Ever since the trio resigend, the company went down hill and licenses were basically eaten up by personal expenses of Phil Holmes and silly investments for useless script developements, which never saw the dusty desk of any real producer, but featured personal female friends of the "wanna be producer" Phil Holmes.

In 2003 KREN had been taken over by Holmes a fraudulent transaction and the sharecapital of the company had been fraudulently and manipulated increased to gain control of the company´s sharevote, only to put himself into the CFO / CEO position.

Statement in 10 Ks were untrue and false and misleading. The webside of the company which was supposed to be controlled by third parties, were only controlled by those parties because invoices wewre not paid and the transfer of the website had been withheld until payments had been met in a settlement. This was also reported by former Music veteran Evert Wilbrink : " Holmes just a piece of usless brain, he will never produce a film, but many lawsuits".

Holmes was also responisble to display false and misleading 10K´s. He is still in a lawsuit defending his non payment attitude of former employees by hoping that the overseas former memebers of his staff will not file suit in the US against the company.

Holmes was a former convict of Scottish Glasgow State Correction Center and left Scottland for Australia, only to return to go back to Germany, to start a cable TV company, in which he had some minor success.

Holmes makes attepmts to raise funds in Europe but many investment Letters issued warnings :

I would like to send out a warning and advise anybody NOT to invest in the company under the current management. Check out the past performance of Holmes in Europe.