Quantcast
SGGAMINGINFO » How Gary killed CME SGGAMINGINFO » How Gary killed CME

How Gary killed CME

On December 1, 2010 by Aaron Meehan

October 2008 Stock Purchase agreement aka (Garvick Stock Agreement)

  • before Garvick Stock Agreement, Garvick Properties acquired 14.5 million shares of CME worth $4,350,000.
  • CME shares where not been paid for.
  • Because of the Garvick Stock Agreement, CME was unable to utilize the 14.5 million shares of CME to raise capital.
  • No officers and Directors of CME were not made aware of the Garvick Stock Agreement apart from Gary Whiting.

Stock Option Agreement aka (Garvick Stock Option Agreement)

  • CME is listed as party to the Garvick Stock Option Agreement.
  • Pursuant to the Garvick Stock Option Agreement, CME had 14 million and 500 thousand authorized but unissued shares.
  • CME granted the purchase of 14 million shares for $1,000.
  • CME granted the purchase of 500 thousand shares for $1,000.
  • Garvick Properties failed to make both payments.
  • Gary Whiting failed and refused to take action on Garvick Properties.
  • Gary Whiting executed the Garvick Stock Agreement on behalf of Garvick Properties and CMG.
  • No officers and Directors of CME were not made aware of the Garvick Stock Option Agreement.

Gary Whiting’s Personal Obligation to CME aka (The Original Whiting Loan)

  • On or around August 22, 2006 Gary Whiting caused CME to loan him $1,485,000.
  • The Original Whiting Loan was allegedly approved by the majority stockholder of CME, Garrick Enterprises.
  • Gary Whiting didn’t submit the Original Whiting Loan to CME’s Board of Directors for review or approval.
  • Gary Whiting didn’t have to pay the loan until August 17, 2009.
  • In October 13, 2006 Gary Whiting caused CME to loan him an additional $2,569,531 (the revised Whiting Loan).
  • The Revised Whiting Loan was allegedly approved by the written consent of the majority stockholder of CME, Garrick Enterprises.
  • Gary Whiting signed the revised loan on behalf of Garrick Enterprises.
  • Gary Whiting didn’t have to pay the loan until August 17, 2009.
  • As of December 31, 2008 Gary Whiting owed CME approximately $4,460,000 under the revised Whiting Loan.
  • Around January 7,2009 Gary Whiting executed a document to the majority stockholder to CME, Garrick Enterprises, that erased Gary Whiting ‘s Revised Whiting Loan (“Mr.Whiting’s January 7 Action”).
  • As of December 31,2008 Garvick Properties still owed CME $12.6 million under the New Garvick Subscription Agreement.
  • Garvick Properties paid approximately $4.5 million related to the New Garvick Subscription Agreement.
  • Pursuant o the the January 7 Action CME was directed to re-allocate the $4.5 million in payments received from Garvick Properties to pay of the Whiting note.
  • Gary Whiting instructed and caused CME to extend the term of payments due under the New Garvick Subscription Agreement to December 31, 2009.
  • No consideration was received by CME/CMG for the extension of the New Garvick Subscription Agreement.
  • Gary Whiting failed and refused to take action on behalf of CME to protect against MR. Whiting’s January 7 Action.

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.

Pages: 1 2 3 4 5


Trackbacks & Pings

Leave a Reply

Your email address will not be published. Required fields are marked *

*