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Who enforces shareholders' rights for shares that have been delisted? I don't see the SEC being involved at that point.
Common shareholders probably only have recourse through the courts then.
But as sunspotter said, it is unlikely there would be any value left for common shareholders once accumulated debts have been paid.
What do you think a realistic value would be for the company at this time?
$5 million?
Common shareholders get paid last.
http://www.nolo.com/legal-encyclopedia/free-books/small-business-book/chapter12-14.html
Would the U.S. IRS be the entity responsible for enforcing that? I assume that the company had been filing tax returns all along and would do so following a sale of the business. As would the purchaser.
All debts and assets would be exposed via Form 8594?
http://www.taxman4u.com/358/Dont-Overlook-Form-8594-When-Buying-or-Selling-a-Business/
If management sells FASC, what obligations does it have to shareholders at this point?
I have not been able to find an answer to that question.
Sambeaux: Hit the nail on the head.
Except now FASC needs to take extra steps to make shareholder whole.
That's the rub.
That's where you need to ask yourself if FASC management will act ethically.
But, also, you need to ask yourself how much more time do you want to spend following what has been a failed business.
Life is short.
And now a buy recommendation following purchase of Health Communities Institute...
http://www.thestreet.com/story/13155340/1/xerox-xrx-stock-gains-following-purchase-of-health-communities-institute.html
At this point it is more a matter of integrity than honesty.
Over 15 years of shareholder support should be worth something if the KDS is ever able to generate significant revenue for the company.
Personal reasons aside, the reason for anyone making an offer to buy or sell shares at this time is the same as it had always been. The person making the offer either believes the value of the share will appreciate it depreciate from the price bid or asked.
It is just harder than ever to evaluate and execute that trade.
Difficult choices among people who are as much friends as investors at this point.
Whatever decisions are made, make them and do not look back.
No decision is also a decision.
Is this the first of more downgrades to come?
http://finance.yahoo.com/news/tigress-sees-xerox-turnaround-going-161346879.html
Get your $100's while they're hot.
That was an ambiguous response to my post.
Yes, FASC had a legal obligation?
Or yes, shareholders must rely on the moral integrity of the owners?
Once FASC is trading on the Grays, do the owners have any legal obligations to the remaining shareholders? Who would enforce such an obligation?
FASC shareholders only have the moral integrity of the owners to rely on at this point.
Good luck.
With hindsight, it is clear that once BN took over and the filings stopped this was an indication that he has no interest in continuing as a public entity.
The music died when CK died.
Added 4/24/2015
http://www.fasc.net/information.html
From Brian Nichols to our shareholders:
I wanted to make our shareholders aware that First American Scientific Corporation has received notice from the SEC of a 10 day trading suspension of our shares. FASC is taking this matter very seriously and is working with the SEC and our auditors to bring about a positive outcome for our company and shareholders. I regret the trading suspension has occurred. Unfortunately, a lack of sufficient cash flow from normal business activities prevented us from filing our SEC financial reports in a timely fashion. Our CFO, Kelly Niavis, is currently preparing all our financials for a future audit. Once these are audited, the individual reports will be filed with the SEC.
I most assuredly understand and appreciate your concerns in this matter and would ask for your continued support and patience as we work to get our financials filed and the suspension lifted.
Most sincerely,
Brian Nichols, CEO
Sam: The SEC is not trying to protect current shareholders. Current shareholders are already owners.
They are trying to protect future shareholders who might be fooled into believing there is value when there is not and having a market that enables the valueless shares to be traded.
Without the required filings there is no way for the SEC, or potential investors, to determine real value. It's hard enough when there are filings.
But FASC, apres CaL, never needed no stinkin' filings.
Who needs those pesky shareholders anyways? The company already got its funds.
Wallpaper and toilet paper come to mind. At least if you put it on the wall it will be there when a miracle occurs. Plus you have the added benefit of seeing it every day.
Sorry, Fasceestas. I was really hoping the recent hope had some basis in reality.
On tomorrow's quarterly report...
http://finance.yahoo.com/news/xerox-beat-market-182335520.html
I still have mine. Best grill brush I've owned. The bristles don't disintegrate. Maybe he should go on Shark Tank. The product could do well on QVC.
OK, thanks for the feedback.
Would like to see it consolidate in this $2.00 range to create a higher low.
Does anyone have a feel for why BLFS is unable to sustain an uptrend? Is the company selling shares into any rally?
BLFS: Chart finally moving in the right direction? Doing a bit of a booosh here. Numbers being reported are hard to deny.
http://finance.yahoo.com/news/biolife-solutions-reports-preliminary-revenue-110000247.html
I doubt the pilot will even start by the end of January.
At least EN is a 25 minute drive from me. Perhaps I'll pay them a visit.
Another fine mess.
Should XRX be in your portfolio?
http://finance.yahoo.com/news/xerox-xrx-stock-portfolio-now-202608223.html
Is BLFS finally starting to move in the right direction?
http://finance.yahoo.com/echarts?s=BLFS+Interactive#
"Is he really trying to argue that committing fraud on a balance sheet should have been covered by insurance?"
Not quite.
He is saying that once they were refused coverage by ACE due to the fraud, it was up to their broker to make sure they were covered by some company stupid enough to cover them.
Aaaaaaaarrggghhhhhh!
I'm thinking that the slow pace of stem cell research becoming actual therapy is part of the reason for the continued decline.
Will the demand for BLFS products dramatically increase once stem cell therapies become available? How many years down the road?
Was something revealed at this conference?
http://finance.yahoo.com/news/biolife-solutions-present-ld-micro-110000870.html
Why can't this stock get any traction?
Watch MSRN. It's going to be huge this week.
http://www.masraniglobal.com/investors/index.html
The Motley Fool weighs in again.
http://www.fool.com/investing/general/2014/10/22/xerox-corp-third-quarter-earnings-has-progress-sta.aspx
XRX reports before the bell Wednesday. Zacks has a neutral expectation for results.
http://finance.yahoo.com/news/xerox-xrx-post-surprise-earnings-214002226.html
TR: Respectfully, you sound like this poster to me.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=107062934