UPDATE
I spoke to Deeproot legal counsel today, Gunn, Lee and Cave. I've known Ted Lee since my early days in the 80's at Ernst & Young.
The fact that these guys are representing Robert is a really big deal in my mind from a credibility standpoint.
They are and have been IP experts for a LONG time.
I was initially very positive about the prospects of people having another opportunity to get what John promised us. After all, as crappy as it was he delivered on MG.
I posted an article referencing the article in the San Antonio Business Journal as a point of reference for everybody to review and make up their own minds regarding "Life Settlements" and that part of the article.
I pointed out the issues that Life Partners, a publicly traded company, had with fraudulently deceiving investors, etc. I went back and re read the disclosure statement and while its NOT something I'd ever promote, in no way, it does NOT equate to the fraud that was committed by Life Partners.
It's a VERY complicated alternative asset class and one that carry's a ton of negative baggage with it. Based on my reading and the explanation by the attorney there is NO comparison with the asset class itself, and certainly not on the intent to defraud and deceive as in the Life Partners case.
Like i said, i have clients that have gotten hurt financially in that case and it raised a red flag when i saw the term "Life Settlements" in the article.
Deeproot appears to offer an ALTERNATIVE ASSET CLASS INVESTMENT option and love for pinball. That is why I was intrigued initially due our similar backgrounds and coincidental affinity for pinball.
I misinterpreted the statement that Robert couldn't meet with me right now as they were in a money raise phase and didn't want to disclose "accredited investor details"
Thus, my comment re SEC Reg D filings and money raise disclosures.
As it turns out, the plaintiffs in the lawsuit against John, as also previously reported, are in negotiation to work out a settlement.
Since none of this had been made public, all in private, what was going to happen to the remaining Jpop victims?
It appears that the "workout" is going to be made public sometime in the near future.
Litigation guys have more at stake and thus should get something more for fighting the fight and the REST of the $$$ buyers will be offered up something as well.
As i tell my clients, 100% of nothing is nothing.
At this point, it appears that Deeproot has the funding and certainly competent representation to make an attempt at this effort.
I chimed in pissed off at the back room deal settled with the original plaintiffs and nothing for the rest of us. That won't fly and that isn't their intention anyhow.
At the end of the day, I retract and don't want to paint Robert and crew in any sort of analogy with "Life Partners" and fraud, I don't believe it at all. It's NOT something i would endorse or participate in but it appears the story wasn't accurately represented in the San Antonio Business Journal.
In addition, Robert really hasn't had a chance to come in here and defend himself and disclose exactly what the plan is, due to confidential settlement negotiations with the plaintiffs.
As stated earlier, IF Deeproot can actually deliver on what they say they can then we all win. If not, then its just another failed pinball venture.
I think we can all hope that it all works out after the pain and misery for years! Everybody, no matter how it all transpired deserves a chance at redemption, again.
Either way, it will be fun to watch play out! I support Robert and his efforts and hopefully he can do what others haven't been able to accomplish with John.