Think logically
The convertible pref B's held by the Harlands have been wiped out in exchange for common stock 300,000,000 (10%). The a/s was increased to turn the Harlands, who have single handily destroyed GLER, into minority shareholders from the majority. Their once pref stock was convertible into the majority and they controlled every vote
The buyer referenced in the 8K is the new entity facilitated by Frankel. His $2 million purchased him a reporting shell and replaced the entire BOD and management with his own crew.
The spin-off of Knightsbridge is key too since that was a Sydney Harland mistake and that lawsuit is now being spun off to the Harlands where it becomes their financial obligation and not that of GLER. That is another key liablity being removed from this now CLEAN SHELL which is set to skyrocket. The merger doesn't happen till may 15th, so there are on 400 million shares o/s (unknown float, but we traded 1/4 of that on Friday so we're 25% the way of trading the entire o/s)
Making GLER into a clean shell with Frankel's own BOD overseeing the decisions means GLER Is going to run hard
