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Re: Waitedg post# 51358

Sunday, 04/26/2015 1:23:36 AM

Sunday, April 26, 2015 1:23:36 AM

Post# of 53980
Based on what I've seen in the past, I believe the options are these:

1. The company gets the the missing filings done, and has the delinquent 10-Ks audited by the time of the hearing date. That date hasn't been set yet, but will probably be about a month in the future.

If Brian can manage that, then they may be off the hook. But I think it would be very difficult for him to do.

2. Now that he has the right name at the SEC, Brian will talk to Chip Welch. Welch will suggest that if the company can't come up with the required filings pretty much immediately, it should accept revocation of registration. If it then wishes to become public once again, it can start over by filing a Form 10. That will also entail coming up with audited financial reports, but the company can take its time, and file when it's ready to do so.

Unfortunately, the second option wouldn't be very encouraging for shareholders. I've seen several companies accept revocation and say they'll soon be filing a Form 10. So far, not one of them has done so.

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