SYTE - Enterprise Diversified

[writser]

https://twitter.com/TicePBrown/status/1196446752553000960 . The fun continues.

[LowIQinvestor]

 
 "$SYTE makes material misrepresentations in its Q3 10-Q.  We notified them of these errors, but ENDI repeats them in its 11/14 Investor Presentation."
https://twitter.com/TicePBrown/status/1196446752553000960?s=20

[LC]

Rename this company from Sitestar to Shitshow.

I just read about 6 months of posts since the last time I checked this thread... someone said it best, this is a nerdy soap opera.

It's like a bunch of kids got their hands on their parent's credit cards, bought 1000 lbs of gummy bears from amazon, and then were completely surprised when they couldn't eat it all and had throw it out. Where are the adults in the room?

And does anyone actually still own any of this? I hope not, this now has years worth of red-flags all over it. I would've hoped you all sold months/years ago. And at this point I wouldn't touch any of the associated investment funds either. It's guilty by association (sorry to say). I mean, how anyone can read this stuff and not think "100% Mickey Mouse Operation" is beyond me. Totally mind blowing.

[InelegantInvestor]

All lies and jest, still a man hears what he wants to hear
And disregards the rest, hmmmm

[NoCalledStrikes]

Item 8.01 – Other Events.
 
This morning, Wednesday, November 20, 2019, Enterprise Diversified, Inc. (the “Company”) filed a verified complaint in the Court of Chancery of the State of Delaware commencing a civil action against Woodmont Lexington, LLC, a Delaware limited liability company (“Woodmont”).
 
As previously reported in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 3, 2019, the Company had sold to Woodmont, on June 27, 2019, 65% of the Company’s membership interest in Mt Melrose, LLC, a Delaware limited liability company (“Mt Melrose”), which, as has been previously reported, owns and operates a portfolio of income-producing real estate in Lexington, Kentucky. Since the closing of the Mt Melrose transaction, Woodmont, by its representative, Tice Brown, has made repeated offers to buy out the Company’s remaining interest in Mt Melrose. Woodmont’s most recent offer was received by the Company, in writing, on November 11, 2019, with a deadline for acceptance of 9:00 a.m. Monday, November 18, 2019. All such offers have been rejected or not responded to by the Company, as being unfavorable, undesirable and not in the long-term best interests of the Company and its shareholders.
 
The present action was filed by the Company in response to repeated claims and demands and injurious conduct by Woodmont and its representative, Tice Brown. The Company is seeking, among other relief available, injunctive, declaratory and equitable relief against Woodmont, along with attorneys’ fees and expenses.


https://www.sec.gov/Archives/edgar/data/1096934/000143774919023247/0001437749-19-023247-index.htm

[Moht]

Interesting 8-K.

However, why hasn't Steve or SYTE addressed the Woodmont ownership discrepancy?

Tice says 79.2%. SYTE says 65%.

Seems like a simple thing to clarify. What's the deal?

[Hielko]

Their latest 8K certainly seems to imply that they still have a 35% ownership stake.

[NoCalledStrikes]

FWIW, the version of Schedule A on twitter does not include a signature page.

[Moht]

New shareholder at SYTE: https://www.sec.gov/Archives/edgar/data/1096934/000178522519000001/0001785225-19-000001-index.htm

Likely explains the massive jump in volume over the past 10 days or so.

The Spanish fund/investor likely purchased their shares from Jeff Moore, who is now below 5%: https://www.sec.gov/Archives/edgar/data/1096934/000110465919073877/0001104659-19-073877-index.htm

[cameronfen]

Rename this company from Sitestar to Shitshow.

I just read about 6 months of posts since the last time I checked this thread... someone said it best, this is a nerdy soap opera.

It's like a bunch of kids got their hands on their parent's credit cards, bought 1000 lbs of gummy bears from amazon, and then were completely surprised when they couldn't eat it all and had throw it out. Where are the adults in the room?

And does anyone actually still own any of this? I hope not, this now has years worth of red-flags all over it. I would've hoped you all sold months/years ago. And at this point I wouldn't touch any of the associated investment funds either. It's guilty by association (sorry to say). I mean, how anyone can read this stuff and not think "100% Mickey Mouse Operation" is beyond me. Totally mind blowing.

I think the moral of the story is investors may think that being back seat drivers makes you qualified to run a business, but when things need to scale, it’s not just numbers working out that matters, and it’s not so easy even to be a mediocre operator.