One of my readers and advertisers, Bob Johnson of Rightalk.com, is a business veteran and has compiled a helpful list of questions regarding the transactions between Progress Media, Gloria Wise and Piquant, LLC. Feel free to forward these to your favorite Air America host or New York Times editor:

A Third Rate Burglary

1. Which owners, officers and directors/executive committee members of Progress Media and Gloria Wise reviewed and approved the loans and transactions between the two organizations?
2. Were these meetings and transactions legally entered into corporate records and accurately reflected on financial statements and/or disclosures?
3. Who signed the notes on behalf of Progress Media and Gloria Wise?
4. What were the terms of the transactions?
5. What security was used to guarantee repayment?
6. Did Gloria Wise violate any federal, state or city laws in transferring money to Progress Media and/or Evan Cohen?
7. Which officers of Progress Media and Gloria Wise signed the notes?

Scam Media

1. What is the legal status of Progress Media? Has it been dissolved or is it a legal entity but not doing business?
2. Define the term “defunct”.
3. If Progress Media still exists, who holds ownership?
4. Are there any existing assets or outstanding debts or liabilities of Progress Media?
5. Where are the legal and financial records of Progress Media?
6. Where is Evan Cohen?

G-L-O-R-I-A

7. Who is responsible for paying bills and conducting the monthly financial reviews and account reconciliations for Gloria Wise?
8. Are financial reports prepared at Gloria Wise, how frequently and to whom are they submitted?
9. Who has access to the checkbook and signature stamp of the President of the Gloria Wise Executive Committee and who has check signing authority?
10. What safeguards are in place to prevent embezzlement or misappropriation of funds?
11. Where is the note now, who is holding it and has it been transferred to another party?
12. What other investments/loans has the Gloria Wise organization made in the last five years and what were the terms?
13. Why hasn’t Gloria Wise filed their obligatory 990 non profit organization disclosure forms for 2004?
14. Who is in possession of Gloria Wise corporate and financial records?
15. What security was demanded of Progress Media in consideration of the loans?

The Cover Up

1. Which owners, officers and directors of Progress Media and Piquant reviewed and approved the transactions between the two organizations and who were the principals in the negotiations?
2. What “assets” were transferred in the transaction between Progress Media and Piquant?
3. Which officers signed the purchase agreement and escrow documents?
4. What were the terms of the purchase?
5. Was any part of the purchase price deferred?
6. Were assets of either company used for security or collateral considerations?
7. When and how did Piquant become aware of the Gloria Wise debts?
8. What precipitated the “forensic audit” conducted recently on Progress Media’s financial records by Piquant.
9. The transaction was an “asset” sale, how did Piquant get access to private legal and financial records of Progress Media?
10. Where are the financial records now?
11. Did Piquant discover any other questionable legal or financial transactions during this audit?
12. If Piquant believes they have no legal obligation to the Gloria Wise debt, why did they agree to repay it?
13. Why didn’t Piquant pay the note off immediately after the debt was discovered?
14. What are the terms of the repayment between Piquant and Gloria Wise?
15. Is Piquant currently behind on the repayment schedule and/or are they in technically in default?
16. What is the financial status of Piquant and do they have enough cash on hand and/or cash projections to meet financial needs during the term of the repayment period to Gloria Wise?
17. If Piquant were to become insolvent, will they make Gloria Wise whole or attempt to extinguish the debt through bankruptcy?
18. Why wasn’t the Gloria Wise note repayed through escrow during the purchase by Piquant?

Someone’s Going to Jail

1. Who are the past and present owners, officers, management and directors/executives of Progress Media, Gloria Wise and Piquant?
2. Who of the above were advised/involved in any transactions between Gloria Wise, Progress Media and Piquant?
3. In any of these transactions were there any concerns about conflicts of interest, violation of self dealing regulations or “related party” laws? If so, what steps were taken to resolve them?

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