IMO, this entire event we are seeing today was orchestrated by ATRN's BOD & management starting in July 2011. The plan all along was to get on the OTC exchange where it could issue all the A/S to help pay for its Conv. Debt. payment coming due, 12-31-11. They encouraged BD to short sell ATRN to go along with this planned drop in PPS. Stuart Goldfarb was on the ATRN BOD long before he became its CEO. He knew the condition of ATRN's finances & liabilities before stepping in as CEO. (New CEO & CFO, BIG part of the plan)
How to fix the problem?- NAS. rules state you must have a minimum of 3 board members in any company to be listed on its exchange. Stuart Goldfarb quit the BOD of ATRN which then only left 2 members on its BOD causing a NAS. listing default. That listing default went unchallenged all according to plan...... OTC listing occurred for ATRN and A/S were issued to debtor.
The plan IMO was brilliant! Company saved, bills so far paid. New financing terms and or for Debt. to be agreeded to?
"On June 1, 2011, Stuart Goldfarb, one of the three independent members of the Audit Committee of Atrinsic, Inc. (the "Company"), was appointed Atrinsic's President and Chief Executive Officer. In connection with his appointment, Mr. Goldfarb resigned from the board committees on which he served, leaving the Audit Committee with just two members."
"To ensure the Company's compliance with Nasdaq's Listing Rules, the Company has initiated a search to identify an independent and appropriately qualified director to fill the vacancy on the Audit Committee left by Mr. Goldfarb's resignation." (Ya, sure!)
