Bayport International Holdings Inc. (BAYP)

[DragonBear]

That is not what I read there.

It says he wouldn't file a Form 10 if he had something to hide.

Where was that stated - quote the exact words in the post.

The SEC will allow any microcrap scam CEO to perform a self-hanging by submitting a Form 10. I can give you an example of a microcrap company which was suspended for an illegal stock dump of about 1B shares. The SEC issued a subpoena for the CEO to come in to give a deposition. Then the dummy apparently thought all his problems would go away if he subsequently just registered the 3B shares total. He filed an S1, similar to a Form 10 in function, 6 months after the suspension. The SEC deemed it effective in just a few months (e.g. unlike a Form 10 the S1 is indefinite in time frame for acceptance). A previous never registered stock became a SEC filer. Now maybe in your world the SEC accepting a stock registration, signals nothing is wrong... but in this example about 11 months later the SEC filed litigation against the CEO for fraud. He unzipped his fly in the S1, and the SEC nailed him.

Porter will never file a Form 10. At best his only play is to hire some fly by night semi-retired CPA to issue vanilla financials in an OTC filing. Unaudited of course, while avoiding any attempt to place valuations on the plugged/dry oil wells. Then Porter can issue a PR claiming the next time it will be audited. Rejuvenates the audit nonsense for another 6 months of "it's coming in 10 days".