Counting Chickens
This has been one of the wackiest weeks I’ve seen in some time. I have been rather quiet about spending time with family this week during Spring Break, and have no idea why all this news needs to hit during my vacation.
Late Monday afternoon, I along with hundreds of Directors and Coach’s Corner Members received word that a “tentative settlement” had been reached concerning the California Litigation. News spread very quickly over the internet and the boards that a settlement was pending and the litigation would soon be over.
Critics of this news have been extremely busy trying to distract everyone with rumors of Directors leaving, (2 confirmed) and just this morning I found out that the SEC will most likely get a number of complaints that someone named “Travel Pro” was busy buying up shares of YTBLA.OB based on insider information. (I knew there was something I should have been doing instead of writing!)
The big stink currently is that the Attorney Generals office laid claim there is was no settlement, and would never allow YTB to continue in what it claims is a “gigantic pyramid scheme”.
While critics are holding out hope that YTB will now be punished by leaking news about the “tentative settlement” they had no idea that papers were filed in Superior Court on April 8th at 8:30AM, that California and YTB International have reached a tentative agreement to settle pending litigation by none other than James M. Toma, Deputy Attorney General. The Attorney General’s office asked the court to postpone the trial date to allow more time for the parties to work out final details of an agreement. The state has scheduled a number of depositions for April which would be costly to the state and would prove unnecessary if a final agreement is made.
My hat’s off to Nadine Goodwin of Travel Weekly who decided to go to the source to get credible information via the courts, the AG’s office and YTB Attorney’s instead of just regurgitating what she has read by those who do nothing more that write in order to get attention and spew slanted and unconfirmed stories.
As much as I’d love to slam Jerry Brown right now, I’ll bite my tongue. (As much as possible anyway.) How anyone could say one thing and his office do another really burns me. To now find out that a tentative settlement statement has actually been filed with the courts, by the AG’s office no less, is a point of concern that I’ll save for a later date.
Regardless, the papers have been filed with the courts via Mr. James Toma, and the tentative settlement is still in the works. (Although a little longer than originally anticipated.)
A very important lesson for our everyone involved right now. (Including me by the way.)
Don’t count your chickens until they’ve been hatched.
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Tags: Critics, Pyramid Scheme, SEC, Travel Agent Issues, YTBLA
April 9th, 2009 at 9:28 am
Just a point of clarification, a copy of the settlement has NOT been filed with the court. Only a request to delay the trial so that a settlement could be ironed out. If you need to document, send me an email and I can send it to you.
April 9th, 2009 at 2:20 pm
Yes, thank you John.
The issue here for your clarification is that Jerry Brown was quoted saying one thing, while James Toma was busy doing another.
Is that clarification enough?
April 10th, 2009 at 8:01 am
Doug–
Brown’s spokesman (not Toma) said the following, “There is no final agreement at this point, and the attorney general would not enter into any settlement that did not change how YTB markets and operates its business in California so that consumers are protected.”
There is no final agreement. That seems perfectly clear. The continuance was filed to extend the court date (and all the subsequent ones tot he court date) so they could hash out an agreement.
With that said, refer back to the statement, which states that any settlement by California would require changes in how YTB operates and markets and woudl be with the best interests of the consumers of California.
The actual document that TW quoted merely lays out the argument that there is a likely settlement and that absent a continuance, the AG woudl incur additional costs to depose people beginning next week that would be moot if a settlement were arranged. In the interest of saving CA time and money as well as the deposees (not sure that’s a word)time, money and aggravation, it made sense.
There is a Status Hearing scheduled for April 16, 2009 another for June 5, 2009. So time is somewhat of the essence to get it extended.
I am sorry you are not really grasping this.
April 10th, 2009 at 8:42 am
Not grasping?
Protecting consumers from a free opportunity to recruit others sure sounds like something that is not only valuable, but worth while.
You seem to be the one that can’t grasp what “insider trading” is, being that you were one of the “insiders” who posted about it. Others on Yahoo finance, scam.com, and various other forums and blogs, (including mine) had knowledge of the tentative settlement. To state that only Directors and Coach’s Corner knew about this for the purpose of “insider trading” is a complete joke.
You can’t even figure out that the notice sent out @ 3:47pm was Central Time, well after the closing bell on Monday, giving anyone who follows YTB half as closely as you do ample time to call their broker for the opening bell the next morning when the internet was flooded with the news. (A small detail that escaped you.)
Nor do you understand that the stock options offered to RTA’s won’t show up in public volume being private purchases direct to the company. (Another detail that escaped you.) Nor is there any rush, since RTA’s are eligible after their first 90 days, each and every month on the 15th.
But I wouldn’t sweat the small stuff, or provide you with actual facts concerning any YTB issues John, as long as it sounds just the way you want it too, and makes you look like the self proclaimed expert that you think you are.
You did see Jerry Brown’s name on the document filed correct? Or do you want to ignore that detail as well? Browns spokesman might have checked with Brown before he made it look like Brown had no knowledge of the tentative settlement. Brown knew that an agreement was pending, but decided to quote otherwise. I also thought that costs were YTB’s responsibility, so why is the state so concerned about saving money? It was also my understanding that the state had an open and shut case, (according to the Almighty and Powerful John Frenaye) so why agree to a settlement when Jerry has the opportunity to shut YTB down?
There’s a considerable amount of documentation that is now coming to light that you choose to ignore or spin out of desperation and based on what I’m able to find, the one who can’t grasp things would be you, not me buddy.
Deflecting to other topics won’t change that, only calling attention to the fact that what you’ve been claiming all along was nothing more than a lie.
But keep on spinning John, that’s what your good at.
April 11th, 2009 at 8:17 am
Feeling a little grumpy Doug?
Read up on your insider trading. Perhaps ask someone with knowledge and you will be told a different story–if you want to listen to it is a different argument. But YTB did indeed violate the insider trading rules by releasing that info to only Directors and CC members a full day prior to a public notification. I am not splitting hairs on the ten minutes the market was open on Monday, but look at the volume on Tuesday. And of course, true to history, YTB did not think to mention that the info was confidential, and of course the uncontrollable RTAs and Reps just broadcast it to the world. Or maybe they did hoping to get a run on the stock –which they did.
The Stock Option plan won’t affect the Tuesday or Wednesday trading. And to be honest, how many RTAs HAVE a $1000 to send. And you can be sure that if I was an RTA, the last thing I woudl do is send a check payable to YTB.
Since you seem to be such an insider to the AG office and are claiming that there is a final agreement, please let us all know. The AG said THERE IS NO FINAL AGREEMENT (at the time of his quote on Tuesday). But Doug Baughknight says there is. Who ya gonna trust?
And you are absolutely correct, there is a lot of documentation coming to light this week and it will take some time to sort it out. I heard about a strongarm tactic from YTB against a NJ director recently. Have you seen Bill Hoffmann’s new video where he says YTB refused to pay him the money he was owed? What happened to the income for life even if you are not in the business? What happened to the Bill of Rights?
When was YOUR last $1,000 bonus? It has been almost 5 years, when do you think you might earn that first $10,000 bonus? Or are you happy with the track suit they gave you at the convention?
April 11th, 2009 at 8:05 pm
What was I thinkin’? I’ll be waiting with baited breath about the insider trading simply because you said so. I’ll also make note that rules for others don’t apply to the All Knowing John Frenaye. (And file it appropriately.)
You are correct about the Stock Options not affecting the market as they are direct trades with the company, not public. Won’t affect it on April 15th, May 15th, June 15th, July 15th or any following 15th of the month for the next 10 years. What you assume to be true and stated however will again be filed appropriately.
A puppet for the AG said there was no final agreement John. Unlike Securities and Insider Trading (because John said so) the parties’ have a tentative settlement agreement. It’s documented (not quoted) and the District AG filed it with the Courts…deal with it.
By the way, still waiting for that copy of the papers that were filed. No rush, just want to see if you’re blowing smoke or not.
Not really worried about Hoffman or any other Director. My upline is well in tact. I wish Hoffman or any other Director the best if they decide to move on. I’ve seen many come and go during my tenure. Part of any business. I jumped around for years before I found Network Marketing and YTB. Now that I found my passion and a product (travel) that everyone likes to talk about, I like where I am. I’m also liking all the attention I’m getting right now. I still haven’t found a single person who doesn’t want to take a vacation.
Telling me I need to be fearful about my commissions, is like telling me I need to be fearful about being caught for insider trading. Very hard to get caught up in messes like this when there aren’t any violations to speak of. (Although you do a fine job of speaking for me don’t you?)
What do you think is going to happen John? If you say it enough times it’s going to turn out the way you want it to? If you’re waiting for YTB to cut me off or the SEC to come lock me up, about all I can tell you is good luck with that.
Take a deep breath and exhale, it will stop the voices and the spinning.
When was YOUR last $1000 bonus? Ever? At least I’ve got the option John. If what you were doing was so good, you wouldn’t be pulling out 3 year old articles and double dipping with a new publication to make a buck while you weave your little web of spin about YTB.
Come on John, heck you were a Rep right? Didn’t cost you a dime and look at the money you could be making instead of scrounging for material so you can put food on the table.
Dumb…just plain dumb.
PS – You know that supplier you and Moron claimed I dissed a while back? You would be happy to know that we’ve just nailed down our third supplier for the increasingly popular “Sale-A-Thon”. I invite both of you to tune in April 22nd as YTB helps Pleasant Holidays make there 50th year in business the best year yet.
Be very careful with what you spew John…the truth always has a way of coming to the surface.