Well, their press release(s) were about no news- literally 'we have no news to report'.
And that was six months after the two-day disaster when the stock hit .007 and Samyak first stepped down as CEO and the next day stepped down as chairman, with news supposedly to come regarding severance arrangements. Six months, seven now- and Samyak still hasn't really left yet?
Meanwhile, the urge to leave was perhaps due to Samyak's multi-count indictment by the US Atty for the Eastern District of Pennsylvania for many more millions of dollars than the entirety of New Frontier can hope to be worth may be the cause precipitating his putative departure. Does this have any bearing on the, cough, investments Samyak made with the company's cash? Is the company cooperating with the DoJ? Will the company, with or without an audit, stand behind the asset values ascribed to these investments as of the August financials? Do outside shareholders have a right to know the answers to any of these questions?
As news continues not to dribble out, ought shareholders to be relieved that Samyak is, maybe, gone, and ought shareholders to have any confidence in the Samyak-appointed managers and director who continue to lead the company?
It would appear to be the safe case that outside shareholders can be confident only that the current New Frontier continues to be run for the sole benefit of Mr Veera.
News of any settlement with Spyglass Cedar Creek as of the court-approved semi-hard drop-dead date of July first won't really change any of that.
An independent board and audited financials are really the only things that will separate current management from the semikindasortamaybe ex chairman.
