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MyMedicalRecords.com to Continue Pursuit of Taylor Armstrong Lawsuit

Sunday, August 21, 2011 8:36 PM
Moreover, Crosswhite was another person who invested in then-private MyMedicalRecords.com via the Armstrongs and never received his shares until Bob Lorsch uncovered the whole Armstrong/MyMedicalRecords.com business fiasco and made things straight with Crosswhite and many others by rescinding Russell's shares for the benefit of Crosswhite and the others. Crosswhite confirmed this fact and told us that he still holds many shares today because of his belief that Bob Lorsch will make the company a success. Crosswhite explained that he had known the Armstrongs for several years and that, while not on a regular basis, they had done many things together encompassing both business and personal interests. Tom told us that on several occasions, Russell and Michael Nobel (of the Nobel Foundation, Nobel Peace Prize and some Armstrong-lead companies) had stayed and been entertained at Crosswhite's Park City, Utah house. He also informed us that he had introduced Russell to more than 25 companies seeking venture capitalist activities, for which Russell was paid healthy commissions on the fund raising. One of the companies, Genea Energy Partners, was tagged in September 2009 by Forbes Magazine as #13 on their list of "America's 20 Most Promising Young Companies." Crosswhite is very knowledgeable of the $10 million in capital that was raised for Genea as he was supposed to receive roughly $450,000 in commissions from Russell for making the introduction to Genea and getting him the business...money Armstrong never gave him. "I cannot comment on whether the Armstrongs are broke at this time, but I do know that Russell had received very large amounts of money through a wide variety of channels throughout the last two/two-and-a-half years in my association with him," stated Crosswhite. "I know that a family in Texas was paying him to raise capital for several upstart businesses. Russell told me that they had given him $200 to $300 million for a fund in what Russell called ‘Vegas' money to develop and provide capital for a conglomerate of developing firms and were paying Russell $250,000 a month in salary for his services plus one to two percent from any deal that he was responsible for creating." Crosswhite also understands that Russell then also took equity in the companies he raised money for. Lorsch believes that Ingrid Wang, the wife of the founder of the Wang Computer Company, recently gave Armstrong's "Fund" four million dollars. The Armstrong's apparently moved quickly putting that fund to work with $10 million going towards five future films for Oscar Winning Director Kathryn Bigelow ("The Hurt Locker"), which they alluded to in an early episode of Beverly Hills Housewives, and possibly millions in other film production deals for which they were supposedly paid 8 to 10 percent commissions for raising the money and given equity in each film as well, according to Crosswhite. "It seemed that the Armstrong's had many business operations that were generating significant amounts of income recently," stated Crosswhite. With direct regard to circumstances that could potentially arise surrounding the MMR/Armstrong's lawsuit, Crosswhite spoke of other individuals he knows that had invested money through the Armstrongs that never seemed to hit the target destination, including MyMedicalRecords.com. This lends impetus to the idea of the lawsuit could grow significantly generating many more millions of dollars in claims for today's MMRF shareholders. In our conversation with Crosswhite, he mentioned that Russell had become a member or the highly-exclusive Tiger 21 group approximately two years ago. Crosswhite also mentioned that he had passed the stringent criteria and application process and was invited to become a member of the learning group as well. He explained that in order to even be considered as a member, individuals must be able to prove a net worth of a minimum of $30 to $40 million and that regular reviews are conducted to ensure that members are maintaining a high net worth. Advance-paid annual membership dues are $30,000. Russell Armstrong joined Tiger 21 in 2009 despite his ongoing bankruptcy – during which he claimed only $50,000 in assets and millions in debt – which was eventually discharged from debtors in June of 2008 and not terminated until June of 2010, possibly at the same time he was in the process of shooting Beverly Hills Housewives.


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