Idle Media Inc (IDLM)

[stockmule]

Wadi what's your feeling now.

I think that since they filed Form 15, they have removed any obligation, from the SEC's perspective, of filing.

Now they would need to file S-1 or Form 10, and I doubt Marcus would do that -- because he has had his fill of being an SEC filer.

I think he might file with OTC. He did, after all, promise that he would resume normal communications with shareholders (the 8-k he filed). People who bought shares based on that promise have a slam dunk case against him if he doesn't start communicating...

And OTC would be plenty good enough for IDLM to trade up between 20c and 50c.

As I understand it, the legal exposure he has isn't about the SEC. It is that we are shareholders in a public company and Marcus, as CEO, has fiduciary responsibilities to run the company for the good of us. I'm not litigious, so I'm ignoring for now my buddy's arguments. But I'm a bit surprised nobody has gone down the class action path yet. Perhaps if Marcus doesn't start communicating soon, that will happen?

But I also stand by what I'm saying about Marcus. He feels a ton of responsibility toward all of us who put so much trust in him. I think he hates being CEO of a public company, but he recognizes that he is one and that the position comes with responsibilities. He's not some corrupt penny player (like the folks who raked him over the coals). And he would like to do right by us. I can't say how things will turn out, but I believe this to be true.

Wadi