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Basically, Prediwave was purchased by a big company. And the big company had lots of money.
Prediwave said it was going to develop a technology for interactive satellite TV. And so Big Company invested heavily.
Prediwave told Big Company that it needed to buy a special memory chip from another company called WOW. Big Company was ok with this, believing that the chip was being purchased for a regular market price.
What really happened is the owner of Prediwave set up an account with HSBC under his brother and mom's name, for WOW. And WOW purchased the memory chips, marked the price up 20-fold, and sold them back to Prediwave. In effect, money was laundered within Prediwave, away from Big Company.
When Big Company began investigating Prediwave's spending, they found this and more, and the rest is history. Prediwave's spending accounts have been frozen, and the company's property has been auctioned off.
That's all I know so far, and there may be inaccuracies, but I think it's about right.
Oh, and Prediwave made big big payments to S.T.U.B SATertainment. I think they're basically the same company, which is why our feed is gone. Hopefully someone else will see this as a potential business and go for it.
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