3rd may 2008

I see RWW is considering placing Omnidrive into the deadpool.

Below is a public letter to Nik Cubrilovic and anyone else interested in this topic.

I am (or should that be was?) an Angel Investor in Omnidrive to the tune of USD$100k.

Nik if you are reading this I would love to see my money returned plus interest, although you already know that as I requested this about two months ago.

If you are interested here are my thoughts/experiences...

1. I invested USD$50k in Omnidrive in late 2006. (Convertible note, which is basically a loan which earns interest, and converts to stock in the event of a large investment (ie: series A venture capital))
2. I invested (convertible note) a further USD$50k in mid 2007
3. I found Nik Cubrilovic to be confident and believable
4. I lived in the valley for 2007 and was just down the road from where Nik lived. So we caught up a few times to go out socially. Again I found him charismatic and believable.
5. I have been informed by others that Nik had a term sheet for VC in early - mid 2007 from a VC firm and shopped it around too much (to other VCs) and basically lost the deal.
6. My first concerns started to occur when I heard that Phil Morle had quit because he had not been paid at all. I think this was late 2007.
7. I was then questioned if I could confirm that I had invested a 3rd time in late 2007, as according to this 3rd party the employees at the time were told their wages would be paid as Clay Cook had just invested further and the funds would clear soon. I informed the 3rd party that this was certainly not the case.
8. I am aware that Omnidrive owes various parties considerable money. I would estimate at least $500k for Investors, $250k for employees and outsourced resources, ??? other parties?
9. I requested my investment and interest back in mid Feb 2008. Received a reply that he was in negotiations with a bunch of possible acquirers.
10. I had been informed by a 3rd party that there was a party that was interested in acquiring Omnidrive however Nik was not returning their emails. This certainly didn't fill me with confidence, so I replied to Nik's email suggesting that he prove he was in negotiations or pay me my money. I haven't heard from Nik since.
11. Note: The convertible notes allowed for the investor to request their funds back plus interest if they had not yet been turned into stock.
12. Nik is great at emails and information, however a lot that I heard contradicted what I read in his emails.
13. I am 99% sure I will not receive a cent.
14. I did consider legal action, however the structure was a little messy. Due to my contracts being with the US parent company (Omnidrive Inc). I am again based in Australia. There is a ...