Let me explain — calmly — what is actually inside, why the gate exists, and why the same people who pay Børsen DKK 1,500 a year for headlines suddenly object to paying for the receipts.
Previous episodes: Day 56: The Board Folder · Day 55: Friday Q&A — Jørgen and the Documents · Day 54: How the Note Became Liquid · Day 53: The Independence Argument
Fifty-seven days into a war I didn’t start. Seven days until the court hearing on 11 May at 09:30 at Sø- og Handelsretten.
Today’s livestream opened with Don’t Stop Believin’ on the speakers. Then Bo joined. Then Peter. Then Karsten. Then Marcel. Then Louise — who as usual asked questions that disappeared up the chat thread before I could read them. Claudio Hulea joined too — I knew Claudio years ago when I did business in Adevăru, and there he was, in the chat.
Then I shared my screen and walked through what I built and shipped yesterday: the Vault at wildceo.live/vault. War Council. 264 documents. AI-indexed. AskYCO assistant. Subscriber-gated.
And then I read the comments from Nordnet — including this one from “Islander”:
“Mark has lost his school when he demands that the company’s owners — shareholders — pay to access information about the company. He has a duty to inform the owners of everything important. The absurdities are in a row here.”
Direct answer below. Plus today’s news from Romania, the upcoming court date, the Morten V. Langer article in FinansWatch, and where the reconstruction stands seven days out from 11 May.
🔐 Yesterday: I shipped the Board Folder
For those who missed yesterday’s launch dispatch — short version, repeated here:
The Vault at wildceo.live/vault is the private, subscriber-only section of the site. Every document I have access to from my time as CEO of Shape Robotics A/S is being indexed and made searchable for paid subscribers.
This is the gate:
You log in with your Substack subscription email. The dashboard inside looks like this:
264 documents, indexed by category, fully AI-summarized, searchable across 4,447 chunks. Mirror of Google Drive. Auto-categorized by Gemini Flash. Plain-English natural-language search through AskYCO.
📚 What is actually in there
Six categories. Each searchable. Each citable back to source PDFs with page numbers.
✓ Board Minutes — 97 documents, 866 chunks. Every board meeting from the company. Including Board Meeting #66 (1 September 2025) which discussed the financial difficulties that preceded the unlawful bankruptcy decree.
✓ Weekly Updates — 64 documents, 1,270 chunks. The weekly reports I sent to the board — KPIs as I actually saw them, not as PR communicated them.
✓ Budgets — 50 documents, 530 chunks. Quarter-by-quarter cash flow statements. Forecast vs actual. Downloadable as XLSX. Today on stream I scrolled through a few of them live so people could see the granularity.
✓ Contracts — 28 documents, 418 chunks. Customer contracts, supplier agreements, financing arrangements.
✓ Legal Filings — 22 documents, 1,309 chunks. The full legal dossier — Østre Landsret appeal, Finans.dk litigation, Finanstilsynet correspondence, criminal complaint to Københavns Politi.
✓ Subsidiaries — 3 documents, 54 chunks. Subsidiary corporate structure documents.
Here is one example of an AI-generated summary inside the Vault:
That is a Gemini-generated brief from one document. There are 264 of these. All cross-referenced. All searchable.
⚙️ What I fixed this weekend
The pipeline wasn’t always working. Saturday morning the indexing was silently broken — 286 documents stuck on pending, the PDF parser crashing on real files, AskYCO returning zero. Here is the before/after:
Now it works. 264 of 298 documents are indexed (89%). The remaining 34 are physically corrupted Excel→PDF exports that need manual re-export. Working through them this week.
❶ Q: “Why behind a paywall? You have a duty to inform shareholders.”
This came up on the Nordnet thread today. The exact quote I read on stream was: “Mark has lost his school when he demands that the company’s owners shareholders pay to access information about the company. He has a duty to inform the owners of everything important.”
The argument has emotional appeal but does not survive contact with the facts. Four direct answers.
🎯 First — there is no statutory duty to publish private working files.
I was unlawfully removed as CEO by the bankruptcy decree of 6 January 2026. Since then, I am a private citizen who happens to hold copies of documents from his former employer. Statutory disclosure obligations under MAR Article 17 fall on the issuer, currently represented by the liquidator. They do not fall on me as a private citizen sharing private working files with subscribers.
The disclosure deficit, by the way, is real — it just sits with the other side. The liquidator has issued zero MAR-meddelelser in the period 17 April 2026 to today. That is the actual transparency problem in this case. Not me sharing a private archive behind a subscriber gate.
🎯 Second — the paywall is operational protection, not gatekeeping.
If I publish 264 documents openly on the public web, the next thing that happens is selective extraction by hostile commenters, weaponized framing, and fragments lifted out of context to fuel a new round of Børsen articles. Behind the gate, who reads what is identifiable. The subscriber list is auditable. Documents are screen-capture-protected at the rendering layer.
Anyone genuinely interested in the case can subscribe. Trolls can also subscribe — but they pay. That payment creates accountability and limits the damage they can do with selective leaks. Skin in the game.
🎯 Third — every other media outlet on this case is paywalled.
Børsen — paywalled. Finans.dk — paywalled. FinansWatch (where Morten V. Langer wrote about us today) — paywalled. They all charge for their coverage of Shape Robotics. Some of them charge DKK 1,500 a year or more.
The difference is that they tell you a curated story. I give you the source documents and let you reach your own conclusions. If the principle is that information about Shape Robotics should be freely available, that principle has to apply to all sides. It currently does not.
🎯 Fourth — I have personally invested over EUR 250,000 to keep this company alive.
The subscriptions go directly into the reconstruction effort. Legal counsel. Court filings. Hosting infrastructure. Operating costs of running this campaign full-time for what is now into the third month. I am not getting rich from Substack subscriptions. I am paying out of pocket and trying to recover some of it from those who genuinely want to support reconstruction.
The Vault subscription is voluntary. It is not a duty. It is an invitation: if you want to read the receipts behind the headlines, this is where they are. Børsen reports headlines. Subscribers read the receipts.
❷ Q: “But why screen-share protection? Isn’t that excessive?”
Yes — and intentional. Two reasons.
✓ Litigation strategy. The court hearing is on 11 May. Selective leaking of documents to outlets that have already shown coverage bias could prejudice the proceeding. The screen-share protection prevents accidental or malicious leaks during the most sensitive procedural window.
✓ Document provenance. If a document leaves the Vault and ends up in a Børsen article, I want to know which subscriber leaked it. The protection means any document that does leak has a paper trail.
This is not paranoia. This is operational reality after fifty-seven days of facing a well-funded media counter-narrative.
📰 Today: Morten V. Langer in FinansWatch
Today FinansWatch published a piece by Morten V. Langer about the Shape Robotics situation. The title (translated): “Lawyer takes most of the roles in this distinctive software case — and he’s allowed to.”
I won’t reproduce the article here — FinansWatch is paywalled, fair use applies — but the substantive content is:
✓ Shape Robotics is heading for tvangsopløsning according to the Danish Business Authority register ✓ The company has had no auditor since Beierholm’s resignation in December 2025 ✓ The recent EGM did not elect a new auditor ✓ According to the company’s stock exchange notice, the company is unable to elect an auditor at the EGM because it does not have access to its accounting documents — which are held by the liquidator Teis ✓ The company is therefore requesting that the Danish Business Authority appoint a temporary chartered accountant
The piece is quoting from the company’s own press release, not adding analysis. It correctly notes that the liquidator holds the accounting documents and that we cannot elect an auditor without them. That is exactly what the company filed publicly. The structural problem is that the same person who has the documents is the same person who refuses to release them.
This is the Catch-22 the liquidator has constructed:
He withholds the accounting records
The company cannot elect a new auditor without them
No auditor means no annual report
No annual report means continued tvangsopløsning grounds
Continued tvangsopløsning means he stays in office
Reconstruction breaks the loop. An independent reconstructor takes over, the documents are released to the company, an auditor is elected, the annual report is filed, and the tvangsopløsning grounds disappear. That is what 11 May is about.
🇷🇴 Today’s Romania update — bailiff court for the promissory note
In parallel with everything else, today I went to the bailiff court in Romania to obtain a court order for the promissory note. Separate procedural track that strengthens the claim ahead of the 11 May hearing in Copenhagen.
🎯 Why the Romanian bailiff matters:
The Pasat aval is governed by Romanian cambial law (Geneva Convention 1930, transposed via Legea 58/1934). A formal Romanian bailiff order will confirm — under the jurisdiction with substantive authority — that the promissory note is enforceable. That order then carries automatic recognition implications under Brussels I bis Regulation when raised in Danish proceedings.
I am not previewing my full procedural strategy. I have a clear view of what the liquidator will attempt to argue on 11 May, and the Romanian bailiff order is part of the response. You always want the upper hand in court.
The bailiff order will go into the Vault as soon as it is issued. Subscribers see it first.
❸ Q: “What happens with Danske Bank and EIFO if reconstruction succeeds?”
Peter asked this on stream. Direct answer:
🎯 Danske Bank + EIFO have a floating charge of approximately DKK 14 million (~EUR 2 million).
Under the reconstruction plan, that floating charge gets honored in full. The bridge financing facility I described in Day 55 — USD 750K first tranche of a USD 3M total facility, 12% per annum, 18-month tenor — covers the EIFO repayment within the first week of reconstruction commencing.
Personally guaranteed by me. EIFO gets paid. Danske gets paid on their secured position. In full. Public commitment.
🎯 The other ~DKK 525 million in claims gets a 99.99% haircut via tvangsakkord.
Voluntarily accepted by the majority creditor (Mrs. Pasat, DKK 217M) and by Moby Industries (DKK 45M). Together that is 62.2% of the voting creditor mass — sufficient to bind the rest under Danish bankruptcy law. The 99.99% reduction is not a negotiation tactic. It is a public commitment that the goal is operational survival, not money extraction.
🎯 We currently have approximately EUR 16 million in equity lines available.
Equity lines that are blocked by the Nasdaq trading suspension — but unlocked the moment the reconstruction begins and the suspension is lifted. That is the operational liquidity that makes the post-reconstruction company viable from day one.
🎯 Post-reconstruction prospectus.
I believe — though this needs validation with counsel — that we should issue a fresh information prospectus during the reconstruction proceeding. Refresh the public information about the company after fifty-seven days of operational silence imposed by the trustee/liquidator. Give the market a clean baseline to value the recovered Shape Robotics from.
That is the path back to normal trading on Nasdaq Copenhagen: reconstruction → prospectus → equity line drawdowns → operational continuation → schools served → platform alive.
🏛️ The court hearing — Monday 11 May, 09:30, Sø- og Handelsretten — public
Today on stream I asked Bo, Peter, Karsten, Louise and Marcel directly: who is coming to court on 11 May?
🎯 The hearing is fully public. Anyone can attend. Shareholders, creditors, journalists, supporters, neutral observers, friends of shareholders, friends of friends. Public means public.
Sø- og Handelsretten, Maritime and Commercial High Court, Copenhagen. 09:30. Monday 11 May 2026.
Bo will coordinate the in-person presence in Copenhagen. Peter committed to attending. Karsten said he’ll try. Louise — perhaps. If you can be there, be there. Physical presence in court matters more than internet activity.
The reconstruction petition has been filed. The lead complainant on the parallel shareholders’ petition is Jørgen Andreas Berg, who organized the Norwegian collection. Approximately 30 shareholders signed via Nordnet alone over the past week. The supplementary complaint to Finanstilsynet went in on 4 May. The criminal complaint to Københavns Politi went in on 4 May.
Everything we control is in motion. What remains is the court.
📈 Where the podcast stands
Wild CEO — The Journey is now ranked #31 on Substack’s business chart. Up roughly 30 positions per week. Fastest-rising business podcast on the platform.
Not because I am a great host. Because the case is unprecedented.
In 25 years of Nasdaq Copenhagen main-market history, the Maritime and Commercial Court has handled exactly two non-fraud bankruptcies of listed issuers — and both stood. Mine is the third — and it has been annulled, unanimously, by the Eastern High Court.
That is what people are tuning in for. A case nobody thought possible, unfolding in real time, with documents released as they emerge.
❹ The 4,700 shareholder problem
Here is the structural mystery that drove a long discussion on stream today.
Shape Robotics has approximately 4,700 registered shareholders in 17 countries, per the VP register. On the Nordnet thread and in the Substack chat, the active core is maybe 10-15 people. Where are the other 4,685?
Some are dormant retail accounts. Some bought one share to test the market and never engaged. Some inherited shares and don’t know they own them. Some are following silently and waiting.
But most concerningly — most don’t know what is actually happening. They see a Børsen headline that frames the founders as suspicious actors and assume the worst. They never read the detailed case. They never see the documents. They never check whether their interests align with the founders’ or with the liquidator’s.
So today we discussed practical options for outreach. There is a list of shareholders by name and address — but no contact information. No emails. There is also a LinkedIn group I am told exists with about 90 members trying to recover their investments. None of them reach out to me directly.
🎯 If you are a Shape Robotics shareholder reading this — please reach out.
Email: mark.robert.abraham@gmail.com Substack chat: open to all subscribers Discord: link in pinned chat post
The reconstruction needs your support. Not your money. Just your presence — at the court hearing, in the Substack chat, on the petition, in the public conversation.
If the reconstruction succeeds, your shares regain value. If it fails, the bankruptcy estate distributes whatever remains after the liquidator’s fees. The arithmetic is not subtle.
🔚 Closing
The pump-and-dump in November 2024 destroyed the value of the Shape Robotics share currency. That was the founding wound of this entire mess. The bankruptcy that followed in January 2026 was a procedural fraud. The annulment in March 2026 confirmed it.
What I want — what Elena wants, what the team in Romania wants, what the genuine creditors want — is to return Shape Robotics to pre-pump-and-dump status. Recover what was lost. Push the loss back onto Lars Topholm and Carnegie, where it belongs. Operate the company. Serve the schools. Pay the debts. Move on.
Reconstruction is the only path that does this. Bankruptcy under the current liquidator is asset distribution into a fee-extraction structure that benefits the wind-down operators, not the shareholders, not the creditors, not the schools.
11 May. 09:30. Sø- og Handelsretten. Independent reconstructor. Mazanti-Andersen.
That is the choice. Everything else is noise.
We are not rich. We are not victims. We are not crazy. We are wild — and we are coming back to pre-pump status no matter how many lawyers in Copenhagen try to write us out of our own company.
Q.E.D.
Mark-Robert Abraham · Founder and former CEO, Shape Robotics A/S · 4 May 2026 · Day 57
Lead complainant on the shareholders’ petition: Jørgen Andreas Berg · joergen.andreas.berg@gmail.com
🔐 Vault access: wildceo.live/vault — subscribe at substack.wildceo.live and use the same email to log in.
🤖 Wild CEO AI agent — trained on the full case archive — at wildceo.live.
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