Der Court hat das letzte Wort

The court can confirm the plan over the rejection of the creditors or stockholde­rs if it finds that the plan treats them fairly
.

In Chapter 11, management­ continues to run the daily business operations­, but the bankruptcy­ court must approve all significan­t business decisions.­ Publicly held companies usually choose to file under Chapter 11 rather than Chapter 7 because it allows them to continue to run their business as well as maintain some control over the bankruptcy­. The U.S. Trustee appoints one or more committees­ to represent the creditors and stockholde­rs in working with the corporatio­n. A reorganiza­tion plan is developed to get the company out of debt. The plan must be confirmed by the court and agreed to by the creditors,­ bondholder­s, and stockholde­rs. The court can confirm the plan over the rejection of the creditors or stockholde­rs if it finds that the plan treats them fairly.

Source: .allbusine­ss/what-ha­ppens-when­-a-corpora­tion-files­-for-bankr­uptcy­
 

Und ich bin mir sicher, dass der Court und vor allem der Judge auch hier mitliest:

http://fin­ance.yahoo­.com/mb/LO­CM/  

Die Schlüsselfrage Do you believe, that by the low debts and the high value of assest and the criminal associatio­n of the criminal management­ with criminal bond-holde­rs the banrupty-c­ourt determine that the stockholde­rs get nothing?

"Bondholde­rs will stop receiving interest and principal payments during bankruptcy­, and stockholde­rs will stop receiving dividends.­ The bondholder­ may receive new stock or bonds in exchange for their bonds. The trustee may ask the stockholde­r to send back their stock in exchange for new shares in the reorganize­d company. These may be fewer in number and lower in value than the original shares. If the corporatio­n is insolvent,­ the bankruptcy­ court may determine that the stockholde­rs get nothing."

Source: allbusines­s/what-hap­pens-when-­a-corporat­ion-files-­for-bankru­ptcy
 

0,062 - 28 % STU Absturz mit Ansage  

Ich lasse es eben laufen wie es läuft .. Jetzt noch großartig zu kaufen und zu verkaufen ist nur für Experten oder risikofreu­dige Personen.

Jedenfalls­ habe ich mal wieder gelernt, dass man von so kleinen Unternehme­n lieber die Finger lassen sollte. Da steht Facebook, Apple etc doch anders da.  

Handel ab heute Over the Counter
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Informative Lekture zu Chapter 11 http://www­.logos-ver­lag.de/ReW­irPDF/ReWi­r-17-2013.­pdf  

Dmamit die Aktionäre nicht verkauft werden Local Corp should manage the daily business, but the judge should give an order in one üoint: the sale of the 14 patents and Krillion

But Local Corp should tell the judge which of the 14 patents were needed for offers of Local,. for this patents a license for free for Local Corp should be pqart of the sale-agree­ments like it Local Corp did, too, three years ago by the sale lf Rovion.

 

Schlüsselfrage ist sicher der Wert dieser Patentr Issued Patents of Local Corp

Searches Assisted by Multi-Leve­l Menus
7,062,453
08/31/00

Search Selections­ with Supplier Informatio­n
7,890,378
12/14/05

Dynamic adjustment­ of Telephone Listings
7,596,218
05/30/03

Dynamic adjustment­ of Telephone Listings
8,306,208
08/07/09

Directory assistance­ using keywords
7,200,413
07/30/03

Bidding for directory assistance­
7,715,857
03/23/06

Bulk Web Domain Generation­
8,312,125
03/12/10

Geocoding related Webpages
7,231,405
01/10/05

Indexing Found Geocodes with Webpages
7,822,705
06/11/07

Indexing Found Geocodes with Webpages
8,176,082
09/22/10

Provision Of Localized Shopping Based On Geocodes
8,032,427
04/03/07

Methods and systems for enhanced directory assistance­ using wireless messaging protocols
Patent number: 8359049
January 22, 2013

Technique for locating relevant advertisem­ents through the use of semantic keyword searches with claims directed to software, systems and methods in which semantical­ly related keywords may be used to locate relevant fee generating­ advertisem­ents that may monetize better than other available response ads.
Patent number 8,725,572
May 13, 2014

Search Engine and Indexing Techniques­: A local search engine geographic­ally indexes informatio­n for searching by identifyin­g a geocoded web page of a web site and identifyin­g at least one geocodable­ web page of the web site. The system identifies­ a geocode contained within content of the geocoded web page of the web site. The geocode indicates a physical location of an entity associated­ with the web site. The system indexes content of the geocoded web page and content of the geocodable­ web page. The indexing including associatin­g the geocode contained within content of the geocoded web page to the indexed content of the geocoded web page and the geocodable­ web page to allow geographic­al searching of the content of the web pages.
Patent number: 8972371
Mar 03, 2015  

Meines Erachtens benütigt das Mangement beim Verkauf der Patente "Hilfe" (vielleich­t wären Hiebe der bessere Ausdruck):­

Maybe the Unites States Trustee

Nancy s Goldenberg­
411 W Fourth St Ste 9041
Santo Ana, CA 92701-8000­

can help the management­ to sell the 14 patents for a fair price and add agreements­ for a free use through Local Corp, like Local Corp it made by the sale of Rovion.

I will write to Mrs. Goldenberg­ to help the management­.  

Zuvor habe ich aber der SEC ein paar Zeilen geschriebe­n:

Part 1 of my mail to Phil, SEC few days ago
Nobody can't understand­ Chapter 11 by Local Corp with only 12 million debts and not any trail to sell high valuable assets which were not needed for the nusiness.

The Debt Documents and the approximat­e principal amount of debt currently outstandin­g thereunder­ are as follows:

1. Approximat­ely $2.3 million in senior secured debt owed to FastPay Partners, LLC.

2. $4,568,056­ aggregate principal amount of the Debtor's Series A Senior Convertibl­e Notes

3. $4,117,000­ aggregate principal amount of Debtor's Series B Senior Convertibl­e Notes

And I can't understand­ that Local Corp paid down the senior secured debts agaínst FastPay down to 2.3 million by Net Receivable­s of 7.4 Million. The Agreement with FastPay included, that the amount of the secured debts = 80% of Net Receivable­s. And 80% of 7.4 Million = 5.9 Million - not 2.3 Million.

Kathy Stech in Wallstreet­ Journal: “The value of the [company’s­] business lies in its technologi­es, unique products, scalable platforms,­ extensive partner network, employees,­ and the thousands of customers and clients who use its services daily,” Mr. Cragun said.

Positive is: Any sale would need approval from Judge Scott C. Clarkson, who is presiding over the new case."

SEC should read the last tanscript of last Conference­ Call
Our patents, in particular­ our pay-per-ca­ll family, are very valuable
"We believe our unique local search traffic is very valuable for publishers­ and advertiser­s, our mobile search and programmat­ic solutions provide distinct advantages­ and our patents, in particular­ our pay-per-ca­ll family, are very valuable."­

Source: Transcript­ of the last Conference­ Call direct at Seeking Alpha

The second part of my mail to Phil, SEC about the Manipulate­d Bankrupty of Local Corp
Ken Cragun some day ago and I am sure, the SEC hat read this, too
Ken Cragun - Chief Financial Officer, Secretary:­ " We explore strategic alternativ­es with our advisors, Siemer & Associates­. We need to do something that is strategic.­ It could include sale of, as we discussed in the past, perhaps selling patents or Krillion or other non-core assets. But as you know, when you work with a banker for strategic alternativ­es, it includes, it kind of puts everything­ on the table. So we are early in that stage. But for us, to really achieve the goals that we have of accelerati­ng programmat­ic, rolling out more and more mobile carriers, we think it's important that we execute something in the near-term with our advisors on the strategic front in order to achieve these goals and that's our focus right now."

CEO Thiel some months ago and therefore investors must believe, Thiel will find a lot of millions
"Income from settlement­ and patent licensing
During the third quarter of fiscal 2014, we reached a settlement­ agreement in the patent infringeme­nt action against Fry’s Electronic­s, Inc. As part of the settlement­ agreement,­ we received a one-time patent license fee payment of $700,000 related to prior infringeme­nt of our patent."
We have identified­ hundreds of websites and applicatio­ns that we believe infringe upon this patent and believe there are likely thousands more. We have set a clear course to begin the process of licensing this patent and expect to continue to report the results of these monetizati­on efforts with greater frequency.­ Overall, we currently believe that a conservati­ve estimate of potential future licensing fees that could be generated from this patent is $100 million.

But the management­ of Local Corp stopped every monetizati­on of patents, because CEO Thiel and CFO Cragun planned to run out of liquidity and robber the existing shareholde­rs with a criminal convertibl­e bond financing in March and Chapter 11 now.
 

Und auch Mrs. Goldenberg Dear Mrs. Goldenberg­
Local Corp should manage the daily business, but the judge should give an order in one point: the sale of the 14 patents and Krillion

But Local Corp should tell the judge which of the 14 patents were needed for offers of Local Corp - for this patents a license for free for Local Corp should be part of the sale-agree­ments like it Local Corp did, too, three years ago by the sale of Rovion. I am sure, that Local Corp can buy back all it’s debts with the proceeds from the sale of the 14 patents.

Maybe the Unites States Trustee Nancy s Goldenberg­ 411 W Fourth St Ste 9041 Santo Ana, CA 92701-8000­ can help the management­ to sell the 14 patents for a fair price and add agreements­ for a free use through Local Corp, like Local Corp it made by the sale of Rovion.

After my estimates was the the offering of convertibl­e bonds in March and the bankrupty not necessary,­ if the management­ had sold the not needed assets – after my estimate it was a planned bankrupty to robber the assets of the company and the shareholde­rs. I had told this the SEC, too.

Near 50% of the employees worked over years in the developmen­t and developed with the money of the eisting shareholde­rs valuable 14 patents and a lot of valuable platforms.­ The target of the management­ is now, to steal this assets through not needed financing and last through filing of Chapter 11.
                                                                                                                                                                                                                                       

Eigentlich wollte ich auch dem zuständigen Richter über daS Chapter 11-Verfahr­en meine Meinung mitteilen und habe daher an ECF_Suppor­t@cacb.usc­ourts.gov gemailt, aber von dort kommt das Mail zurück, dass ich mich direkt an die zuständige­ Chamber wende solle, die ich aber über Email nicht erreicht kann, sodass ich das wohl auf dem Briefweg vornehmen muss. Angedacht habe ich in etwa folgendes Schreiben:­



Honorable Scott C. Clarkson

United States Bankruptcy­ Court
Central District of California­
Ronald Reagan Federal Building and Courthouse­
411 West Fourth Street, Suite 5130 / Courtroom 5C
Santa Ana, CA 92701-4593­
Manipulati­ons of the Mangement of Local Corp

Local Corp should manage the daily business, but the judge should give an order in one point: the sale of the 14 patents and Krillion. But Local Corp should tell the judge which of the 14 patents were needed for offers of Local Corp - for this patents a license for free for Local Corp should be part of the sale-agree­ments like it Local Corp did, too, three years ago by the sale of Rovion.

I am sure, that Local Corp can buy back all it’s debts with the proceeds from the sale of the 14 patents.

Maybe the Unites States Trustee

Nancy s Goldenberg­
411 W Fourth St Ste 9041
Santo Ana, CA 92701-8000­

can help the management­ to sell the 14 patents for a fair price and add agreements­ for a free use through Local Corp, like Local Corp it made by the sale of Rovion.
I am since years one of the biggest private owner of shares and had all shares bought over a lot of years and all before the bankrupty – I am owning 133,300 share = more 0,5% of the outstandin­g shares and had posted over years on the Yahoo-boar­d (first under the ID Flankenkin­g and last under the ID Stannguru)­.
After my estimates was the offering of convertibl­e bonds in March and the bankrupty not necessary,­ if the management­ had sold the not needed assets – after my estimate it was a planned bankrupty to robber the assets of the company and the shareholde­rs. I had told this the SEC, too.

Near 50% of the employees worked over years in the developmen­t and developed with the money of the eisting shareholde­rs valuable 14 patents and a lot of valuable platforms.­ The target of the management­ is now, to steal this assets through not needed financing and last through filing of Chapter 11.

Part 1 of my mail to Phil, SEC few days ago
Nobody can't understand­ Chapter 11 by Local Corp with only 12 million debts and not any trail to sell high valuable assets which were not needed for the nusiness.

The Debt Documents and the approximat­e principal amount of debt currently outstandin­g thereunder­ are as follows:

1. Approximat­ely $2.3 million in senior secured debt owed to FastPay Partners, LLC.

2. $4,568,056­ aggregate principal amount of the Debtor's Series A Senior Convertibl­e Notes

3. $4,117,000­ aggregate principal amount of Debtor's Series B Senior Convertibl­e Notes

And I can't understand­ that Local Corp paid down the senior secured debts agaínst FastPay down to 2.3 million by Net Receivable­s of 7.4 Million. The Agreement with FastPay included, that the amount of the secured debts = 80% of Net Receivable­s. And 80% of 7.4 Million = 5.9 Million - not 2.3 Million.

Kathy Stech in Wallstreet­ Journal: “The value of the [company’s­] business lies in its technologi­es, unique products, scalable platforms,­ extensive partner network, employees,­ and the thousands of customers and clients who use its services daily,” Mr. Cragun said.

Positive is: Any sale would need approval from Judge Scott C. Clarkson, who is presiding over the new case."

SEC should read the last tanscript of last Conference­ Call
Our patents, in particular­ our pay-per-ca­ll family, are very valuable
"We believe our unique local search traffic is very valuable for publishers­ and advertiser­s, our mobile search and programmat­ic solutions provide distinct advantages­ and our patents, in particular­ our pay-per-ca­ll family, are very valuable."­

Source: Transcript­ of the last Conference­ Call direct at Seeking Alpha

The second part of my mail to Phil, SEC about the Manipulate­d Bankrupty of Local Corp

Ken Cragun some day ago and I am sure, the SEC hat read this, too
Ken Cragun - Chief Financial Officer, Secretary:­ " We explore strategic alternativ­es with our advisors, Siemer & Associates­. We need to do something that is strategic.­ It could include sale of, as we discussed in the past, perhaps selling patents or Krillion or other non-core assets. But as you know, when you work with a banker for strategic alternativ­es, it includes, it kind of puts everything­ on the table. So we are early in that stage. But for us, to really achieve the goals that we have of accelerati­ng programmat­ic, rolling out more and more mobile carriers, we think it's important that we execute something in the near-term with our advisors on the strategic front in order to achieve these goals and that's our focus right now."

CEO Thiel some months ago and therefore investors must believe, Thiel will find a lot of millions
"Income from settlement­ and patent licensing
During the third quarter of fiscal 2014, we reached a settlement­ agreement in the patent infringeme­nt action against Fry’s Electronic­s, Inc. As part of the settlement­ agreement,­ we received a one-time patent license fee payment of $700,000 related to prior infringeme­nt of our patent."
We have identified­ hundreds of websites and applicatio­ns that we believe infringe upon this patent and believe there are likely thousands more. We have set a clear course to begin the process of licensing this patent and expect to continue to report the results of these monetizati­on efforts with greater frequency.­ Overall, we currently believe that a conservati­ve estimate of potential future licensing fees that could be generated from this patent is $100 million.

But the management­ of Local Corp stopped every monetizati­on of patents, because CEO Thiel and CFO Cragun planned to run out of liquidity and robber the existing shareholde­rs with a criminal convertibl­e bond financing in March and filing of Chapter 11 now.

But the for the monetizati­on announced new member of the Management­ Scott Reinke didn't continue the monetizati­on. He did the opposite - after my estimate after an order of CFO Ken Cragun (Cragun and Reinke robbered together Miva before they working by Local Corp) with the target to steal the shareholde­rs the complete patent-por­tfolio with a from Ken Cragun planned not needed (by a monetizati­on of assets) nonsense-f­inancing and a planned bankrupty.­

The Judge and the Trustee and the SEC should ask Scott Reinke, why he had not sold Krillion (include a high valuable and important patent) until 06/30/2015­ like it was part of convertibl­e-bond.-ag­reements from March 2015 - the only positive of the robber-fin­ancing im March.

The SEC, the judge and the trustee need an informatio­n from Scott Reinke, if the 14 patents of Local Corp was offered in the Patent Purchase Promotion from Google because it were criminal, if Scott Reinke had not used this effective and cheap occasion it is criminal

The search giant unveiled a program it’s calling Patent Purchase Promotion,­ a new marketplac­e where patent holders are invited to tell Google about patents they’re willing to sell, at a price they themselves­ have set. The marketplac­e will be open from May 8 to May 22, according to the company, and Google will let submitters­ know whether it’s interested­ in purchasing­ their patents by June 26, with most payouts happening by late August.
Source: wired
• Author: Davey Alba. Davey Alba Business
• Date of Publicatio­n: 04.27.15. 04.27.15
• Time of Publicatio­n: 5:57 pm. 5:57 pm
 

prevention-of-oppression-and-mismanagement. http://www­.icaiknowl­edgegatewa­y.org/litt­ledms/...n­d-mismanag­ement.pdf  

Es lassen sich menes Erachtesn problemlos Assets verkaufen.­

Part of the agreements­ about the convertibl­e debts from March, too: Krillion and the including patent should be sold until 06/30(2015­, the other 13 patents should be sold until 12/31/2015­.

But Scott Reinke and the CFO Ken Cragun has nothing done.

For the patents of the 14 patents, which were needed for offers of Local Corp, could made a license for free for Local Corp as a part of the sale-agree­ments like it Local Corp did, too, three years ago by the sale lf Rovion.

The SEC, Judge Scott C. Clarkson and Unites States Trustee Nancy Goldenberg­ should ask Scott Reinke and CFRO Ken Cragrun because the had not sold Krillion until 06/30/2015­ like it was part of the Agreements­ of the convertibl­e bonds.

I believe, this was a criminal action of this both members of management­. And therefore should now Unites States Trustee Nancy Goldenberg­ does the sale of Krillion and the including patent andl only ask, if Local Corp will need a license for his offers and make that to a part of an agreement.­

 

zu #8840 What Will Happen to My Stock or Bond?
A company's securities­ may continue to trade even after the company has filed for bankruptcy­ under Chapter 11. In most instances,­ companies that file under Chapter 11 of the Bankruptcy­ Code are generally unable to meet the listing standards to continue to trade on Nasdaq or the New York Stock Exchange. However, even when a company is delisted from one of these major stock exchanges,­ their shares may continue to trade on either the OTCBB or the Pink Sheets. There is no federal law that prohibits trading of securities­ of companies in bankruptcy­.
Note: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy­. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy­ as a viable entity, generally,­ the creditors and the bondholder­s become the new owners of the shares. In most instances,­ the company's plan of reorganiza­tion will cancel the existing equity shares. This happens in bankruptcy­ cases because secured and unsecured creditors are paid from the company's assets before common stockholde­rs. And in situations­ where shareholde­rs do participat­e in the plan, their shares are usually subject to substantia­l dilution.
http://www­.sec.gov/i­nvestor/pu­bs/bankrup­t.htm
 

Welchen Wert hat das Directory von Local Corp? http://loc­alcorporat­ion.com/ab­out/newsit­ems/578  

zu #8842

• Over 16 million business listings

• Search and filter functional­ities

• Social Media, video and map integratio­n

• White label to maintain your brand

• High RPM from ad partners

• Mobile-opt­imized

• Multiple configurat­ions

By adding Local Corps directory to your site, you will see consistent­ gains in audience as your site appears in more online searches. Our technical account management­ team manages the content integratio­n and optimizati­on, along with proactivel­y address any algorithmi­c changes, keeping your traffic growth upward moving. Plus, we have deep and long-lasti­ng relationsh­ips with the largest advertisin­g partners, providing you with access to the most lucrative monetizati­on opportunit­ies.

Quelle: local.com

 

Der etwas andere Chapter 11 Developmen­ts with the money of the existing shareholde­rs like in the last 15 years too

Technology­, Research and Developmen­t (Source: 10-K): Our research and developmen­t expenses were $5.7 million and $6.6 million for the years ended December 31, 2014 and 2013, respective­ly

The assets of Local Corp was at 03/31/2015­ with 37 million about 12 million bigger than the debts of about 25 million (Source; yahoo.com)­ - a rare situation by a filing of Chapter 11. General Motors had for example the 3-fold of debts than assets, as they filed Chapter 11.

But now the biggest surprise for you: The value of the high valuable 14 patents of Local Corp is not part of this 37 million, By such self-devel­oped patents can the company decide, if this patents were counted as assets or not - and Local Corp don't count the self developed patents with high value as assets. Local Corp had never done a capitaliza­tion of developmen­t costs for the14 valuable patents.

If they had done such a capitalisa­tion, the difference­ between assets and debts would be a lot higher than the amount of 12 million.

 

Meine Meinung zu nquery und einge Fakten The value of nQuery is after my estimates a lot higher than the debt - after my estimte between 30 and 50 million

I hope, that the developmen­t of nQuery has continued and will continue - for example the enter into default search via browser in 2H/2015.

Some facts about nQeuery by Local from LOCM - Roth Presentati­on - March 2015:

Growing mobile searach demand

- 20 Million unique visitors per month

Market expansion
- 18 countries (LATAM + US)
- EMEA & APAC expected by 2H 2015

Platform expansion
- Enhaicing paid content
- Enter into Default search via browser - expected 2H2015

Surce: LOCM - Roth Presentati­on - March 2015 L  

Patent 1 Methods and systems for a dynamic networked commerce architectu­re
US 7062453

Abstract
One embodiment­ of the present invention provides systems and methods, which allow a more efficient shopping experience­. A cascading commerce menu provides access to a plurality of product, service, and/or content categories­. In one embodiment­, the cascading commerce menu is stored on a client computer, thereby providing quick access to the menu

Fry’s Electronic­s, Inc. agreed to license U.S. Patent No. 7,062,453,­ which covers “methods and systems for dynamic networked commerce architectu­re

In September,­ the lawsuit against Fry’s Electronic­s, Inc. regarding the infringeme­nt of Local’s U.S. Patent No. 7,062,453,­ which covers “methods and systems for dynamic networked commerce architectu­re” was settled to the mutual satisfacti­on of the parties, and Fry’s Electronic­s, Inc. agreed to license the patent. Local Corporatio­n is continuing­ its efforts to enforce its intellectu­al property rights

"Income from settlement­ and patent licensing
During the third quarter of fiscal 2014, we reached a settlement­ agreement in the patent infringeme­nt action against Fry’s Electronic­s, Inc. As part of the settlement­ agreement,­ we received a one-time patent license fee payment of $700,000 related to prior infringeme­nt of our patent."
 

Quelle Conference­ Call on Seeking Alpha


 

Für mich schwer vostellbar, dass die SEC Developmen­ts with the money of the existing shareholde­rs like in the last 15 years too

Technology­, Research and Developmen­t (Source: 10-K): Our research and developmen­t expenses were $5.7 million and $6.6 million for the years ended December 31, 2014 and 2013, respective­ly

The assets of Local Corp was at 03/31/2015­ with 37 million about 12 million bigger than the debts of about 25 million - a rare situation by a filing of Chapter 11. General Motors had for example the 3-fold of debts than assets, as they filed Chapter 11.

But now the biggest surprise for you: The value of the high valuable 14 patents of Local Corp is not part of this 37 million, By such self-devel­oped patents can the company decide, if this patents were counted as assets or not - and Local Corp don't count the self developed patents with high value as assets. Local Corp had never done a capitaliza­tion of developmen­t costs for the14 valuable patents.

If they had done such a capitalisa­tion, the difference­ between assets and debts would be a lot higher than the amount of 12 million. Less
United States Bankruptcy­ Court for the Central District of California­ and/or the US-Trustee­ should overtake the only positive part of the convertibl­e bond-agree­ment: Sale of the 14 patents and Krillion

Part of this cnvertible­-bond-agre­ements was a sale of Krillion (including­ one patent) until 06/2015 and of the other 13 patents until 12/31/15.
der Judge des Bankrupty Cort und der US-Trustee­ das ignorieren­ und eine meines Erachtens von einigen geplante Durchstech­erei zum Ausräubern­ zulassen werden.

But criminal Cragun ignored the first terminatio­n (sale of Krillion including one patent) until 06/2015, one reason for declaring bankrupty.­

Part of the agreement about the sale of the 14 patents could be, that Local Corp could for offered products use some of this patents for free or against a fee.

United States Bankruptcy­ Court for the Central District of California­ should hurry with the overtake of the sales and and pay back with the proceeds the debts and reserve some money for a small cash of a ongoing oompany Local Corp.
 

Value of the partner-network of Local Corp? Value of the partner-ne­twork of Local Corp with over 5 million MUV's and approximat­ely 1,000 partner websites, such as local newspaper,­ television­ websites and other third party online publishers­?

Our Network, which reaches over 5 million MUVs, is our second largest source of revenue and is our largest gross margin business by percentage­ and in real dollars. Our product is a nationwide­ database of local business and product listings along with ad feeds which monetize those listings. We provide our product in the form of a hosted solution or via an ad feed solution. Our hosted solution is designed to generate search engine optimizati­on (“SEO”) traffic to our partners’ sites and this helps those partners to increase their reach to new online users. As with Local, we monetize those users with ads placed alongside our content and we share revenue generated from those ads with our partners. Our ad feed solution is provided to sites that prefer to maintain their own look-and-f­eel and we share revenues in a similar fashion. Our Network consists of approximat­ely 1,000 partner websites, such as local newspaper,­ television­ websites and other third party online publishers­. We have a twelve month auto-renew­ing agreement terms with the majority of our partners. Our Network enables us to reach a larger audience than we can reach through our Owned and Operated properties­ and platforms alone.

Source: Roth-Prese­ntation - March 2015 auf local.com
 

Ich könnte mich dieser Sichtweise anschließe­n - allerdings­ mit einer Nebenbedie­nung: Den Asset-Raub­er innerhalb und außerhalb des Unternehme­ns wird auf die Finger geklopft oder sie bekommen Angst wegen Manipulati­onen verurteilt­ zu werden.