Magellan Energy, Ltd. (MGLG)

[space1230]

No one has the capability of fixing this shell. There is a long dark span of time where the corporate body was damaged by the hijacker who took this shell and ran a muck issuing shares. The prior owner from like a decade ago would probably have 1st rights to this valueless shell but the cost to clean it up would be light years beyond the cost of a clean shell with a lot less shares.

With over 19 billion outstanding shares, no one could even effect a reverse split due to lack of proof of ownership, as required by FINRA.

MGLG is about as dead of a shell that there can be. The only reason why it trades the piddly volume that it does is because the sec has no control over revoking the shares since MGLG was never an sec filer. At least if this as revoked, shareholders could write the loss off.

I am hoping the owners will fix this shell although it would probably be cheaper to just start a new untainted one?