How Gary killed CME
Full list of what Gary did during his time as CEO of Cheyenne Mountain Entertainment.
all info stated below is still part of the ongoing courtcase.
Vista Ridge Subscription Agreement
- Vista Ridge is managed by Gary Whiting.
- CMG sold Vista Ridge 22 million shares. Gary signed the agreement both CMG and Vista Ridge.
- The total price of the 22 million shares was agreed at $19 million.
- CMG never received the $19 million.
- The agreement was amended and G. Whiting signed for Vista Ridge and Tim Jenson President of CMG signed for CMG.
- It is believed that G. Whiting forced T. Jenson into signing the amended agreement.
- On April 1st 2007 Vista Ridge had no revenue or income and couldn’t pay the $19 million.
- Gary Whiting failed and refused to take action against Vista ridge.
- Due to the collapse CMG could not utilize 22 million share of CMG valued at $19 million.
The Garvick Subscription Agreement
- Garvick Properties is managed by Gary Whiting.
- CMG sold Garvick Properties 21,250,000 shares.
- Garvick Properties was to pay $18,437,500 for the 21,250,000 shares upon the execution and delivery of the agreement.
- Garvick properties never paid the money.
- Garvick was to pay for the shares over a 16 month period.
- Gary Whiting signed the agreement for both CMG and Garvick properties.
- Garvick Properties defaulted and otherwise failed to make the installment payments.
- Gary Whiting refused to take action against Garvick Properties for breach of the Garvick Subscription Agreement.
- Due to this CMG was unable to utilize 21,250,000 shares of CMG to raise capital.
The Income Properties Transfers
- Mr. Gagon was manager of Income Properties.
- Mr. Gagon is believed to be a friend and close business associate of Gary Whiting.
- Prior to April 10, 2007 Income Properties acquired 38 million shares of CMG.
- On or about April 10, 2007 Income Properties transferred 9 million shares of CMG to Vista Ridge pursuant to written stock agreement.
- After Vista Ridge agreed to transfer 12 million shares of CMG that they purchased to the Vista Ridge Subscription Agreement.
- Vista Ridge had no shares in CMG on 10th April 2007 when the Income Properties Stock Agreement.
- CMG’s officers and directors where not informed of the Income Properties Stock Agreement apart from Gary Whiting.
- Income Properties still own 9 million shares of CMG.
- Garvick Properties acquired the 9 million remaining shares of CMG from Income Properties, this is known as the second Income Properties stock agreement.
- Gary Whiting didn’t present CMG with the option to acquire Income Properties shares of CMG.
- CMG’s officers and directors were not informed of the second income properties stock agreement apart from Gary Whiting.
- On information and belief Gary Whiting and Mr. Gagon planned to the sell and later sold the CMG shares to 3rd parties at a significant profit to benefit themselves and to pay amounts Garvick Properties owed to CMG under the Garvick Subscription Agreement.
Author: Aaron Meehan
Hi, I’m the creator of SG Gaming Info. When I’m not working on my writing or creating content for this site’s YouTube channel, I like to relax and enjoy character driven story games.