Honestly I do not practice securities law but I have spoken to a colleague that does. He does not see any basis for a lawsuit YET. the transaction between the two companies was done properly and in his opinion the divvy was a very smart and appropriate corporate action to benefit the shareholders. The divvy was not required and we can all debate all day whether it should have been done or not. We both agree it's intent was good. Whether it would have worked out for investors in the future only the future will tell.
I said no basis for suit yet because neither company has done anything wrong. The transaction was properly filed and executed and in addition from what we can see was properly rescinded. HOWEVER, my colleague has never seen stock carts issued and then cancelled without the approval of the shareholder. In other words, the holder of the cert must agree to give them back. Until someone tries to convert their pref shares in the divvy with the TA we will not know if they are still valid or not. Now, when to convert them is also tricky because of the upcoming RS at PTEL.
So that's as about far as I have gotten. Has anyone contacted the TA to attempt to convert them to common yet?
And finally in terms of the shares that mr Hargis never mailed, I have two questions. Where are they and why haven't they been mailed? Those cents are printed with the names of the investors who are waiting for them. They can not be discarded
My finally point is I'm extremely disappointed with the events and non events since Hargis took over. IMO he is asleep at the switch. Sorry for long post.