The small paragraph you pasted disclosed in the 10-Q certainly showed what happened. Investor relations stated their debt payment wasn't due until December of this year. They stated they implemented cost savings already worth millions, closing non performing stores, planned on selling the real estate and leasing it back. Even though the 10-Q does states otherwise as you pointed out, they had funds from the loans they could draw from. They could have regained compliance and continued thru at least a few quarters of 2016. That tone changed after BK statement to a "we've been hurting for awhile statement." Gosselin at least talked about a few issues, Ernie Sibal won't and he's doesn't have any duty to as of now.
There are questions I do have as why did the Greek investor dump shares in March 2015? He knew as of then BK was going to happen and even knew a month later there would be a catalyst that would tank the share price. The upside down flag shirt on memorial day probably done by the Golden Gate crew, with Psun insiders complicit. Went under $1 and never recovered right after that event. What would be the bonus to tank the share price? Why didn't Adage Capital start selling a percent of the shares they owned. Why file to regain compliance and state they could reverse split and switch the capital market? Seems it was just a formality?
Nobody would invest after the last 10-Q anyways but if you were in before 2015 and were there thru the conference calls and other filings and the new product lines coming out there was a real feeling they were going to survive as a company. And that is what investor relations stated. There was no mention of possible BK yet obviously false assurance was given they would continue.
You seem have more knowledge about PSUN rather than just the last 10-Q, maybe you worked for the company or invested at some point? Either way thank you for the replies. Talking about it does provide some closure. And even if a legal firm can bring the insiders to the courtroom to explain certain events that tanked the share price, there wouldn't be much of a pool for lost equity. I'm sure all shareholders have sold and moved on by now. Looking at the BK statement the unsecured creditors have a pool of $400k to divide up.
