Sunday, July 26, 2015 12:06:37 PM
The State of DE allows THREE YEARS for company to completely dissolve. A complete dissolution involved a complete liquidation of ALL the company's assets which includes its publicly traded shares, if any. The shares traded hence the dissolution wasn't "complete".
An IRS form 966 is filled out where an indication of complete or partial liquidation is asked. Wouldn't we love to see how that form was filled out for KEYO.
It's not a termination and elimination of the KEYO ticker and stock. It's merely a 10-day suspension while FINRA investigates why the lack of information on the dissolution.
Stick w/ me here, wilma, and finish reading this post...
Here's my guess...
The SEC did their job. They already got their answer at least a year or two ago from Dr.SS and/or TW on the plans for KEYO, hence it never stopped trading because for at least a year or two it fit your (and Popt's and incidentally, the SEC's if you want to go that far) definition of a dormant "shell company".
It wasn't a 'compete' liquidation, but a 'partial' one. I wish we could get a copy of this that TW must've filled out (not Item #3): http://www.irs.gov/pub/irs-pdf/f966.pdf
Hence, why FINRA never stepped in to intervene in KEYO trading after they initially dissolved because they were already given word from the SEC that KEYO's shell owners were contacted during a sweep of their dragnet "Operation Shell Expel" a couple years ago and were told they had a plan for it.
But, now a year or two later and starting two weeks ago, they get calls from "concerned citizens" (from iHub) that investors may be getting fleeced by unsuspectingly buying shares of a 'completely' dissolved company. Being a year or two later and w/ no readily accessible, clear paper trail being available to the first line "responders" to be able to quickly determine exactly why KEYO shares were still trading at the time those 'calls for action' started coming in two weeks ago, FINRA does the "right thing" per these current citizens' concerns and enforces the federal security law of temporarily suspending trading for 10 days while they investigate the reasoning for the "lack of publicly available, relevant and current financial information."
Read Read FAQ #3:
This story is far from over as your wrongly suggest.
My further guess is you'll learn in the near future to not be so quick to be so smug in claiming a shallow, petty "victory" while rejoicing over the anticipated loss of others.
lns
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM