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Maybe he'll show up "dead" in Mexico. That hasn't happened to a scammer CEO (real or fictional) in a couple of years -- seems like we're due.
they actually do have the power to deny - through a "stop order" proceeding. unfortunately, it's not a streamlined process and not used as often as it should be.
the uneven review process in Corp Fin has been an issue for as long as there's been a review process. it drives (legitimate) practitioners crazy to go through an exhaustive review with some examiners while they see other filings for similarly-situated companies get a "lite" review or no review at all. they do actually have the tools to track bad actors, and it puzzles me why they don't seem to use them.
one of the issues is recruiting/retention - when the legal economy is good, getting/keeping staff gets a lot more difficult.
now the Reids are outsourcing?
the distance between KMAGinary and reality keeps increasing.
those horrible agencies and agents - keeping the Reids and KMAG from having a phone or office or operating business. if only KMAG was allowed to stand on its own merits.
whatever those might be.
those dang "agencies and agents". especially that guy Edgar.
So now the Reid twins and their ghostwriter(s) are abandoning social media for press releases, huh?
What happened to all of the crowing about how social media postings have been approved by the SEC as being just as good as a press release?
I suppose it makes sense. If the company has abandoned even the most basic technology - a working telephone and working website - why bother with "advanced" technology like social media?
#kmaginarycompany
why would anyone file with the SEC if they owned 10% (or 20% or 50% -- take your pick). none of those ownership filing requirements apply to KMAG or any other company that's no longer SEC-registered.
if KMAG has the "green light" why is the SEC holding hostage the Form 10, as you've claimed? why was the 211 rejected? what is there possibly to suggest a green light, or even a yellow light? looks more like KMAG ran through the red lights at the grade crossing and got plowed by a freight train.
well that just gives Jeff and Duncan more time to put their heads together about ways to increase shareholder value. lol.
if true, wow. no one with any sense takes a job as a public company officer or director without D&O insurance.
anyone get their proxy for the "new" meeting yet?
anyone get their notice of meeting for the March shareholder meeting yet?
anyone even get their notice of meeting for the February shareholder meeting yet?
maybe tomorrow?
I think those are solid ballpark estimates.
I'm sure they're currently being funded by the D&O insurance (if they were smart enough to buy it) and indemnification claims. As you note, the D&O goes out the window once you get into the criminal and fraud quicksand. The conundrum for the company is whether/when to cut off the indemnification and dare them to try to sue for it. Any reimbursement undertaking from Vinny and Brucie is likely not worth the paper it's written on.
The post-Vinny directors have to wondering what the hell they've gotten themselves into.
Interesting litigation scenario: given the company's cash woes and Vinny's and Brucie's significant stock sales, is this a case where they have deeper pockets than the company?
hope he's using the proceeds to pay a hefty retainer to his lawyers. he already needed them, but after this 8-K he's going to need them even more.
anyone get their proxy for the "new" meeting yet?
anyone get their notice of meeting for the March shareholder meeting yet?
anyone even get their notice of meeting for the Februaryshareholder meeting yet?
didn't think so. maybe today?
except that Delaware law doesn't apply, as KMAG is a NEVADA corporation. check the Nevada Revised Statutes, that contains the relevant rules regarding adjourned meetings for NEVADA corporations.
and because he screwed up the record date and the meeting notice, the meeting was not validly called anyway, so no shareholder vote could be taken. so his screw up actually helps him if anyone claims he did it to frustrate a shareholder vote. (along with the fact that he controls a voting majority, so there's nothing to frustrate).
maybe, maybe not. there are a lot of "third parties" out there.
how true. and how sad.
temporary delay...like the:
- Form 10
- audited financials
- uplisting
- move off the greys
- timeline of events
- NOBO/OBO revelation
- etc.
what "truth" could it be? he couldn't come to the meeting, discuss everything that he could, apologize for not being able to say more because the "more" required someone else's input/participation, and at least show some respect to the people who were sufficiently interested in their investment to commit time and funds to come to NYC?
talk about a revelation of character (or lack thereof).
you'd think Jeff, Duncan and the braintrust would have had plenty of time to come up with an explanation. should have been thinking of how to get out of this since December 2 at the very latest.
"precedent-setting for sure!"
now that's certainly true -- no other CEO, even among the thieves populating pennyland, has gone so far getting shareholders so hopeful, only to pull the rug from under them in such a cruel way.
"He's still around....."
Apparently not.
or, more simply, that he just died. sure, SRGE used it first - and for a CEO and CFO - but it could have happened to both Jeff and Duncan.
no meeting. Bam Fact.
what else is there to talk about?
the SEC Enforcement team?
sounds like someone may not have been able to get across the border. or ran out of gas money. or is busy working on the late 10-Q for his other pos. or......
how so? please explain?
does that mean you do think the Reids said all of those things about the proxy just to yank people's chains?
"(btw, the proxy was just Reid's way of yankin' everyone's chains, since it's entirely unnecessary to begin with)"
yes, that's what a CEO with his ducks in a row does - he yanks the chain of his shareholders.
so it's BYO?
Jeff and Duncan must have blown the budget on the NOBO list.
Common sense also dictates that Jeff and Duncan would have lined-up the ducks to get proxies and notices of the meeting out and set a valid date for the meeting.
Anyone get their notice of meeting yet? Proxies? Broadridge instructions and codes to participate remotely?
could you point us to some cases where non-covering shorties have done prison time? TIA
I don't think he'll pass anything around. He may hold up document with a "Form 10" cover page, an "Audited Financial Statements" cover page and a "NOBO/OBO OFFICIAL LIST REALLY AND TRULY CERTIFIED BY BROADRIDGE" cover page, but no one will be able to touch. (Wouldn't want anyone to see that the rest of the pages are scrap that he salvaged from the recycle bin in the Sheraton business center).
based on the Secretariat analogies, maybe they should be horse tranquilizers?
I think this is a better KMAG-related quote:
"The Commission temporarily suspended trading in the securities of the above-listed issuers because of questions regarding the adequacy and accuracy of information about the companies, including their assets, business operations, current financial condition and/or issuances of shares in company stock."
will Jeff and Duncan bring the Form 10 and audited financials and the EDGAR submission receipt to the "AGM"? great opportunity for them to show how the SEC and that EDGAR guy are keeping KMAG down.
those Nevada statutes talk all about the notice of meeting, participating in an electronic meeting, proxies. you know, all those things you didn't get from Jeff and Duncan.
not really. just search in the Nevada Revised Statutes. the facts are all there.
Did you get your notice of meeting? Instructions from Broadridge about how to participate over the web? A proxy?
Didn't think so.
as with all of your other replies, I ask how am I wrong?
Nevada doesn't require written notice of annual meetings?
Nevada lets you set a record date any time you want, without limitation, whether or not your charter provides for that?
Pretty easy stuff to find. No KMAGination required. And pretty easy to see that there aren't any exceptions for grey stocks.
those darn "third parties" no doubt.