I received the info shown below and sent off an email to Fred asking for an explanation, been a while with no reply. Have othrs discussed this topic with Fred? Cocumelli getting 60k per year at the shareholders expense.
Fred,
A friend and edig shareholder sent me the following information. I’m a little concerned about the process and money paid to a BOD of edig.
I would appreciate an explanation and the company justification for the money paid to Mr. Cocumelli.
Why would e.Digial pay Allen Cocumelli, the Chairman of the Board, to advise the company regarding managing outside legal work instead of long-time corporate counsel Curt Barwick? How much advice does Fred Falk need regarding such work?
Barwick's office has been contacted today 7/5/2012,and asked if they are still corporate counsel for e.Digital Corporation and was told they are.
Curt C. Barwick, Esq.
McConnell, Dunning & Barwick LLP
15 Enterprise, Suite 360
Aliso Viejo, California 92656
(949) 900-4400
(Counsel for the EDIG)
The $5,000/month ($60,000/year)retainer paid to Cocumelli to advise Fred Falk regarding managing outside legal work is unwarranted and excessive and has the appearance of a thinly-veiled quid pro quo arrangement between Falk and Cocumelli at the expense of the shareholders to whom both have fiduciary duties.
It should be disclosed as a conflict of interest and he should resign from at least the compensation committee, if not the BOD itself.
Shamefully, it appears there is absolutely no officer or director at EDIG who is willing to act in the best interest of shareholders.
Cocumelli is a sole practitioner who works out of his house.there is no "law firm"..Cocummelli is the general Cousel of Simplenet.com which is where he devotes most of his time. He then has his EDIG duties whatever they are. This is much like RP, who collected salaries from two companies.
Coccumelli, they admit he is NOT independent. He gets paid for legal issues >management"? Is this really a "needed" expense or not? How long has this been going on? When did it begin and did anyone pay for this before Coccumelli became Chairman?
The EDIG BOD is TRULY NOT INDEPENDENT in the spirit of the claim and has NOT acted to fulfill their purpose of looking out for the interest of shareholders and making sure that shareholders got the best return for their investment.
