Press Release: c/o Glaud預roductions SG Media, LLC
At the core of our dispute with our brother and Philip Madison Jones is whether Dexter has the unilateral authority to serve as King, Inc.’s chief executive or enter agreements on its behalf without our knowledge or consent. As has been clearly stated in our previous statement as well as legally challenged by us, there have been no annual meetings of the shareholders and/or directors of King, Inc. conducted in five years. This has prevented our family from carrying out the legal business of reviewing its financial position and the results of its operations, participating in its decision making, and conducting business required by its bylaws and the laws of the state where it is incorporated. These activities are the minimum requirements of any business; why should King, Inc. be any different? Perhaps more importantly, it questions whether Dexter has the legal authority to enter into such agreements or commitments on behalf of our family, since annual elections required by the bylaws have not taken place in those five years.
The purpose of the King Estate Corporation is to give structure to the way our family conducts business related to our father’s intellectual property. That purpose has been thwarted. For the past several years we have been denied the opportunity to offer input or exercise our right to vote on significant decisions Dexter has made about our father’s legacy that impact us directly. While we are the majority and equal shareholders and Directors, the passing of our sister and mother caused a technicality in the bylaws that now require unanimous agreement in order to hold an annual shareholders and/or Directors meeting(s). Because Dexter refuses to hold or participate in an annual meeting he has in essence hijacked our family corporation and is running it like it is his own personal empire. As a result only a court of law can now resolve this and many other issues.
In today’s climate of corporate mismanagement and malfeasance, every American who is a shareholder of any corporation would understand that our rights as shareholders, directors and officers of King, Inc. must be recognized and protected. True to our father’s legacy we are fighting for our right to vote, have input and to be treated equally.