_________________________________________________ UPDATE 30 Sep 2011 01:15: David Simmonds new MindArk CEO! Welcome to the throne David! Original document: http://www.entropiaplanets.com/wiki/File:MindArk_Governance_Changes_Simmonds_CEO_Timkrans_COB.pdf Leave David a welcome message: David|Mindark Read an interview with David Simmonds in EntropiaTimes September 2010. _________________________________________________ Jan Welter Timkrans reclaims the throne of the universe! In the latest chapter of what seems to be an epic battle, long-term MindArk CEO and biggest shareholder Jan Welter Timkrans probably has reclaimed his position - at least he is chairing the board of directors. It seems to be a battle between Welter Timkrans, the visionary and co-founder of Entropia Universe on one side and a block consisting of several large scale investors on the other side. Let's take a look at the big picture as far as it was revealed. Jan Welter Timkrans - 15+ years of Entropia Universe Jan Welter Timkrans has been at the top of the project since the early beginnings in 1995 when he led a group of engineers to initialise the concept design of Entropia Universe. During the term of him leading MindArk Project Entropia went Gold, was renamed to Entropia Universe, sold virtual properties for 100 thousands of USD, switched to CryEngine2, introduced planets, launched space. Following the migration to CryEngine2 in 2009 and under the influence of the world economy crisis MindArk's financial figures leaned towards an all-time low. The recent fail of the deal with SEE Virtual Worlds to sell Planet Calypso/FPC which was supposed to rake in 6 Million USD probably didn't help the situation either. Incident at the Annual General Meeting on the 1st of June On the Annual General Meeting, Jan Welter Timkrans himself held 44,91% of the shares and represented Carnegie Investment AB holding 5,74% of the shares. As a result JWT's vote should have accounted for 50,65%, thus representing the absolute majority. However, after a discussion at the beginning of the meeting the participants decided not to allow the right to vote for the shares of Carnegie Investment AB , on the ground that Carnegie Investment AB had not registered properly for the meeting. This decision left Jan Welter Timkrans with only 47.65% shares of the vote. In the course of the meeting it turned out that two blocks were opposing one other: One consisting of Jan Welter Timkrans and the other primarily of the Bothen family and affiliates of the Bridge Investment Group accumulating the majority of votes. As one result of these proportions Jan Welter Timkrans lost the election for Chairman of the Board of Directors against Fred Rosenthal, affiliated with the Bridge Investment Group, with a distribution of 52.35% of the votes going to Fred Rosenthal and leaving 47.65% for Jan Welter. For more details please refer to the minutes of the Annual General Meeting: Annual General Meeting 2011 Johan Andinsson replaces Jan Welter Timkrans as CEO of MindArk The feud showing up in the Annual General Meeting had another climax in an incident hard to foresee or even imagine. On September 5th, then MindArk Chairman of the Board of Directors and Bridge affiliate Fred Rosenthal issued a press release stating that MindArk CEO Jan Welter Timkrans has been replaced with Johan Andinsson, effective September 1st 2011. The press release quotes Fred Rosenthal saying: "In hiring Johan Andinsson, the company now has the skills necessary for the consolidation of operations with the objective to create growth and sustainable profitability", which implies that the Board believes Jan Welter Timkrans does not have those necessary skills. A comment by Jan Welter Timkrans' son and MindArk/Planet Calypso Game Designer Kim Welter also suggested that this has not been a friendly takeover: "What transpired over the last week or so is still very difficult for me to handle and I did consider resigning on the spot." The original press release: Johan Andinsson takes over as new CEO of MindArk Extraordinary General Meeting of MindArk on 19th of September The same day the new CEO was announced, MindArk also announced an Extraordinary General Meeting for the 19th of September. The major item on the agenda was item # 7: Election of Directors and Chairman, proposed by Jan Welter Timkrans. Shortly after the meeting, rumors started floating around suggesting that the decision made in the meeting would result in yet another major change. Planet Cyrene Creative Director Ed even made it semi-official: "Well there's definitely been a shake up (confirmed by multiple sources), but I will let MA give out the details. Stay tuned : )" Later that day MindArk's Director of Business Development David Simmonds didn't want to comment on the subject but stated that "an official announcement will follow shortly". Announcement of the Extraordinary General Meeting: Extraordinary General Meeting September 2011 Official statement? On 22th of September the press release announcing Johan Andinsson to take over as new CEO silently disappered from MindArk's website. (Luckily wiki never forgets: Johan Andinsson takes over as new CEO of MindArk)Was this the "official announcement" we have been waiting for? Does that mean Johan Andinsson has been booted out again after just 3 weeks? Will he receive an annual salary indemnity payment from our deposited PEDs? And who would we have to thank for that, Bridge Investment Group? As of today 23rd of September we have at least the confirmation that Jan Welter Timkrans is back chairing the all new board of directors: "The shareholders of MindArk PE AB dismissed the entire board and replaced it with a new one chaired by Jan Welter Timkrans." Whereas more than a third of the 'shareholders of MindArk' is Jan Welter Timkrans himself and as we know he was supposed to represent another 4.36% on the Annual General Meeting in June. But who gave the JWT faction the edge over the other block voting against him on the AGM? And will he be back as the CEO? Is the battle over now or has it just begun? What does this mean for the future of Entropia Universe? So we still wait for a more informative official announcement. But we dare to say already: Welcome back JWT!