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Wrong Marc Potash?

Marc Potash

Founder, Chairman and Chief Executive Officer

Securenets, LLC

HQ Phone:  (615) 629-2474

Direct Phone: (301) ***-****direct phone

Email: m***@***.com

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Securenets, LLC

2474 Hwy 77

Marion, Arkansas,72364

United States

Find other employees at this company (102)

Background Information

Employment History

Founder and Managing Partner

The Potash Group


Founder and Managing Partner

Rolling Rock Capital


Founder, Chairman and Chief Executive Officer

CERTIFY


Affiliations

Neediest Kids Inc

Member


eFLOW Incorporated

Founder


National Parking Association

Member


International Parking Institute

Member


Project Management Institute

Member


Education

Doctorate degree

Life University


bachelor of science degree

State Univerity


Web References(26 Total References)


The Potash Group

www.potashgroup.com [cached]

Marc Potash is the Founder and Managing Partner of The Potash Group.
Marc Potash is also the Chairman & CEO of CERTIFY. At The Potash Group, Marc is responsible for the overall growth and performance of the company, maintaining prescient strategic vision, assembling a world-class team, and financing partnerships. Prior to The Potash Group, Marc was the Founder, Chairman & CEO of SecureNet. SecureNet represents a classic "something from nothing" startup story that began in Marc's apartment back in 1997. In order to fund his tuition to Chiropractic school, Marc taught karate to children & adults. The studios ultimately grew to over 800 students and he needed a better way to bill his students. Thus, he set upon a course to build the world's first web-based recurring billing application. SecureNet ultimately grew the recurring billing concept into an industry-leading payment platform. Tens of thousands of merchants have utilized the SecureNet platform, including Wells Fargo, GEICO, Ameriprise Financial and Schwan Foods. Marc is from New York City and grew up in the Chelsea area as well as in Bayside Queens.


Association Members | Neediest Kids

neediestkids.org [cached]

Mark Potash, SecureNet, LLC


www.capital-private-equity.com

Then, there is Marc Potash, the former CEO and founder of SecureNet, a payment processor.
Potash ... Continue reading →


www.capital-private-equity.com

Then, there is Marc Potash, the former CEO and founder of SecureNet, a payment processor.
Potash claims he was duped into selling 52% of SecureNet to Sterling Partners in 2010, and filed a $ 375 million lawsuit against the PE firm. The Baltimore-based PE firm agreed to pay $ 56 million to Potash for the stake, plus two installments of $ 15 million and one of $ 10 million, if the company hit certain EBITDA targets, according to legal documents. "I was completely misled from start to finish," Potash told peHUB. "It was really like a modern day heist." Potash said he was "stripped" of his powers as CEO of SecureNet once the deal closed in September 2010, the court documents say. Potash was removed as CFO and as head of SecureNet's technology at the first post-closing board meeting, the documents say. Potash also claims his role was reduced to a sales position until he was eventually replaced in August 2011. "Sterling concealed its intent not to pay Potash any monies beyond the initial payment, to immediately remove him as CEO and to terminate him in order to avoid payment of the installments," the complaint says. Potash's suit alleges Sterling promised that SecureNet would have access to its "BVA Program" once the deal closed. The program, a series of firm-wide best practices and processes developed by the PE firm over 25 years, was shared with all of Sterling portfolio companies, the documents say. The methodology helps "talented and successful entrepreneurs" and is a "key element" of Sterling's success, according to the complaint. But Sterling, once it acquired SecureNet, never made the program available to Potash, the documents say. Sterling also hired numerous individuals to boost SecureNet's infrastructure. Because of this Potash claims the company couldn't achieve the EBTIDA milestones, according to court documents. In November 2011, Sterling fired Potash "for cause," according to court documents (Potash allegedly lied to two SecureNet customers, used company funds to pay for his wife's car expense and used company funds to pay for his own attorney fees after being told not to, the document says). Potash, according to the documents, claims Sterling's allegations are without factual basis and a way for the PE firm to avoid paying him any of the installment payments required under the Unit Purchase Agreement. The lawsuit, filed March 14 in Baltimore City Circuit Court, includes counts of fraud, breach of contract, negligence as well as tortious interference. Potash is seeking a total of $ 375 million, which includes $ 82 million in actual damages, according to Andrew Hall, of Hall, Lamb and Hall, which is representing the ex-CEO.


www.securenet.com

"Partnering with Sterling enables SecureNet to tap into the knowledge, experience, and resources of a world class firm with an incredible success record," Marc Potash, CEO of SecureNet, said.


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