I found some more recent information on the net. Google ‘Dowling vs Davis’. The case wasn’t finished until this year. The upshot was the Davis was bankrupt and couldn’t pay any money back, and only just managed to hold onto his retirement fund, merely $95,000. There is a bit on WR here. http://wikipediareview.com/index.php?s=&sh...ndpost&p=266739
about Davis’ involvement in Wikia.
Question: assuming COA broke up in 2006, after Wales and Davis formed Bomis, why did they end up owing Dowling nearly $1m? What happened to the money? How did Davis end up being bankrupt? Did Jimmy really make any money at all?
o 1994-2000: Jimmy Wales works as a research director at Chicago Options Associates, where Michael Davis is CEO.
o May 1995 - Chicago Options Associates (traders on CME) and Dowling, a trader employed by COA and by Michael Davis, entered into an agreement revising the compensation Dowling was to receive from COA in respect of Dowling investing in and becoming a shareholder of COA. However, the investment and shareholder discussions broke down and a dispute arose concerning the compensation Dowling was due.
o May 1996, Dowling filed suit against COA and Davis seeking a portion of COA's profits, plus interest, from 1994 through the 1995 Agreement's termination date.
o November 7, 1996: Jimmy Wales, Tim Shell, and Michael Davis form Bomis, Inc., a Delaware Close Corporation
o May and October 2002: a bench trial was subsequently held and the circuit court entered judgments totaling $817,830.45 in favor of Dowling.
o January 2003, Davis's ex-wife and minor children moved to Florida and the children began attending school.
o February 2003, Davis and his wife moved from Chicago, Illinois, to Florida, purchased a home, and applied for Florida driver's licenses. Davis and his wife also applied for a Florida real estate homestead tax exemption.
o March 2003, Dowling instituted supplementary proceedings against Davis and attempted to serve Davis at his residence in Chicago; however, because Davis had moved to Florida, service was not completed.
o September 30, 2003, Dowling presents a motion for a turnover order for the cash value of Davis's Northwestern Mutual life insurance policy (the life insurance policy). The life insurance policy had been established in 1992, had a net benefit of $587,067, and, on September 17, 2003, had a net surrender value of $95,059.58.
o November 3, 2003, because Davis did not appear in response to the citation served upon attorney Landis, the circuit court, on Dowling's motion, entered an order of contempt against Davis, as well as a bench warrant for his arrest.
o November 12, 2003, pursuant to a citation to discover assets issued to Charles Schwab, and on Dowling's unopposed motion, the circuit court entered a turnover order directing Charles Schwab to deliver the full cash surrender value of Davis's individual retirement account (IRA) to Dowling.
o Some time in 2003, Davis becomes the Chief Operating Officer of “community-focused wiki hosting service” Wikia, Inc.
o June 14, 2004: Davis and COA’s appeal is dismissed.
o November 19, 2003, Dowling filed a motion in the circuit court for turnover orders directed to Davis's membership interest in Buckhorn Ranch, LLC (Buckhorn Ranch), and his stock in Boomis, Inc. (Boomis). [Probably ‘Bomis’?] Dowling asked the circuit court to order Davis to turnover his membership interests and stock directly to Dowling.
o November 19, 2003, Davis submitted to the circuit court's jurisdiction and filed a motion to vacate the turnover order directed to Northwestern Mutual, claiming that the cash value of the life insurance policy was exempt. Piper Rudnick also filed a motion to vacate the turnover order directed to Charles Schwab, asserting that the account was exempt under Florida law and, alternatively, under Illinois law. Davis also requested that the circuit court vacate its contempt order and quash the arrest warrant issued for him.
o Some time in 2006 (after the Wikia name became official), after having his expense credit card taken way by Devouard [?] at WMF, Jimbo presented a dinner expense bill (with the famous $600 wine bill) to Wikia, which resulted in his partner Michael Davis having Jimbo fired as Wikia CEO, and bringing in Gil Penchina to replace him.
o May 3 2007, supreme court of the state of Illinois considers an appeal requires us to determine whether monies paid to Davis’ lawyers as a retainer belonged to the lawyer’s or to Davis. Background: Brian Dowling, commenced proceedings to collect on two judgments he obtained against COA and Davis. In the process, Dowling learned that Davis had paid retainers to his lawyers in March 2003, in connection with efforts to protect his assets from Dowling’s judgments. Dowling sought turnover of those retainers from Piper. The circuit court of Cook County ruled in Dowling’s favor and ordered Piper to pay over to Dowling the sum of $137,576.53. The judge’s determination is that the court should remand the cause back to the circuit court for further proceedings to discern the intention of Piper and its clients, Davis and Seibel, with respect to the specific fee agreement at issue here.
o 2008, bankruptcy proceedings were initiated against Davis in the Middle District of Florida.
o April of 2009, the bankruptcy court entered an order finding that Davis' retirement assets were exempt from creditors. In May of 2009, the Order Confirming Plan was entered in the Bankruptcy Case but the bankruptcy court reserved jurisdiction to consider Davis' counterclaim for damages in the Adversary Proceeding, which was consolidated with Davis' objection in the Bankruptcy Case. The bankruptcy court held a trial on Davis' counterclaim, consolidated with his objection, on February 16, 2010, May 18, 2010, and May 21, 2010. The issue at trial was whether to impose liability against Dowling for his seizure of Davis' exempt retirement assets.http://fl.findacase.com/research/wfrmDocVi...1032.MFL.htm/qx