What Really Happened
Posted On June 27, 2018
It’s been a tough long road and there is more than one story! But let me give you the quick version of the two biggest. You may think ‘did he walk under a ladder’ if you are superstitious, well no, but I can’t help but feel these adversities have prepared me for something big.
Despite having not even one unhappy client out of thousands, in 1998 I was negatively represented by the media leading to a story that appeared on A Current Affair. They lead me to believe the story was on selling overpriced property and they were to compare my way of selling investment property against that of Real Estate Agents. Unfortunately the story was fabricated (shock horror right!) and that combined with a spiral of negative media posts started the dominos rolling and found me in full damage control. This was the start of an investigation by the ACCC, destruction of a business than employed 250 people and a Court case that went for 10 years. Despite going through years of investigation, divorce, a Federal Court case – I won 99% of the charges (the other 1% was won on appeal but I did not follow through as they were minor and I was sick of fighting), hell I even have a precedent in Financial Services Law created in my honour. But they don’t publish that they lost in the media of course and hence i’ve been rebuilding ever since. But my luck didn’t stop there!
I’ve worked for several years now to create Patents to help people to understand if a property is a good investment as I wanted to help Investors again. So in 2014 a company called ReValu8™ was born and used that IP in Australia and NZ as a start to our launch. So then what?
Well I found a Venture Capitalist in who put in $1m, and we have all heard how they can be Vulture capitalists. Well this one was worse than most, in fact the worst, they utilised a strategy that was designed to give them 95% of the company rather than 15% as agreed, how do they do that?
Well they had no intention of putting in the second tranche of funds, and what they wanted to do was stretch the company out and make it insolvent so that they could come along and do a deal with the Insolvency practitioners and get 95% of the company for the same initial instalment.