NO!
First of all, MG still appears as the registered representative with the Secretary of State in the state Washington. Why would he leave his name there if he has washed his hands of the whole thing. He can't be that stupid and negligent towards his own self! It makes no sense at all. Until he takes his name out, I will assume that he is still in charge and that there is something in the works. It is inconceivable that anyone would make himself liable in such a way--a total disregard for his own welfare.
Thus, I believe there is something in the works, and that, as he has said, there is a confidentiality agreement. And why is it taking such a long time? Because there are numerous parties involved, and all the details have to be worked out, and obviously the situation is a mess, and all of these parties has to be brought together somehow.
Who are the parties?
I don't know, but some of them are as follows:
EnabledWare. They are not willing to take the who responsibility, so they could be offering some equity, a loan, and require a contract to run the website.
Sony and other content providers. They would be willing to forgive some or all of the debt for shares of stock, and make a deal based on a percentage of the cuts of the proceeds.
Others to whom monies are owned. Willing to take shares.
BH. Wants to show his BCCI reality show through ReelTime. Maybe be in the mix somehow but not in charge. Some of his associates, including Asus, who said a few months back that he jumped back in, and may be working on the website as he has experience with that since he once worked with Blockbuster.
JD. Although he denies it, I don't believe him since he keeps coming back here. He might want a small piece of the action.
JCG. He was coming back here until he got banned for a second time. Since he has got a relationship with Mg and Bev, and he is in the industry, this fellow might be willing to come back in as a secondary partner.
The three above could be bringing along a partner or two.
MG. I do not think he will be putting money, but he cold be trading in his services for some equity. The same with Bev.
MF. I doubt that he will be putting money into it, or at least not much. However, he has been kinda silent with me lately, so maybe he too is under the gag of silence.
A couple of posters here who have vanished, but who had expressed interest in helping out. I am sure that if I said to them that I was willing to throw 50K into the pot, I would become part of the deal.
Some other party that we do not know bout. After all, at one time, there were several people in the Seattle area willing to put money into this.
So, there you have it. these are a lot of parties, and I am sure they are not all in the mix, but who knows.
One thing for sure: no one would put enough equity into it to lose the NOLs. It would be very dumb. So, there has to be several partners. However, they would want a good price for their shares so the authorized shares would have to be increase. Right now there are about 650 million authorized shares and 195 million issued. A one for ten reverse split will reduce the number of outstanding shares to 19.5 million, and the number of authorized shares to 65 million. Subsequent to the reverse split, they could increase the authorized shares to 100 million or more. Now, they could do a one for twenty or one for one hundred reverse split, and then increase the number of authorized shares.
All these things can be in the mix. No wonder it is taking so long.
