"having rehabilitated PFWIQ to the extent of the Custodian’s resources" - this means they reinstated the shell, held a shareholder meeting, Lazar issued himself the control bloc, etc. - everything he lists in the document:
"The Custodian has completed all duties required by Nevada law and this Court’s Order to rehabilitate the Nevada Corporation pursuant to Chapter 78 of the Nevada Revised Statutes. The Custodian reinstated the Nevada corporation, and Amended the Articles of Incorporation. The Custodian gave PFWIQ shareholders, Notice of a Shareholder Meeting, and held the Meeting of Shareholders. The Custodian also caused PFWIQ to designate and issue preferred shares to the Custodian in consideration for funds needed to reinstate the abandoned Nevada corporation. The Custodian has also submitted regular reports to this Court on its progress."
The key points are that the above list fulfills Lazar's duties as custodian, and that he has rehabilitated the company to "the extent of the Custodian's resources." The shell is not fully rehabilitated, it's just rehabilitated to the extent of Lazar's resources. He explains this in subsequent paragraphs:
"The proof of claims process set forth in Chapter 78 is a critical piece of the rehabilitation of abandoned Nevada corporations so that the corporation may resume business operations with a clean and clear financial slate."
In other words, meaningful rehabilitation that would make the shell viable is only possible with a clean and clear financial slate, aka with the debt resolved. He continues:
"Following publication as directed by the Court, claims were made by (1) Adar Bays LLC, (2) EMA Financial, LLC and (3) Auctus Fund, LLC. Despite efforts by the Custodian, resolution of the three (3) asserted claims could not be negotiated, which – unfortunately for the corporation and its shareholders – means meaningful rehabilitation of PFWIQ is not feasible at this time. The Custodian takes no position on the validity of these 3 claims but is not in the position to ask this Court for any relief confirming or denying the claims against PFWIQ by Adar Bays, LLC, EMA Financial, LLC and Auctus Fund, LLC."
So, meaningful rehabilitation means clearing the debt (which Lazar says is "critical") and bringing the company current, neither of which has happened. Since Lazar says meaningful rehabilitation is not feasible, that means he's acknowledging their inability to resolve the debt, so it is not a clean shell. And it strongly suggests there will be no effort to bring the shell current - why would they? Doing so entails substantial research, paperwork, legal and financial costs, and fees to OTC Markets and/or the SEC as well as ongoing obligations to them as well as NVSOS. Why do so for a shell they've said cannot be meaningfully rehabilitated?
Moreover, the September Motion to Bar Unasserted Claims and Terminate Custodianship is not an extension; it's an additional and if successful final court date that's primarily for a separate legal procedure: terminating custodianship.
Because the court deemed that all claims needed to be submitted last fall, barring *unasserted claims* - i.e. claims they have not yet received or heard about - is just a formality, and it's a foregone conclusion it will be granted. Lazar properly served notice to all potential claimants last fall and they had a deadline that passed long ago, so it's already the case that any future claims would be invalid. Making it official by having the court bar unasserted claims is a mere formality to prevent future frivolous claims, and as such it can easily be piggybacked onto the termination of custodianship motion. No further evidence, work, or documentation is necessary for unasserted claims to be barred by the court: it's just a formality.
I hope that answers any lingering questions about the term "rehabilitate" in the context of this court document.
I never give buy/sell/hold recommendations or financial advice. Be careful with your investment dollars, especially in the pink sheets.
