The company won't be in receivership, though. Just the CWS software. And only to pay the Sandia judgement.
If somehow the software sold for more than the $600,000+, I suppose the excess might go to WaFR, though I don't know.
More likely, it will sell for less, if it sells at all.
The question that I'm pondering at present, since I really don't know what the laws say, is will CWS remain in contempt if the judgement is still not paid in full, assuming the receiver can find a buyer?
BTW, I'm fairly certain that one doesn't uplist to the OTCBB, which is what Teresa was quoted as saying in the first PR on Monday. The OTCBB is just a reporting service and WaFR is already listed there.
The second PR said uplisting to the OTCQB on OTCMarkets, which makes more sense. For that, they have to have a price of .01 and they have to be reporting to the SEC, thus the need for a Form 10.
While OTCMarkets seems pretty loose (but see my comment below), I don't know how stringent the SEC is. I HOPE pretty durn attentive to details. But time will tell. After all, so far, WAfr only released a statement that the BOD had "elected to file" a Form 10, not that they had actually done so yet.
As for OTCMarkets, I don't know that I can take credit, but as soon as the first Q1 came out, I immediately sent an email to OTCMarkets, questioning how WafR could have no beneficial owners to report. Four days later the Q1 was revised - the only revision that I could find being the disclosure about Beneficial Owners Teresa and Cyril.
