Ilustrato Pictures International Inc (ILUS)

[janice shell]

Yes, if there's a name change, the new company will have to submit a corporate action request to FINRA, and FINRA will have to process it. So far, none of the shells he's managed to sell has done a name change or any other kind of corporate action. If they try that, then yes, FINRA would ask some questions. One would hope they'd ask a lot of questions, but it's clear that sometimes they don't.

An interesting feature of Tracy's shells is that he awards himself convertible debt. Since this "business" of his has only recently got off the ground, it's hard to say what the implications of that are. Technically, since these are custodianship shells, Rule 144 won't be available to holders of restricted stock for one year after the new company declares itself to be operational. But you never know what may happen.

Oddly, the amount of convertible debt he awards himself is always pretty much the same. In some cases, if converted it would represent a control block; in other cases, a more modest slice of the public float. Of course, new management can always find ways to give itself stock.

The poster in which I am going back and forth with believes the old group who ran SVEN and ILUS has something to do with setting up the new one. If you recall it was the Awesome Penny people. I say the probability of that is between none and nowhere.

Again, hard to say. When there's a pumpadump in which insiders of one kind or another hold very large amounts of stock--and that was the case in nearly all the APS pumps--they're unlikely to be able to unload all of it. So there may still be people out there with biggish positions they'd like to get rid of. But I don't think they're the people buying the shells.