Junum out of Business?

Discussion in 'Credit Talk' started by martig4, Sep 20, 2002.

  1. martig4

    martig4 Well-Known Member

    Went to the Junum site today and all accounts have been transferred to ClearCredit.

    Is Junum out of business?
     
  2. Burbs Guy

    Burbs Guy Well-Known Member

    I believe so. I found an article that said they had locked their doors and failed to pay their employees. Allegedly, they were selling their "credit repair" products when they didn't even have any product on their shelves. I'm guessing there will be some really exciting lawsuits coming up.

    Another credit creep bites the dust.....
     
  3. PsychDoc

    PsychDoc Well-Known Member

    Whoa that is big news!

    Here's the notice page:
    http://www.clearCredit.com/notice.htm

    A few more interesting tidbits. The domain names "JUNUM.COM" and "MYJUNUM.COM" are both registered to the [former] CEO of Junum, David Coulter, viz.:

    Registrant:
    David Coulter (JUNUM-DOM)
    1590 Corporate Dr
    Costa Mesa, CA 92626
    US
    Domain Name: JUNUM.COM
    Administrative Contact:
    Coulter, David (DC16278) davidcoulter@EARTHLINK.NET
    David Coulter
    6477 Fairwind Circle
    Huntington Beach, CA 92647
    714-979-5063 (FAX) 714-979-5067
    Technical Contact:
    Administrator, Domain (FTGJIADEDI) adminstrator@JUNUM.COM
    Junum
    1590 Corporate Dr
    Costa Mesa, CA 92626
    US
    714-426-5001 714- 979-5067
    Record expires on 24-Sep-2006.
    Record created on 24-Sep-1999.
    Database last updated on 20-Sep-2002 11:55:04 EDT.


    However, the domain name "CLEARCREDIT.COM" is indeed registered to somebody else, viz.:

    Registrant:
    Palisades Holding, LLC
    2224 Main St.
    Los Angeles, CA 90405
    US
    310 396 4400
    Domain Name: CLEARCREDIT.COM
    Administrative Contact:
    Breitman, Reid itdept@gchcapital.com
    2224 Main St.
    Los Angeles, CA 90405
    US
    310 396 4400
    Technical Contact:
    Breitman, Reid itdept@gchcapital.com
    2224 Main St.
    Los Angeles, CA 90405
    US
    310 396 4400
    Record last updated 09-19-2002 08:03:52 PM
    Record expires on 04-05-2004
    Record created on 04-05-2000


    Notice the "@gchcapital.com" email address. What, praytell, is that? A collection agency? GCH Capital?? Here's who that's registered to:

    Registrant:
    GCH Capital Ltd. (GCHCAPITAL-DOM)
    2224 Main Street
    Santa Monica, CA 90405
    US
    Domain Name: GCHCAPITAL.COM
    Administrative Contact:
    GCH Capital Ltd. (H11483-OR) no.valid.email@worldnic.com
    GCH Capital Ltd.
    2224 Main Street
    Santa Monica, CA 90405
    US
    310-396-4400 fax: 818-982-2338
    Technical Contact:
    Foster, Steve (SF372) sysop@BBS-LA.COM
    BBS-LA
    13340 Saticoy Street-Suite K
    North Hollywood, CA 91605
    US
    818-982-2338
    Record expires on 19-Jan-2004.
    Record created on 19-Jan-2001.
    Database last updated on 20-Sep-2002 11:56:05 EDT.


    Lord, this looks curiouser and curiouser as they say in Alice in Wonderland.

    Doc
     
  4. dogman

    dogman Well-Known Member

    Hi PsychDoc - whats interesting to me is the proximity of those addresses. Santa Monica, Hollywood, etc are an exit apart - kinda like a PO BOX in this neighborhood, next to a PO BOX in the adjacent neighborhood...


    aarrfff - dogman
     
  5. breeze

    breeze Well-Known Member

  6. Butch

    Butch Well-Known Member



    Not only that but Palisades is one of OSI's companies, isn't it?
     
  7. breeze

    breeze Well-Known Member

    I tried to trace "gchcapital.com" it doesn't exist.
     
  8. Butch

    Butch Well-Known Member

    G C H Capital Ltd 2224 Main St (310)396-4400

    http://www.santa-monica.org/finance...ectedBusiness.asp?bus_desc=Financial Planning


    September 19, 2002

    JUNUM INC (JUNM.OB)
    form 8-K
    Item 2. Acquisition or Disposition of Assets
    The attached Exhibits are incorporated by reference herein, and the descriptions set forth below are qualified in their entirety by reference to the Exhibits.

    On August 28, 2002, the shareholders, acting by written consent, voted to appoint Larry Reed and Bryan Stokes as members of the Board of Directors. On September 8, 2002, at a special meeting of the Board of Directors, the Board voted to terminate the employment of David Coulter, the Company's then sole officer and director, effective immediately.

    At the Board Meeting, the Company's secured creditors proposed to forgive a portion of the secured debt, and accept certain assets of the Company in satisfaction of the balance of the secured debt. The Board of Directors voted to accept the proposal by the Company's secured creditors, and substantially all operating assets of the Company and its subsidiaries were transferred to the secured creditors.



    The total balance of the secured debt was approximately $1,400,000, plus accrued interest and other charges. All of the assets of the Company were pledged as collateral to secure repayment of the secured debt. The secured creditors agreed to relinquish its security interest and claims to a non-performing debt portfolio currently carried by the Company on its books at a value of approximately $5,820,000, which represents approximately 87% of the total assets of the Company. In addition, the Secured Creditors agreed to pay up to $100,000 to the Debtor for the purpose of repaying other creditors, all to be determined by the secured creditors in their sole discretion. The payment will be made within 18 months.

    Accordingly, the assets turned over to the secured creditors (the "Assets"), which were carried on the Company's consolidated books at a book value of approximately $900,000, represent approximately 13% of the aggregate book value of the total assets of the Company. However, the Assets represent all of the operating assets of the Company's credit repair and related businesses. Therefore, the Company intends to discontinue its credit repair, credit management, credit education and related businesses, which have historically been responsible for generating all revenues of the Company, and its only asset after transfer of the Assets will be the non-performing debt portfolio.


    Item 5. Other Events
    The shareholders of the company appointed Larry Reed and Bryan Stokes as members of the Board of Directors.

    Bryan Stokes, age 34, has been a consultant and software producer for the last five years. In addition, he has served as technical support manager for Shango.com, an internet service provider.

    Larry Reed, age 68, received his BS in Business Administration in 1961, and attended Georgetown Law School from 1962 to 1965. Mr. Reed has been in the construction and building industry for 35 years. Mr. Reed was president of Gianone Development Corp from 1965 to 1971, and CEO of Cal-Mode Development from 1971 to 1985. Mr. Reed is currently seeking development opportunities. In or about 1996, Mr. Reed was charged with attempted insurance fraud related to an insurance claim submitted in connection with a fire. There has not been a trial in that matter, and the matter is still pending. In 2001, Mr. Reed was convicted of bankruptcy fraud, and was sentenced to probation.

    HOLY CRAP!


    http://biz.yahoo.com/e/l/j/junm.ob.html
     
  9. martig4

    martig4 Well-Known Member

    GCH Capital is a mortgage company in the San Diego area.

    They have a relationship with First American Credco.

    Lookup GCH Capital in Google.
     
  10. PsychDoc

    PsychDoc Well-Known Member

    So basically Junum is now owned by a felonious flimflam artist?

    Doc
     
  11. jrjr35

    jrjr35 Well-Known Member

    flim flam flickery
     
  12. allen074

    allen074 Well-Known Member

  13. Butch

    Butch Well-Known Member

    It would appear. I'm having a real hard time finding even SEC filings on his co's.

    :(
     
  14. gib

    gib Well-Known Member

    PALISADES HOLDINGS, LLC
    6617 N. MARYLAND DRIVE
    LOS ANGELES, CA 90048

    Agent for service of process:
    ALBERT KASHANI
    6617 N. MARYLAND DRIVE
    LOS ANGELES, CA 90048

    Gib
     
  15. gib

    gib Well-Known Member

    GCH CAPITAL, LTD
    SCHLICKGASSE 1
    VIENNA, AUSTRIA A-1090

    Agent for service of process:
    C T CORPORATION SYSTEM
    818 WEST SEVENTH ST
    LOS ANGELES, CA 90017

    Found this here.

    Gib
     
  16. smogtek

    smogtek Well-Known Member

    As an old boss of mine used to say:

    Amazing, simply amazing!

    If Bobby Kennedy were alive today, he probably have to give up on the Mafia and go after the CAs.

    No, wait a minute! Maybe the the CAs and the Mafia......... Nah, that couldn't happen in America.

    P.S. Doc. You need some more clients. You've obviously got way too much time on your hands!
     
  17. PsychDoc

    PsychDoc Well-Known Member

    Thanks, great idea! Wait, that could be a problem -- I don't do clinical practice these days. But after reading your advice, I think I may change my whole life around so that I'll have even less time to devote to my Creditnet addiction! :)

    Doc
     
  18. Saar

    Saar Banned

  19. gib

    gib Well-Known Member

    The corporation still owns it. I'm sure they will have a new snake oil factory up and running soon. The OTC:BB is notorious for this kind of thing. If you own stock in JUNM you could sell it now $.02 a share, or you can wait until they do a 10 for 1 reverse split and slowly dilute the stock again. You think CAs have a racket......

    Gib
     
  20. breeze

    breeze Well-Known Member

    What I was saying is there is no website or domain with that name. I don't doubt there is a business.

     

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