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would be used to pay, among other things, out-of-pocket costs of
the “Founding partners”; i.e., Equisource and Kirshner. Thus,
obtaining interim financing was a precondition to petitioner’s
entitlement to reimbursement for his out-of-pocket expenses.
Petitioner did not establish that interim financing was
obtained, that Kirshner Global was formed, or that he became a
director on Kirshner Global’s board of directors. While
petitioner claimed that licensing, employment, and financial
advisory agreements were executed in connection with Kirshner
Global, there is no evidence that this came about. Thus, the
Court cannot conclude that petitioner had a right of
reimbursement through Kirshner Global for reimbursement of his
expenses.
The record shows that Kirshner Content had a more tangible
existence because it apparently obtained interim financing from
C&C Partners. However, Kirshner Content, as well as petitioner,
Thurmond, and Licht, all became involved in a lawsuit after
Kirshner Content defaulted on the promissory note. Receipt of
the interim financing and the corporate default both occurred in
1996. Kirshner Content does not appear to have been active after
that year other than to participate in various lawsuits.
Petitioner’s witness, Thurmond, confirmed that the financing for
Kirshner Content had not been completed. Moreover, there is no
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