Previous episodes: Day 67: Where We Stand | Day 66 | Day 52: The Thief Cries Thieves
Nasdaq Copenhagen: SHAPE | CVR: DK38322656 | ISIN: DK0061273125
The full GAME OVER investigation — 68 episodes — is available at substack.wildceo.live.
68 days since the Danish High Court unanimously annulled the bankruptcy. 1 day since I filed Bemærkninger nr. 2 + Ground D Supplement. And one Nordnet troll later, here is what I want you to remember.
🧭 TL;DR
📨 Yesterday, a thread opened on Nordnet about the three things Teis did during the 59 days of unlawful trusteeship. Almost 100 comments. One particularly persistent troll — username “Progression” — kept asking: “Where is the proof Teis cancelled the EGM? Where is the proof he had any MAR obligation?”
📎 Today, I am putting both proofs in this episode — in PNG form, taken live from my Outlook mailbox. Two emails from Viktor Stidsen Katic, Legal Officer at the Danish FSA’s Capital Market Division, confirming in writing:
“As long as the company has shares admitted to trading on Nasdaq Copenhagen, the requirements in the Market Abuse Regulation still apply to the company.” — 24 April 2026
“The issuer’s obligations under MAR continue to apply regardless of any suspension and the reason behind it.” — 27 April 2026
🌱 The bigger argument: Today’s bankruptcy is the fruit of the poisonous tree. The reason for the second bankruptcy of 11 May 2026 is that the first bankruptcy of 6 January 2026 — the one the High Court already ruled unlawful — was never re-adjudicated. Teis broke the company during the 59 days. Today, Teis investigates Teis. Pardon my English.
$$\text{Unlawful bankruptcy} \Rightarrow \text{Teis as kurator} \Rightarrow \text{59 days destruction} \Rightarrow \text{Today’s bankruptcy}$$
🎯 Teis verifying Teis. The curator who must determine why Shape Robotics became bankrupt today is the same person who caused it to become bankrupt today.
📨 The Proof, Live From My Outlook
You wanted proof, troll. Here is proof.
Confirmation #1 — Friday, 24 April 2026, 09:57 CET
From: Viktor Stidsen Katic, Legal Officer, Capital Market Division, Danish Financial Supervisory Authority Re: J.nr. 25-026876 — Shape Robotics A/S — MAR Obligations Inquiry
“As long as the company has shares admitted to trading on Nasdaq Copenhagen, the requirements in the Market Abuse Regulation still apply to the company.“
Confirmation #2 — Monday, 27 April 2026, 11:27 CET
Same officer. Same case. Three days later. Even more explicit:
“The issuer’s obligations under MAR continue to apply regardless of any suspension and the reason behind it. I hope this answers your question.”
Two emails. In writing. From the regulator. Case J.nr. 25-026876. Not interpretation. Not opinion. Not legal speculation. The Danish FSA’s Legal Officer for the Capital Market Division writing in his official capacity. Strandgade 29, 1401 Copenhagen K. Phone +45 21 63 43 42.
This means:
📅 6 Jan – 5 Mar 2026 (Teis as kurator, unlawful) → ✅ MAR YES · Cision announcements: 0
📅 17 Apr – 11 May 2026 (Teis as liquidator) → ✅ MAR YES · Cision announcements: 0
📅 11 May 2026 – today (Teis as kurator, again) → ✅ MAR YES · Cision announcements: 0
PROOF. Across three appointments and four months, Teis Gullitz-Wormslev — trustee of a Nasdaq Copenhagen-listed issuer with documented MAR obligations under both Article 17 and Article 20 — has issued zero Cision announcements. The DFSA has confirmed in writing, twice, that the obligation was active throughout. The MAR violation file is open under J.nr. 26-005434.
🌳 Fruit of the Poisonous Tree
This is the doctrine that captures the entire case. It exists in every common-law system. It exists, by analogous reasoning, in every civil-law system. It is common sense before it is law.
The doctrine:
If the tree is poisoned, the fruit it produces is also poisoned.
In our case:
The poisonous tree = the unlawful bankruptcy of 6 January 2026, annulled by the Eastern High Court on 5 March 2026.
The fruit = the bankruptcy of 11 May 2026, which exists only because the original bankruptcy created the conditions that made today’s bankruptcy possible.
The chain of causation
🔴 Cause: Unlawful bankruptcy of 6 January 2026 → Effect: Teis appointed kurator
🔴 Cause: Teis as kurator for 59 days → Effect: DKK 199M asset write-down, Sanako bankruptcy, EGM cancelled, IRIS deal foreclosed, zero MAR disclosures
🔴 Cause: 5 March 2026 annulment → Effect: Teis’s mandate lapsed, but damage already done
🔴 Cause: Sø- og Handelsretten refuses to re-adjudicate → Effect: Remitted case still pending 68 days later
🔴 Cause: Forced dissolution of 17 April → Effect: Teis appointed liquidator (second time)
🔴 Cause: Teis as liquidator opposes the reconstruction → Effect: “Insufficient clarity” — vague Danish-law standard
🔴 Cause: 11 May 2026 reconstruction rejected, bankruptcy stamped → Effect: Teis appointed kurator again (third time)
🎯 The reason cited for today’s bankruptcy: Operational and financial damage caused by Teis himself during the 59-day unlawful period.
“The second bankruptcy is driven 100% by Thais. Thais has decided as liquidator — although, again, his position is under appeal, so he will be changed as liquidator in the next week — to bankrupt the company again. And by being changed as liquidator, all his decisions to cause the second bankruptcy will be cancelled also.”
— Live recording, 13 May 2026 (Episode 67)
This is not the same bankruptcy. The first one was annulled. The second one is a separate, independent legal proceeding with a separate underlying cause. And the underlying cause is the damage Teis did during the first one.
🪞 Teis Verifying Teis
This is the part that I want every shareholder to internalize.
Under Konkurslov § 113, a kurator’s duty is to investigate why the company became bankrupt. The kurator must identify the parties whose actions caused the bankruptcy and pursue claims against them on behalf of the creditors. This is the basic raison d’être of bankruptcy administration.
So: who caused today’s bankruptcy?
The kurator who must answer this question, by court appointment of 11 May 2026, is Teis Gullitz-Wormslev.
The answer to the question — based on the documentary record, the DFSA confirmations, the Sanako Tivi.fi reporting, the cancelled EGM, the failed IRIS deal — is Teis Gullitz-Wormslev.
“The person that verifies who is to blame for the second bankruptcy — and by the way, that person is Thais verifying Thais — is exactly the situation in which we are today. And of course, this will not remain like this.”
— Live recording, 13 May 2026
This is the structural absurdity at the heart of Shape Robotics’ current legal status. The kurator investigating who caused the bankruptcy is the same person who caused the bankruptcy. He is the prosecutor and the defendant. He bills the bankruptcy estate for the cost of investigating his own malpractice. The conflict of interest is not subtle. It is total.
Ground C of my appeal — filed yesterday, 13 May 2026 — asks the Eastern High Court to recognize this per se conflict and remove him. The mechanism of removal will, if Ground C succeeds, also unwind every decision Teis has made as liquidator since 17 April 2026, including the decision to oppose the reconstruction that led to today’s bankruptcy.
In other words: if the appeal succeeds, the entire chain collapses backwards. The bankruptcy of 11 May 2026 was caused by the liquidation of 17 April 2026 was caused by the unlawful bankruptcy of 6 January 2026. Annul the original at the High Court → unwind the chain in reverse → restore the company.
🤡 A Note on the Nordnet Troll
Yesterday’s discussion on Nordnet — over 100 comments — was dominated by a user calling himself “Progression,” who I have started calling Regression, because his arguments regress with each comment toward the pit of stupidity.
His central argument: “Where is the proof Teis cancelled the EGM? Where is the proof he had MAR obligations? Show me documents.”
I have just shown you the documents.
You can see them above, in PNG form, taken live from my Outlook. The DFSA Legal Officer for the Capital Market Division has confirmed the MAR obligation in writing, twice, in correspondence dated 24 April and 27 April 2026. Both emails are referenced under DFSA case number 25-026876, which is the active supervisory file on Shape Robotics MAR compliance.
The EGM cancellation? I refer you to the absence of an EGM on 22 January 2026 — which was the date scheduled in Cision Announcement 01-26 of 1 January 2026. There was no announcement of postponement. There was no announcement of cancellation. There was simply no EGM. An EGM that does not occur on its scheduled date has, by definition, been cancelled. The cancellation was performed by the only person with the legal authority to cancel it during that period: the kurator. The kurator was Teis.
“You idiot — Thais didn’t say anything about anything. That is the point. He had MAR obligations. He issued zero announcements. The cancellation is the absence of the announcement.”
— Live recording, 14 May 2026
This is the level of discourse Nordnet hosts. I am offering, going forward, to host meaningful discussion here, on this Substack, where I can respond directly to comments. If you want to argue, argue here. If you want to flood the zone, flood Nordnet — but understand that the rest of us will have the final laugh, because the documents are real, the regulator has confirmed the obligation in writing, and the case is now before the Eastern High Court.
📊 Scoreboard — Where We Stand Today
✅ First appeal (K 3337/25-F) → WON — 3 judges, 0 dissent, 5 March 2026
✅ DFSA Topholm complaint (25-026420) → WON — Carnegie analyst reprimanded
✅ DFSA MAR confirmation #1 (24 April) → CONFIRMED IN WRITING
✅ DFSA MAR confirmation #2 (27 April) → CONFIRMED IN WRITING
⚙️ MAR Article 17 supervisory file (J.nr. 26-005434) → OPEN — ACTIVE INVESTIGATION
⚙️ Police complaint (0100-83986-10362-26) → OPEN
⚙️ Bar Council case (2026-1127) → OPEN
⚖️ Forced dissolution ruling of 17 April → APPEAL FILED YESTERDAY
⚖️ New bankruptcy ruling of 11 May → APPEAL FILED YESTERDAY
🎯 Ground D — institutional bypass → THE KILLER ARGUMENT
🤡 Nordnet troll “Progression” → EXPOSED
🔜 What’s Next
📆 14 May 2026 (today) → Episode 68 published with DFSA email evidence
📆 ~15–18 May 2026 → Eastern High Court 4th Division reading the appeal
📆 ~18–25 May 2026 → Ruling expected — appeal on appointment of Teis as liquidator
📆 Next week → Romanian-law surprises arriving — “Thais will have a very beautiful week, I guarantee you”
⚖️ Three pending appeals: (1) Teis as liquidator. (2) Restructuring rejection. (3) New bankruptcy.
🇷🇴 What’s Coming From Romania
In tomorrow’s episode (Day 69), I will explain in detail something I touched on briefly in today’s live recording: why being Romanian creates structural disadvantages in this Danish proceeding. The interpreter issue from 17 April is just the most visible symptom. The deeper pattern is that a non-Danish founder of a Danish company must prove things three times over before the court takes them seriously.
But also — and this is the punchline — Romania has, in the last twelve months, modernized its Bankruptcy Act in ways that directly enable cross-border action against trustees who damage the value of subsidiaries. Sanako Oy was Finnish, but the parent’s restructuring is now subject to Romanian-recognized mechanisms via Phase Education A/S’s new operational nexus.
Translation: Teis will be receiving documents next week from a jurisdiction he is not licensed to practice in.
This will be fun.
✊ Why I Wrote This Today
The Nordnet troll asked for proof. I have given the proof. Now anyone who participates in the Shape Robotics conversation on Nordnet, on Børsen, on FT Alphaville, or on any other forum, has access to:
✅ Two DFSA emails confirming MAR obligations during suspension, liquidation, bankruptcy
✅ The full 70-page appeal filed yesterday at the Eastern High Court
✅ The 27 exhibits referenced in the appeal
✅ Cision Announcement 01-26 documenting the original EGM scheduled for 22 January
✅ The Tivi.fi reporting confirming the Sanako Oy bankruptcy of 5 February 2026
✅ The DFSA reprimand of Lars Topholm of 7 April 2026
If you participate in this conversation without referencing this evidence, you are not arguing in good faith. You are flooding the zone. And the rest of us are documenting it.
🔚 Closing
“The first bankruptcy was unlawful. The second bankruptcy is the fruit of the first. Pardon my English.”
“Teis verifying Teis. This will not remain like this.”
“The cancellation is the absence of the announcement.”
“All the people on the Titanic were mostly healthy. They were not lucky. Let’s be both.”
Q.E.D.
Mark-Robert Abraham Founder · Former CEO · Shareholder Shape Robotics A/S (now Phase Education A/S) CVR 38322656 · ISIN DK0061273125 Nasdaq Copenhagen: SHAPE (suspended)
Voluntari, Ilfov, Romania — 14 May 2026
Attached: Both DFSA email screenshots (Confirmations #1 and #2). Live evidence from my Outlook, J.nr. 25-026876.
#GameOver #ShapeRobotics #PhaseEducation #WildCEO #NasdaqCopenhagen #MAR #Article17 #DFSA #PoisonousTree #B281_2026 #KromannReumert #TeisGullitzWormslev #RuleOfLaw #4800Shareholders
