The Laguna Woods Village Money Trail

LETTERS


Assets of $500,000 and Debt of $500 million

WHO PROFITED FROM THIS DEAL?

If you use Connexion for your phone you might want to find another carrier FAST. OH, and be sure to call all your GRF directors and say thanks for getting us into another imbroglio that will not help but will cost. Be sure to thank Russ Ridgeway, too. Too bad His Onerous, Erwin Stuller, isn’t still around to have his delight in brokering this debacle IN SECRET with NO COMPETITIVE BIDS and no diligence as to whether Connexion was even capable of handling a job of this type and magnitude,  turned upside down. 

The much-vaunted cash profit amounted to a transfer of the already purchased cable connection boxes with no goodwill or other enhancement. ANOTHER GOOD JOB GRF. We hope the IRS enjoys looking at this little deal while completing their audit of GRF. Remember who the directors on GRF were at that time. 

WHO PROFITED from this deal?

K. McDaniel

Editor’s Note:

Ms.  McDaniel refers to the WRAL Technwire article: Cary-based Connexion Technologies declares bankruptcy which states among other thanks that:

The company listed debts of up to $500 million.

Dow Jones news reported that Connexion said it has $500,000 worth of assets and added that Connexion is seeking court approval for $4 million in bankruptcy financing from UniCredit Bank..

The suit also alleges that DirecTV quit doing business with Connexion because it "learned of alleged fraud committed by the defendant," Dow Jones said.

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