March 26, 2026
wildceo.live
Day 21 of the daily series
The office was set up properly tonight. Good light. Good audio. The kind of setup you have when you know what you are about to disclose matters.
And it does matter because tonight I am making public the thread that ties everything together. The adviser who was paid 100,000 of your money to make sure you never heard from me.
I have known about this for a long time. Tonight, you get to know too.
But we will get to that. First, let us run the board.
The Fighting Board
There are boards that run companies. And there are boards that fight for them.
These are not the same thing, and if you have been following this series from the beginning and if you have not, start with Day Two The Reconstruction War Room, because this is a war and wars have history you already understand that what we are building right now is not a peacetime structure.
Today I want to be precise about what the current board is, because shareholders deserve to know exactly who is in the room and why.
Most boards in Denmark are assembled for optics. They look good in an annual report. They carry names that signal credibility to institutional investors. They sit in rooms and approve management proposals and then go back to their other obligations.
That is a business board. It is useful when the company is a going concern operating in a stable environment.
We are not that.
Alexander is on the board. His profile is legal. If you have ever watched what happens when a company is being attacked from multiple directions simultaneously creditors, a hostile trustee, a court system being worked by people with institutional connections you understand that you need someone who reads documents the way soldiers read terrain. Alexander reads documents. He understands what is actionable and what is theater. In a litigation-intensive reconstruction, that distinction matters enormously.
Kim Okkola is on the board. Finnish connections. And if you have been paying attention to the Sanako mystery that has been running parallel to this entire story the relationship between Shape Robotics, the Finnish educational technology landscape, and the parties who would have benefited from the companys collapse Kims presence is not decorative. It is strategic. There are threads in this narrative that connect to Finland, and we are going to pull them.
Aurel is continuing. He was here before. He stays.
This board has a one-year mandate. That is deliberate. This is not a board designed to run Phase Education for the next decade. This board is designed to do two things fight the litigation, and reconstruct the company.
One year. Maximum focus. After that, when the dust settles and we have built something worth governing, we bring in the peacetime board. But right now, we are not in peacetime. Right now, every board seat is a position in a command structure, and the command is win.
I documented the full reconstruction architecture in Day Two. Read it. The board now is the execution arm of that architecture.
From Zero to Infinity
I need to address the dilution conversation directly, because I am seeing it come up and I want to put it to rest.
Four months ago, this company did not exist in its current form. Phase Education AS was not a registered entity. The new headquarters did not have an address. The board was not constituted. There was no EGM process, no FundShape platform, no fighting structure of any kind.
But let me be precise about something, because timing matters and I will not allow anyone to rewrite the sequence of events. In December, we already had a plan. IRIS was the framework. An EGM was scheduled for January 22. The architecture for reconstruction was not invented last month it was designed months ago, before the trustee and the institutional machinery moved to destroy what we were building. What you are seeing now is not a new plan. It is the same plan, executed again, but with a company that has sustained damage that did not need to happen. Every month of delay caused by the trustees actions, by the court proceedings I documented in earlier episodes, by the suppression apparatus I am disclosing tonight, is a month of value destroyed. We are not starting from scratch by choice. We are starting from scratch because people in positions of institutional authority chose to break what was already being built. The plan was ready. The EGM was called. And then the system intervened. So when you evaluate the current timeline, understand that the delay is not ours. The damage is not ours. The responsibility for the position this company is in today sits with the people who torpedoed a reconstruction that was already in motion.
Today, we have a new HQ address registered with the Danish Business Authority. That happened this week. It is done.
So when people ask about dilution when they frame the current share structure as a problem I want them to sit with this from zero to one Danish krone is not dilution. It is infinity of progress. You cannot lose a percentage of nothing.
What we are doing right now is building value from a foundation that, four months ago, did not exist.
But more than that my interests and your interests are the same interests. The pain you feel when the share price does not move I feel that too, every single day. I am not a hired manager drawing a salary while the ship sinks. I built this. I fight for this. When you lose, I lose. When we win and we will win we win together.
This is not a pitch. It is a mathematical reality. The same pain, the same upside, the same aligned position. That is what Phase Education is structured around.
If you want to understand the equity mechanics in detail, the holding company restructuring discussion tonight made something very clear the old consolidation structure was, and I will use the exact word I used on the stream, absolutely stupid.
Every Romanian invoice was being consolidated as a Danish invoice. This is not how you structure a holding company with operating subsidiaries across multiple jurisdictions.
We are moving to IFRS 10 equity-based consolidation. It is simpler. It is cheaper. It is more logical. It is what should have been done from the beginning, and the fact that it was not done from the beginning is part of the same pattern of decisions made by people who were well-paid to make them that got us into the position we are in.
IFRS 10 consolidation is based on control through equity ownership, not through invoice flow. It means the parent company holds the subsidiaries through share ownership, the financial reporting reflects that ownership structure cleanly, and you do not end up in the absurd situation of Danish tax and accounting authorities looking at a Romanian operational invoice and treating it as a Danish transaction.
Every auditor who ever touched the old structure should have flagged this. Either they did not notice, or they did notice and said nothing. Neither answer is acceptable.
We are fixing it now.
The Disclosure How the Establishment Silenced Your CEO
Now we get to the center of tonights broadcast. And I want you to read this section carefully, because what I am about to make public is not a theory. It is documented. It is in emails. It has dates, invoice amounts, and names attached.
I have been sitting on this evidence, waiting for the right moment. The moment is now.
In August 2024, the board hired a company called Point Communication as the companys IR and communications adviser. The monthly retainer was 15,000.
Let that number settle for a moment. Fifteen thousand euros per month, paid from a company that was already under serious financial strain, to a firm that as it turned out would spend the next several months advising your CEO to say as little as possible to you.
The timing of this hire is not incidental. August 2024 came directly after the pump-and-dump investigation began to unfold. That sequence is important. The investigation starts. The board hires an expensive communications firm. The communications firms primary advice is avoid all media contact. Avoid Nordnet. Avoid investor forums. Do not do live QA sessions with shareholders.
The man at Point Communication who delivered this advice was Jorgen Fischer Ravan.
And I want to tell you how our relationship began, because it tells you everything you need to know about how this system works.
Before the formal engagement, there was an initial consultation. Thirty-five minutes. In those thirty-five minutes, Jorgen demolished me. That is the honest way to describe it. He sat across from a CEO who wanted to talk to his shareholders, who wanted to be transparent about what was happening, who believed that the people who owned shares in this company deserved to know the truth and he told me, systematically and with the authority of someone who has spent years inside the Danish financial establishment, exactly why that instinct was wrong.
At the end of thirty-five minutes, he charged 2,000 for the consultation. I paid it. And I believed, for a period of time, that perhaps he knew something I did not.
He did not.
The board used Jorgens authority to suppress what should have been disclosed. When I wanted to talk to shareholders about the pump-and-dump when I believed, as your CEO, that you had a right to know the board threatened to fire me. Not once. Twice. Two separate occasions when I was told, with complete clarity, that if I went public with what I knew, I would be removed from my own company.
This is documented. The emails exist.
Gullev was the original First North IR contact. Gullev also wanted to disclose thepump-and-dump. The board fired Gullevfor it. This is the same playbook, applied twice, against two different people who wanted to tell the truth.
And then there is the Borsen incident. Borsen is one of Denmarks most prominent financial publications. A journalist contacted me. I wanted to respond not to make accusations, but to provide context, to give shareholders a factual picture of what was happening.
I was told, explicitly, that I was not even allowed to discuss matters with Borsen without first consulting the advisers.
I did not comply fully with that instruction. And when the share price continued to decline the inevitable consequence of a company whose story was being told only by its enemies Jorgen blamed me. He blamed me for talking to a journalist without adviser approval. He blamed me for the results of his own advice.
The emails document this dynamic with precision.
Let me be direct about what this means.
Point Communication was paid, at approximately 15,000 per month across the engagement, something approaching 100,000 in total. For that 100,000, shareholders received zero transparency. Zero access to their CEO. Zero information about a pump-and-dump scheme that was actively affecting the value of their holdings.
The money was spent your money, effectively to build a wall between you and the truth.
Point Communication works for a lot of large companies on the Danish Stock Exchange. I say this not to make a broad accusation, but because it matters contextually. The firm is embedded in the establishment. When you are embedded in the establishment, your primary instinct is to protect the establishments interests. The establishments interest, in this case, was not disclosure. It was containment.
This is what I mean when I say that the fight I am in is not just a legal fight. It is a fight against a system designed to manage information in the service of institutional players at the expense of individual shareholders.
And this document this email chain between me, Jorgen, and the board is the clearest evidence I have found of that system in operation
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If you want to understand how this connects to the Finans lawsuit, read Day 20 The EUR 14 Million Missile. I argued there that the court in the Finans case was, in effect, poisoned operating on a version of events shaped by a narrative apparatus designed to keep the real story from reaching anyone with the power to act on it.
Tonights document is proof of how that apparatus was built and who was paying for it.
The timeline now looks like this pump-and-dump investigation begins, board hires communications firm to suppress CEOs desire for transparency, CEO is threatened with termination twice for wanting to disclose, IR contact is fired for wanting the same, advisers charge 100,000 and deliver nothing, share price collapses, and the adviser blames the CEO for a conversation with a journalist.
This is not incompetence. This is a system performing exactly as designed.
I have been asked many times why, if I knew what was happening, I did not speak earlier. This is the answer. I was legally constrained, institutionally pressured, and for a period professionally silenced by people who were paid to silence me.
The documents I am now presenting are the record of that silencing. They will become part of the formal legal record.
For context on what the courts have already done when presented with clean evidence, I recommend Day 11 Two-Zero. The Courts Work. The judiciary, when it receives the actual facts without the intermediary filter of a communications management apparatus, tends to reach the right conclusions.
To the Nordnet Forum
I read the forum. I read it every day, and I want to address the people posting there directly, by name, because they are not abstractions they are shareholders who deserve a real response.
Progression your question about the EIFO credit cancellation disclosure timing is not a bad question. It deserves a serious answer. You are asking why it took two years for this information to reach shareholders, and you are suggesting that Mark Abraham, as CEO, was the person who made that decision.
I want to be precise I became CEO in May 2024. The events surrounding the EIFO credit cancellation precede that tenure. And within my tenure, the decision about what could and could not be disclosed under MAR the Market Abuse Regulation was not made unilaterally by me. MAR is not optional. It governs what a listed companys management can say, when they can say it, and to whom.
But here is what the evidence I disclosed tonight adds to that picture even within the space where I had discretion, where I believed disclosure was possible and right, I was blocked. By the board. By the adviser they hired specifically to manage that blocking. The email chain is clear.
If you want to understand why disclosure did not happen when it should have, the document I released tonight is the answer. The board and their expensive PR apparatus prevented it. I tried. I was threatened with termination for trying.
Myggen1 the name change question is completely fair. I covered this in full detail in yesterdays episode. The short answer is that Phase Education AS is the reconstructed operating identity, and the full explanation of what that means structurally and what it means for shareholders is in Day 20. I would encourage you to read it in full, because the name is not cosmetic. It is part of a deliberate legal and operational architecture.
antares I hear the frustration about the trading suspension. It is legitimate frustration. Nasdaq has been contacted. The process is in motion. The decision is not mine to make unilaterally it is in their court, and we are waiting. I documented the Frankfurt angle on the trading suspension in Day 7 The German Front, which is relevant context here. The suspension is not permanent. But I understand that every day it continues is a day shareholders cannot act on their own positions, and that is a real cost. I am pushing.
omikron1989 the VP deposit account number question. This is straightforward, and it matters because it is required for EGM registration. Your VP deposit account number is in your eBoks. Look for the letters from VP Securities the Danish central securities depository. It is the account that holds your shares, and it is what the EGM system uses to verify your shareholder status when you register to vote.
kloun walked through this in the forum as well, and he is correct. If you cannot find it in eBoks, contact your broker directly. They will have it.
kloun thank you. Not performatively. Genuinely. You have been here every day. You posted the EGM instructions this morning before most shareholders were awake. You voted. All green. One thousand shares, all fourteen items in favour. You were the first confirmed vote in this EGM, and that matters symbolically and practically. The EGM needs quorum. Every vote counts. You showed everyone else how it is done
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To the person who posted and then deleted BokLarsen and to the dynamic that kloun identified yes, I noticed. There are anonymous accounts on the Nordnet forum who seem to have a singular interest in this company reaching total bankruptcy as quickly as possible.
kloun described it precisely it is striking that an anonymous account pounds so relentlessly in one direction.
I am not going to spend energy on speculation about who those accounts represent. I will say this the people who would benefit most from a fast bankruptcy are not the shareholders. They are the people who have claims against the estate that would be easier to settle in a messy liquidation than in a structured reconstruction with a fighting board and full legal representation.
A liquidation is opaque. A liquidation is fast. A liquidation buries the documentation under layers of insolvency proceedings and leaves individual shareholders with nothing.
A reconstruction is the opposite of all of that. It is slow, it is transparent, it is fought in public, and it requires everyone with an interest in the outcome to show their hand.
There are parties in this story who emphatically do not want to show their hand. The pressure toward bankruptcy from anonymous forum accounts, from a trustee whose actions I have documented in The Man Who Knew the Rules And Chose to Break Them, from institutional silence is not coincidental. It is directional.
The EGM Is Live
The first confirmed vote is in. April 14, 2026. If you have not registered yet, the portal is at phase.education/EGM. Registration requires your VP deposit account number see the note to omikron1989 above if you need help finding it.
The process takes minutes. The consequences of not voting, of letting the quorum fail, are not minutes they are months of delay in a reconstruction that is already moving faster than anyone on the other side of this fight expected.
I want to be clear about what this EGM is not. It is not a formality. It is not a box-checking exercise. It is a legal event with direct consequences for the trajectory of Phase Educations reconstruction.
The items on the agenda the board mandate, the structural decisions, the capital framework require shareholder approval to become legally binding.
The trustee, the creditors, and everyone else watching this process knows that a failed EGM is an opening. Do not give them the opening.
For those who want to understand the FundShape mechanism and how it connects to the capital raise, visit fundshape.phase.education. The architecture is documented there. This is not a vague promise of future funding it is a specific structure with specific mechanics.
The Weight of the Documents
I want to close tonight by saying something that I did not say during the stream, because the stream is real-time and this requires a slower pace.
What I disclosed tonight the Point Communication emails, the record of the two termination threats, the documentation of Gullevsfiring is the single most important evidence released in this twenty-one-day series. Not because it is dramatic. Because it is specific. Because it has names, dates, invoice amounts, and email exchanges that cannot be reinterpreted.
The narrative that has been used against me that I was an erratic CEO who refused professional advice, who went rogue with media, who damaged the companys standing through impulsive communication that narrative was constructed by the same people who were billing 15,000 a month to construct it.
The documents I released tonight show the construction in progress. They show the architect. They show the price tag.
We Eastern Europeans do not separate business from life. Life is business. Business is life. And in my life, the past months have been a sustained attempt by people with institutional resources to use those resources to rewrite what happened. To make me the problem. To make transparency the crime.
I do not fight fair. I fight smart. I do not react. I orchestrate. And what I have orchestrated over the past twenty-one days is the systematic assembly of a documentary record that cannot be argued away, cannot be spin-managed, cannot be made to disappear by a 15,000-per-month retainer to a well-connected PR firm.
I file a criminal complaint at 9 AM. I architect a platform at 10 AM. I raise capital at 11 AM. This is what the schedule looks like when you are not waiting for permission.
The trustees behavior throughout this process the pattern of actions that I documented in The Man Who Knew the Rules And Chose to Break Them makes more sense now, in light of tonights revelation. When the communications apparatus around a company is designed to suppress the CEO, the trustee operates in information darkness that serves his interests. He presents one story to the courts, to the media, to the forum.
Tonight, by making this public, we begin dismantling the foundation of that story.
Day 22 tomorrow. We keep moving.
Daily updates at wildceo.live.
EGM registration at phase.education/EGM.
FundShape at fundshape.phase.education.
If you are new here, the full archive is at wildceo.live. Start from the beginning if you have the time. This is a book written in real time, and every chapter connects to the one before it.
Exhibit: The Jorgen Fischer Ravan / Point Communication Email Chain
View the full email documentation here
Wild CEO The Journey is published daily by Mark Abraham. The series documents, in real time, the reconstruction of Phase Education AS formerly Shape Robotics AS and the legal, financial, and institutional battles surrounding it. All documents referenced are part of the formal legal record or will be submitted as such.