NameStarter.com :: domaining business blog // Domaining for Domainers

Archive for the ‘geoffrey hampson’ Category

Proxy Battle Launched to Replace Live Current Media Board

September 20, 2010Domaining, Domainnamewire, geoffrey hampson, lawsuit, live current media, Policy & LawComments Off on Proxy Battle Launched to Replace Live Current Media Board

Battle begins to replace board at Live Current Media.

The former CEO of what is now Live Current Media has launched a proxy battle to regain control of the company’s Board of Directors.

David Jeffs was CEO of the company from 2002 to 2007 when he hired Geoffrey Hampson to replace him. According to the proxy solicitation:

In March 2010, Mr. Jeffs received from a shareholder of the Company a news release issued by Corelink Data Centers LLC, a Delaware company that provides data technologies and web-hosting services on the Internet. The news release described Mr. Hampson as the CEO and Corelink’s success in establishing data centers in Las Vegas, Phoenix, Seattle and Chicago. The news release went on to say that, in conjunction with Corelink’s establishment of its new headquarters in Chicago, Mr. Hampson would move to Chicago at the end of March 2010. This news release suggested to Mr. Jeffs that Mr. Hampson was working for another company. He reviewed Corelink’s website and talked to others familiar with the Company to find out what he could about Mr. Hampson’s relationship to Corelink. He discovered that Mr. Hampson formed Corelink in August 2007, fewer than three months after becoming the Company’s CEO, became Corelink’s CEO in November 2007, and had established Corelink’s four data centers in the two and a half years from Corelink’s formation in August 2007 to the date of its news release in February 2010.

The proxy solicitation mentions several other grievances:

- Committed to paying bonuses of $700,000 and an annual salary of $275,000 and other benefits to the president hired to replace Mr. Jeffs on October 1, 2007, who resigned from the Company as of January 31, 2009 after serving only 16 months of his five-year contract

- Hired his common-law spouse—who appears to have a lot of fashion experience but no Internet retail experience—to run Perfume.com

-With the approval of the Current Board, lowered the exercise prices of the options granted to the members of the Current Board and other employees from between $2.00 and $2.50 to 65¢

- Filed unreliable financial statements for the periods ended September 30, 2008, December 31, 2008 and March 31, 2009 and had to file restated financial statements

- In March 2008, acquired an early-stage start-up business for $5 million that had no revenues and was written off the books by the end of 2009 after the Company determined by the end of June 2009 that the auction software acquired through the acquisition was impaired (Auctomatic)

Hampson and the board has already been sued over similar issues.


© DomainNameWire.com 2010.

Get Certified Parking Stats at DNW Certified Stats.

Related posts:

  1. Lawsuit Filed Against Live Current Media CEO and Board Members
  2. Live Current Raises $370,000 Selling New Shares
  3. Live Current Media Restates Finances

Live Current Raises $370,000 Selling New Shares

August 2, 2010Domain Services, Domaining, Domainnamewire, geoffrey hampson, live current media, paul morrisonComments Off on Live Current Raises $370,000 Selling New Shares

Live Current places 3.7 million shares and hires COO.

Live Current Media, which owns Perfume.com, has raised $370,000 selling additional shares to accredited investors. The company sold 74 units to six different investors, with each unit including 50,000 shares of stock and a warrant to purchase another 50,000 shares for 15 cents each within two years. Each unit cost $5,000. Currently, shares of Live Current sell for 10 cents over the counter.

To put it in perspective, 50,000 shares would have cost over $100,000 just two years ago.

Live Current Media CEO Geoffrey Hampson purchased 20 of the units through Hampson Equities Ltd. for $100,000, according to an SEC filing. Hampson also lowered his salary to just $1 per year. Hampson is currently being sued by some shareholders and former executives of the company for alleged fraud, breach of contract, breach of fiduciary duties, and unjust enrichment.

Another buyer was Paul W. Morrison, who was also hired to be President and Chief Operating Officer of Live Current Media and Chief Executive Officer of Perfume.com, Inc. Morrison purchased 10 units for $50,000. Morrison will be paid $130,000 a year, and will also get 5% of Perfume.com and options on up to 1 million shares in Live Current Media.


© DomainNameWire.com 2010.

Review and rate domain name parking companies at Parking Judge.

Related posts:

  1. Live Current Media Raises Much Needed Cash
  2. Domain Name Got Live Current Cricket Deal
  3. Lawsuit Filed Against Live Current Media CEO and Board Members

Lawsuit Filed Against Live Current Media CEO and Board Members

May 25, 2010domain lawsuits, Domaining, Domainnamewire, geoffrey hampson, live current media, Policy & LawComments Off on Lawsuit Filed Against Live Current Media CEO and Board Members

Complaint alleges CEO and board members have neglected their duties.

In what is the latest in the continuing saga of Live Current Media, its former CEO and other plaintiffs have filed a lawsuit (pdf) against current CEO Geoffrey Hampson and each of the company’s board members. The lawsuit was filed in the Circuit Court of Cook County, Illinois in the Chancery Division.

The suit goes after Hampson for alleged fraud, breach of contract, breach of fiduciary duties, and unjust enrichment. Its claim against the board is for breach of fiduciary duties through gross mismanagement, waste of corporate assets, and misappropriation of corporate opportunities. The suit alleges that the three board members are all either friends or business associates of Hampson.

Live Current Media owns and operates a number of category-killer domain names, such as Perfume.com, but has sold many of its domains over the past two years to raise money.

At the crux of the complaint is that Hampson did not devote all of his time to running Live Current Media, despite alleged assurances to outgoing CEO David Jeffs that he would do so. Jeffs had grown the company to over $9 million in revenue in 2007 when he brought in Hampson to run the business.

The complaint alleges that just three months after signing his employment contract with Live Current, Hampson formed another company called CoreLink Data Services, LLC. It alleges that Hampson has spent “substantial amounts of his time and Live Current’s resources traveling for and working to build up CoreLink”.

The plaintiffs point out several questionable decisions by Hampson:

-directing the company to pay a bonus of $1 million to Jonathan Ehrlrich to become president of the company in 2007
-hiring his girlfriend (who the plaintiffs say had little or no internet experience) to run Perfume.com, the only division of the company that was earning a profit at the time of her hiring
-causing the company to spend money to move its headquarters to Chicago so that it would be nearer CoreLink’s headquarters.

The complaint also cites a couple “disastrous” decisions by Hampson, including:

-Acquiring Auctomatic for $5 million
-Signing a deal requiring the company to pay $50 million over ten years to Indian Premier League

The complaint says that Since Hampson joined the company the market cap has dwindled from $46 million to just $1.8 million today.

The plaintiffs want at least $50 million in damages.

On May 21 Live Current Media filed with the SEC to sell more shares in the company. Its filing mentions the lawsuit, but says none of the parties have been served.


© DomainNameWire.com 2010.

Review and rate domain name parking companies at Parking Judge.

Related posts:

  1. Live Current Media Raises Much Needed Cash
  2. Demand Media Adds Two Board Members
  3. Live Current Media Sells Indonesia.com