Iâm just gonna link my old posts about Traitor Monthly:
Editor-in-thief Randall Lane is a loooooser
Trader Monthly was broke long before any Wall Street mess
Probable fraud involved when Trader Monthly went bust
â¦& repost the latest article in full as I canât say anything more about this topic, just a shady wannabe penny stock with an even shadier wannabe penny stock CEO neither of which were even competent enough to pull of a pump and dump, other than with their dumb-as-Vick media friends:
EYEBROWS were raised recently when the bankrupt Doubledown Media, which at one time published Trader Monthly and other glossies aimed at the wealthy Wall Street set, filed its latest financial disclosures documents and it showed some hefty six-figure sums going to the top two corporate officers.
A section entitled âwithdrawls from a partnership or distributions by a corporationsâ shows CEO Randall Lane was given in $151,172.80 and James Dunning, the chairman and a 73 percent owner of the venture, was given $103,146.58 â which was described as âinterest on loan.â
Lane said that his disbursement was his salary and expenses for the year. âIâd taken a 50 percent pay cut and personally put in about $50,000 of my own money to make payroll at the end,â said Lane.
âI put my entire life savings into the company,â he said. He estimated that as much as $400,000 to $500,000 is now basically worthless.
But Doubledown creditors will be more interested in the withdrawal made from the ailing Doubledown operation by Dunning, a mulit-millionaire publishing entrepreneur married to Martha Stewartâs longtime publicist Susan Magrino.
At one point in his career, he had tried to put together a coalition to buy the New York Mets but lost out to Fred Wilpon and Nelson Doubleday. He did bought the old Petersen Publishing empire from its founder and flipped to British publisher Emap for $1.4 billion in the mid-1990s.
At Doubledown, Dunning replaced Magnus Greaves as the principal investor. Dunning eventually pumped in around $7 million.
Most vexing to former employees was the final $300,000 âloanâ made in 2008 as debts were piling up and the landlord was getting ready to evict the company for non-payment of rent. Dunningâs loan was to convert into equity of the company defaulted on it.
Some question whether the withdrawal was legal. The filings seem to indicate that he was paid $103,146.58 and was still owed $197,195.84. One Dunning supporter claimed that he had helped keep the company afloat and the $103,146 was interest owed from past loans and that he stopped getting the interest payments once he made the last ditch $300,000 loan.
At another point, Dunning is listed as an unsecured creditor owed $197,195.
âI donât understand why Jim Dunning of all people would get $100,000,â said one former investor, who has received no pay outs. âEmployees did not get their last two weeks pay, people didnât get their expenses and everyone had already had their pay cut in half.â
The court records show Dunning received his payments from February 2008 to November 4, 2008. Doubledown filed for Chapter 7 bankruptcy in February 2009, which means the business is closes and liquidated.
Originally, the company said it had assets and liabilities of $10 million to $50 million each. In its latest filing, the company listed assets of only $2.4 million and liabilities of $3,96 million. Keith J. Kelly
And not that I care to beat this dead donkey, but if you can follow this reasoning from a smart dude who emailed me:
1) the person in the article who said the 100k was from an earlier loan -that doesnt make sense
if it was from an earlier loan then he would be a creditor for a larger amountâ¦he made a 300k loan, paid himself 103 and lists himself owed 197
math will get ya everytime
also
2) randall says he took 50%
so does that mean that he paid himself 300k?
would be a sort of huge salary for such a modest business
his top editors didnt make 90
Well, again, this kind of shadiness is not unique to Randall Lane and Trader, ITâS EVERYWHERE IN PENNY STOCK LAND, JUST LIKE SKETCHY DOUGLAS MCYINTRE, NOW WANNABE BLOGGER & FORMER CEO OF PIECE OF CRAP COMPANY ONT & 10,000 OTHER FAILED
Editor-in-thief Randall Lane is a loooooser
Trader Monthly was broke long before any Wall Street mess
Probable fraud involved when Trader Monthly went bust
â¦& repost the latest article in full as I canât say anything more about this topic, just a shady wannabe penny stock with an even shadier wannabe penny stock CEO neither of which were even competent enough to pull of a pump and dump, other than with their dumb-as-Vick media friends:
EYEBROWS were raised recently when the bankrupt Doubledown Media, which at one time published Trader Monthly and other glossies aimed at the wealthy Wall Street set, filed its latest financial disclosures documents and it showed some hefty six-figure sums going to the top two corporate officers.
A section entitled âwithdrawls from a partnership or distributions by a corporationsâ shows CEO Randall Lane was given in $151,172.80 and James Dunning, the chairman and a 73 percent owner of the venture, was given $103,146.58 â which was described as âinterest on loan.â
Lane said that his disbursement was his salary and expenses for the year. âIâd taken a 50 percent pay cut and personally put in about $50,000 of my own money to make payroll at the end,â said Lane.
âI put my entire life savings into the company,â he said. He estimated that as much as $400,000 to $500,000 is now basically worthless.
But Doubledown creditors will be more interested in the withdrawal made from the ailing Doubledown operation by Dunning, a mulit-millionaire publishing entrepreneur married to Martha Stewartâs longtime publicist Susan Magrino.
At one point in his career, he had tried to put together a coalition to buy the New York Mets but lost out to Fred Wilpon and Nelson Doubleday. He did bought the old Petersen Publishing empire from its founder and flipped to British publisher Emap for $1.4 billion in the mid-1990s.
At Doubledown, Dunning replaced Magnus Greaves as the principal investor. Dunning eventually pumped in around $7 million.
Most vexing to former employees was the final $300,000 âloanâ made in 2008 as debts were piling up and the landlord was getting ready to evict the company for non-payment of rent. Dunningâs loan was to convert into equity of the company defaulted on it.
Some question whether the withdrawal was legal. The filings seem to indicate that he was paid $103,146.58 and was still owed $197,195.84. One Dunning supporter claimed that he had helped keep the company afloat and the $103,146 was interest owed from past loans and that he stopped getting the interest payments once he made the last ditch $300,000 loan.
At another point, Dunning is listed as an unsecured creditor owed $197,195.
âI donât understand why Jim Dunning of all people would get $100,000,â said one former investor, who has received no pay outs. âEmployees did not get their last two weeks pay, people didnât get their expenses and everyone had already had their pay cut in half.â
The court records show Dunning received his payments from February 2008 to November 4, 2008. Doubledown filed for Chapter 7 bankruptcy in February 2009, which means the business is closes and liquidated.
Originally, the company said it had assets and liabilities of $10 million to $50 million each. In its latest filing, the company listed assets of only $2.4 million and liabilities of $3,96 million. Keith J. Kelly
And not that I care to beat this dead donkey, but if you can follow this reasoning from a smart dude who emailed me:
1) the person in the article who said the 100k was from an earlier loan -that doesnt make sense
if it was from an earlier loan then he would be a creditor for a larger amountâ¦he made a 300k loan, paid himself 103 and lists himself owed 197
math will get ya everytime
also
2) randall says he took 50%
so does that mean that he paid himself 300k?
would be a sort of huge salary for such a modest business
his top editors didnt make 90
Well, again, this kind of shadiness is not unique to Randall Lane and Trader, ITâS EVERYWHERE IN PENNY STOCK LAND, JUST LIKE SKETCHY DOUGLAS MCYINTRE, NOW WANNABE BLOGGER & FORMER CEO OF PIECE OF CRAP COMPANY ONT & 10,000 OTHER FAILED