About The Spear Report, Independent Investor and Gregory Spear

The Breach

After Spear being seriously late on multiple payments, having promised to cure on many occasions, having been continuously fed sob stories about “trading errors”, investors pulling out in the last second, revenue not materializing, his divorce and other things, I had lost whatever confidence left I had in Mr. Spear. I need to start thinking about my own finances to support myself and my family. Then I get an email from Mr. Spear where he wants the user list from my existing website to start spamming them with newsletter offers. I’ve read a few articles about e-mail offers, and knew very well that a list of 500 users weren’t going to generate any significant revenue, and I suspected he was now trying to get some kind of additional leverage against me. Since he was already in breach, I respond with an email with various contract references, but with the most important paragraphs repeated below:

Hi Greg,

Thank you for your honesty. Sorry to hear about your divorce and
trouble with the investor you thought you had landed. I am not angry;
this has been a business agreement and things do not always work out
as planned.

[section about various contract clauses with references]

Since the contract now is breached I further require that you
immediately destroy all material that I have sent showing statistics,
databases and similar for keelix.com .

If you want to outsource the rest of the work on the software now, you
are probably free to do so, but as far as I can see you can not claim
the non-compete from my part after breaching the contract.

As it currently stands and assuming again that my numbers are correct
(haven’t checked with my accountant), you owe me $13740 from invoice 8
and $21560 from invoice 9, plus invoice 10 $23216 (assuming I will
keep working to the 24th this month). In sum $58516. In addition,
according to the payment schedule in the contract, an additional
$86834 is already owed. Grand total owed (assuming the contract would
be breached at the end of the current working month) then becomes
$145350.

At this point I need to evaluate my options regarding the
work/projects I am going to do next. I am not in a position where I
can keep working without compensation. When/if you are in a position
to offer compensation similar to what we have already agreed upon, and
assuming I have not started other work that requires most of my time,
I am willing to discuss a new contract which picks off where we
finished off.

Until we possibly agree on a new contract, I am willing to offer work
for hire on the project at a rate of $200/hour payable in advance, and
assuming that at least $58516 of the grant total outstanding gets paid
before we start.

Having said all this, I still wish you to succeed with your projects,
and assuming I do not become bound by other contracts, I will try to
help out as much as I can. But without payment, I will limit the time
spent on the project. I will keep the remaining hours for this month
“in reserve” to help get Mark up and running, but as soon as that is
done or those hours have been used up, I will require payment as
stated in the previous paragraph.

After this Mr. Spear starts arguing about how he technically isn’t in default, and how I will be in breach unless I hand over user lists and various other items to him immediately. We go back and forth on whether he is in breach or not, and we never agree and I decline to hand over what he is asking (user lists and various other things to get control over my assets). By now he also starts making things up about exclusive ownership and various other things specifically excluded from the contract in the first place. He is basically trying to bully me into submission and says he will file for arbitration unless I comply immediately and without reservations.

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