The okcCoCo is announcing that it is being forced to cease operations and dissolving the company. A lawsuit brought by US Fleet Tracking against the okcCoCo and individually against Derrick Parkhurst, one of the founders of the okcCoCo, has brought the company’s operations to a halt by depleting all its funds. okcCoCo founders argue that while they would likely win the lawsuit, the funds to do just are just not available. okcCoCo founders believe that the actions of US Fleet Tracking have been motivated purely by the business interests of US Fleet Tracking owner Jerry Hunter to launch a new business accelerator Blueprint for Business and increase visibility in the okcCoCo community of technology entrepreneurs.
Since 2009, the okcCoCo’s mission has been centered on improving the technical, creative and entrepreneurial opportunities, resources and community in Oklahoma City. “Through our efforts we have helped to find members freelance work and employment, we have promoted and fostered well over 100 startup companies, held dozens of events for technology professionals and entrepreneurs, and have provided meeting space for tens of professional groups,” says Tommy Yi, an okcCoCo co-founder. The okcCoCo is recognized as having created a technology and entrepreneurial hub in Oklahoma City.
As always, it’s all about the dollars:
The legal dispute between okcCoCo and US Fleet Tracking is over a sponsorship agreement made on January 25th, 2012 for $23,000. Some four months later, on May 15th, US Fleet Tracking demanded the return of the funds even though the return of funds was not required by the terms of the sponsorship agreement. okcCoCo was unable to return any funds because of financial decisions and commitments already made at that late date, which were necessary to secure the new location on Film Row. In spite of multiple attempts at settlement, terms of which included both sponsorship opportunities and repayment of the original sum plus interest, no settlement has been reached.
The CoCo Twitter account is stating that USFT is attempting to obtain a gag order against them. USFT, for their part, has sent no tweets in a week, though there’s a lot to be said for the old-fashioned “We do not comment on current litigation.”