Friday at 2:30pm local time. Chancellor Bouchard had several questions and requested additional information on several aspects of our custodians. We were asked to compile information over the weekend so that everything can be submitted to him early next week.

Here is the information he is requesting.

  • How are the taxes factored by the DE SOS

  • How does a custodianship benefit shareholders (with examples provided)

  • How are shareholder meetings handled and noticed (he may want an additional method such as publishing in a legal paper, or on social media as attendance and voting has been low due to the old shareholder reports that we are obtaining from the transfer agents).

If there are any shareholders of our current petitioned companies and you would like to write a letter or email in support or our petitions and speaking to our ability to add value for shareholders. Please send directly to our attorney Jeremy Anderson at janderson@fr.com. Please reference only one company you are a shareholder for if you are interested in writing a letter in support.

On Southcorp Capital, Inc. STHC, Vice Chancellor Zurn has all relevant information, and we are waiting to be discharged. There was clarification needed on how franchise taxes are factored with the SOS. Our attorney explained that the listed owed taxes is the maximum amount that could be possibly owed and not actual amount. Factoring true taxes owed is easy and done right on the SOS site at https://corp.delaware.gov/paytaxes/. I have provided documentation to this end.

On CLST Holdings, Inc. CLHI. One of the reasons we initially pursued this corporation was we were contacted by shareholders that told us that the assets of the corporation had not been distributed properly. We believe there should have been a final distribution of assets done to the shareholders by previous management that was never issued. The vice chancellor Zurn is now asking for us to provide documentation to this end. The difference with this corporation versus the other corporations that we are appointed to is CLST Holdings was dissolved and we revived it by filing a certificate of correction as directed by the SOS. We are asking for any shareholders with knowledge of the past dealings of the officers/directors and distributions made to contact us asap. Please email or call info@synergymgtgroup.com or 312-418-6850.

-Ben Berry

 

 

 

Benjamin BerryBen Berry, Synergy Management