I've done massive amounts of DD on these folks. I've interviewed Gary Becker, have visted the memphis property and the Royal Arkansas hotel. Other than Hayter i've had some meeting with most aspects of this company. I have faith they will get it moved to the OTCBB. As far as AMEX or better, just because you have 12 Billion shares on the market doesn't mean it can't be done, but i have to agree that most shells never make it that far.
Gary Becker does not own any shares of IBAC, he owns 49% of the Southern Hospitality Group. Hayter is/was floating the bill for him to help him establish himself. As i understood it, Hayter is the bigger Money man in the venture. The interesting thing i found in the PR's is that they have or are going to buy a mortgage company that specializes in hotel loans. Hayter made most of his money in Real Estate and Mortgages. I'm adding to my holdings as my budget allows.
If you have questions, i can possibly help. Unfortunately the limited posting will be a nuisance.