There’s a moment in every investigation when the evidence stops being circumstantial and becomes architectural. When the individual documents, each damning on their own, lock together like load-bearing walls in a structure you can finally see whole.
Today, I’m showing you the blueprints.
I have five signed contracts on my desk. Not projections. Not LOIs. Not “indications of interest.” Signed documents — with DocuSign envelope IDs, timestamps, and the wet signatures of CEOs, presidents, and board chairs from four countries.
These are the contracts that were in place when someone decided Shape Robotics needed to die.
I. The $42 Million Wall
August 21, 2025. Durham Capital Corporation, New York. Sylvester F. Miniter — President of Durham Capital — signs a proposal for a $42,000,000 Senior Secured Credit Facility to Shape Robotics A/S.
Three-year term. 12% interest. First lien on all assets. Interest-only amortization. A $210,000 non-refundable application fee — which I paid — credited to the 3% origination fee at closing.
The structure is textbook ABL — asset-based lending against 70% of eligible receivables, 50% of inventory at cost, and 75% of net orderly liquidation value of machinery and equipment. Durham’s covenants are tight but fair. Their conditions precedent are standard: good standing, executed security agreements, valuation report, review of books and records.
I signed it. Miniter signed it. August 21, 2025.
Four months before the bankruptcy petition. Four months before a trustee from Kromann Reumert — the law firm of the investment bank whose analyst I had just reported for market manipulation — was pre-designated via DocuSign to liquidate the company that filed the complaint.
Forty-two million dollars on the table. Nobody asked Durham.
II. The €32 Million Contract
September 26, 2025. Warsaw and Bucharest. Shape Robotics A/S and all its subsidiaries enter into a Sale Purchase Framework Agreement with Bechtle direct Polska Sp. z o.o., represented by Karolina Romańczuk, President of the Management Board. Total estimated value: EUR 32,000,000.00.
The contract supplies STEM/AI laboratory equipment to Polish public schools through public procurement tenders conducted by NASK PIB — a national research institute under Poland’s Ministry of Digital Affairs. This is not a speculative deal. This is Polish government infrastructure. EU-funded. Public record.
The equipment list reads like the manifest of the future: 3D printers, laser cutters, VR classroom sets, programmable robotics kits, microcontrollers, digital microscopes, science kits, sensor kits. Twenty-five product lines. All manufactured by Shape Robotics Romania or sourced through certified partners. All compliant with ISO 14001, ISO 50001, ISO 9001.
Addendum 1, signed November 19, 2025, sets the binding unit prices for all twenty-five products. Addendum 2, signed November 27, 2025, inserts the pre-order mechanism and product return provisions. Read those dates again. December 2, 3, and 5, 2025.
The bankruptcy petition was filed December 19. Nasdaq suspended our shares on the same day. The petition was served to a former board member’s private email — eight days after she resigned. Nobody from Shape Robotics was present at the hearing on January 6.
While we were signing addenda to a thirty-two million euro government contract, someone was preparing to kill the company that held it.
Clause 3.13 of the framework agreement states that the equipment shall be invoiced and delivered by Sanako Oy. The subsidiary that was destroyed in twenty days by the trustee. Fifty thousand classrooms in 114 countries. Gone. While holding the delivery obligation for a thirty-two million euro contract with the Polish government.
III. The Teybridge Facility
October 8, 2025. Dublin and Turku. Sanako Oy enters into a Master Receivables Purchase Deed with Teybridge Frontier Receivables DAC — a structured receivables fund — serviced by Teybridge Capital (Europe) Limited through their digital platform. Drafted by Hill Dickinson LLP, Liverpool.
The structure: Sanako sells its accounts receivable to Teybridge at a discount. Teybridge pays upfront. When Sanako’s customers pay, the money flows to Teybridge. Classic factoring — but institutional grade. Citi Bank IBANs. 100% concentration limit.
This is a working capital facility for a company with active revenue, active customers, and active government contracts. You don’t set up receivables factoring with Citi Bank for a company that’s about to go bankrupt. You set it up for a company that’s about to scale.
Sanako had approximately €1 million in annual net profit. Positive cash flow. It had sold approximately €2.5 million in language laboratories through Shape in Romania. It was the delivery vehicle for the Bechtle contract. It had institutional financing in place. And then it was bankrupt.
IV. The Arithmetic of Impossibility
Let me do what the trustee never did. Let me add. Durham Capital: $42,000,000 credit facility (signed). Bechtle/Poland: €32,000,000 framework agreement (signed, priced, operationalized). Teybridge: Receivables facility (signed, Citi Bank accounts live). Sanako annual net profit: ~€1,000,000. Sanako language lab revenue via Romania: ~€2,500,000. Recovered inventory (Bucharest warehouse): ~€1,500,000.
Now let me show you what the trustee did. Assets written to zero: DKK 199,000,000. Sanako destroyed in 20 days. Market disclosures issued: zero (for a Nasdaq-listed company, in 59 days). Nordea escrow held without authorization: DKK 3,722,813.18. Questions answered to shareholders: zero.
A company with over $80 million in signed financing arrangements, positive cash flow, and a government contract delivery pipeline was declared bankrupt on a petition served to someone who had resigned eight days earlier, adjudicated at a hearing where nobody from the company was present, and then liquidated by a trustee who was pre-designated via DocuSign thirty-nine days before the court appointed him.
This is not insolvency. This is architecture.
V. Marcel’s Question
Today on the live, a viewer named Marcel asked: How do we know this is real? Marcel, I’ll answer you the way I answer everyone.
Fraudsters take the money and disappear. They don’t pay $210,000 non-refundable application fees to New York lenders. They don’t sign thirty-two million euro government contracts with publicly listed German IT distributors. They don’t set up receivables factoring through Dublin-based DACs with Citi Bank accounts. They don’t recover €1.5 million in stock from a warehouse in Bucharest and tell you about it on a livestream.
Fraudsters don’t publish the evidence. I do. Every document I referenced today is signed, timestamped, and traceable. Every value I claim, I have a receipt for.
VI. Three Million Shares
While I was on the live tonight, the EGM vote count crossed three million shares. All in favor. Three million shares saying: we see the evidence, we trust the builder, we want the reconstruction.
April 14. The EGM at phase.education/egm. New board. New articles. New chapter. The proposed board — Aurel Nețin as Chairman, Kim Okkola, Alexandru Ambrozie — will join me on a live stream from the office this Thursday.
Because that’s what separates family from infrastructure. The board left. Aurel stayed. That’s family.
VII. What Happens Next
Thursday: Live from the office with the board candidates. April 14: The EGM. Vote at phase.education/egm. April 27: Interim relief hearing. Every day: Another receipt. Another document. Another layer of evidence that proves this company was not insolvent — it was targeted.
The bridge loan campaign continues at fundshape.phase.education. Triple collateral. 3% quarterly. €500K target. Every euro goes to reconstruction.
They showed us what zero looks like. DKK 199 million written to nothing. Fifty thousand classrooms erased. I showed you what was actually on the table. Forty-two million dollars. Thirty-two million euros. Institutional factoring. Government contracts. Positive cash flow. A company that was building, not burning.
I have the documents. I have the timestamps. I have the signatures. Q.E.D.
Mark-Robert Abraham
Founder and CEO, Shape Robotics A/S
Born and living in Romania. Working in Denmark.
wildceo.live · phase.education/egm · fundshape.phase.education
GAME OVER — Day 23 | March 31, 2026 | The Wild CEO Daily Series
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