I found the community assembled at the old satwavespro.com site to be pretty good. I learned a lot from the members there and BM did produce some good material in those days. Ever since he imploded that site, it's been rather disappointing. I monitor his site periodically to see if anything productive has resurfaced but I'm not holding my breath.
Against my better judgement, I will comment.
1. Is there an investment agreement in place? Is it a partnership? LLC? SCorp?
2. What are the funds raised thus far being used for? Has there been an accounting of these funds? By this I mean a down to the penny accounting of funds raised, what has been spent, how it was spent, and budgeted use for the remaining funds. It would be ashame for the first $100k to be gone already and cash calls come in with a bunch of people owning 0.5% trying to make sense of what just happened.
3. What is the cost side? Businesses take time to get off of the ground. They take money to get off of the ground.
4. Who gets paid for work completed and at what rate?
5. How are decisions made? Simple majority? How is money made from the concept? Were investors included on the decisions made with the first $100k?
6. How often are meeting held? Who runs them? Who governs the company? If the first $100k is gone with no input from investors, what will be used to continue the company? How long do you have to respond to a cash call. What happens if you do not like the direction, but lost in the vote and have to shell out more money? Do you walk away, or do you get bills in the mail demanding more capital?
7. Do you know the partners? If this is a "Billion Dollar" business, you should know your partners. I am not talking about knowing an anonymous on-line ID, but rather the real people.
8. How long has the capital raise been happening? Have you received an accounting of how your investment dollars have been spent? Have you had a say in how they have been spent?
9. It is odd to me that $100k has been raised and from what I read here that a company has not even formed yet. In my opinion the company coffers should have a minimum of $95k in them (assuming $5k was spent to set up the business). If that money is gone, how is the next step taken?
10. What does the prospectus say that outlines the company objectives and timelines? Is there a company prospectus?
11. From what I read, the original offer was for investors to make up less than half of the company. If that changed, were original investors informed (or did they have a say) in the shift from one big partner at 51% to potentially 100 smaller partners at 0.5%?
12. What number of representation is needed to have a quorum? How are non-votes counted?
I could go on and on. If there are no real answers to these things, then I would have serious questions about what is happening. The starting point is an accounting for the $100k that has already been raised.
Spencer you raise all valid points/question/concerns.
Based on pictures i have seen him post via his fb page over the last year or so I am gonna go out on a limb here and say the $93k-$100K was spent on a generator, vehicle paint job, a house, a swimming pool, cigarettes, Jesus tattoos, personal bills and whatever else helped him get by thus far. I am also gonna guess this latest round of investor money is going towards paying off his house mortgage so he can get the hell out of the area that he is currently living in. Hopefully you didnt fall for this scam....and if you did...hopefully your only out a small amount. Karma is a bitch Dominick Laviola....what goes around, comes around eventually!
dm....
It is not that I want to insert myself into this stuff. I have spent years avoiding it and distancing myself from it.
If you are going to raise money for a business, you have to have a certain amount of legwork done ahead of time....not collect a bunch of money and then figure it out.
If the business is not even launched yet, and the money raised is gone, where does that leave investors? It puts them in position of having a cash call. They then throw in more money, get no additional ownership, and are invested in an idea that may not afford to be able to make it to fruition. Do they double down and bet on hope? How many times do they do that?
Shortsqueeze.com provides a working business and is ranked at about 100k in Alexa rankings. The service is pretty slick, smooth, and functions without issue. The cost....About $29 a month. The cost to get that business up and running, overhead, etc. was likely quite substantial.
From what I read, the $93K raised so far (which was shown as higher before) supposedly includes BM shares. In other words, he probably raised $50k, and has not been shy about stating that it was used for his personal expenses.
Interesting. That would mean that the investors will need to face a cash call in order to get this business up and running. I wonder if they are aware of that. Anyway....I would not touch that with a 10,000,0000,0000,000 foot poleOriginally Posted by Slip60
Seriously anyone who has sent him money, give me half and I'll send you a pair of old socks. You'll get more from me for less investment. For those of you with certain fetishes this may even be a bargain. Just don't tell me about what you do with them.
Wow! I had no idea my original post would trigger such a cascade of anti Dominick Laviola banter! Well deserved though! I was one of those who got suckered out of a few Satwaves subscription bucks to read daily posts about his multipal personal dramas, his claim to Christ, his paranoid delusions, etc... etc... etc... I hung in there until he canceled me only because the guy, and later his followers were so bizarre I was entertained. A "guilty pleasure" if you will. To me what is more mind bending is that after he spent several years laying out his psychosis to the world, he was actually able to amass a substantial amount of cash along the way merely by asking for it! To anyone who gave him money for his latest sham, file a suit to shut him down immediately. He is blatantly floridly psychotic with extreme delusions of grandeur and has no business having a presence on the Internet where he continues to run amok with his illness out of check. You will never see a penny of the money he has stolen from you, and if you continue to give him even the mildest benefit of the doubt, you seriously need to have your head examined! My opinion, your decision. Anyway, I am sure by now he has gotten wind of the attention he is getting over here and has most likely discovered the cryptic conspiracy we are plotting to hack into his web site and steal his patent pending ether and all the investor cash he has stored in his money cloud... Oh man did I just let the cat out if the bag!
Hey Njbones and any one who gave this con money, BM has a update on his site regarding percentage of ownership and sending out contracts. He also gave his phone number out if any investors had concerns. The phone number he posted is 352-606-3206.
Not to get off track but does anyone think Apple will release any mind blowing services or devices today that will be spun as a "Sirius killer"?
Reply With Quote