Another day, for Shameless Steve to not file the Form 10Q and continue to see this stock trade on the pink sheets.
Only God knows how much money he made when he and/or his affiliated entities made when they sold stock in the Company. While Shameless Steve can claim he did not sell any stock, then the beloved CEO should show the world a roll forward from the start of the Company showing how much stock he owned at the formation of the Company and how much he bought or obtained from his 2005 employment contract year by year.
This will only prove that he never sold. No one knows what deals he had with affiliated entities where he may ever have sold stock.
Of course, this proposed stock analysis is wrought with other problems for example, if he did not own more than 51% of the outstanding stock at the end of any given year, then did he formally waive the clause for that year in the employment contract which required him to own more than 51% of the stock, or were the financials wrong that year, in not accruing for the stock theoretically owed to him? It should be easy enough to prove his holdings, confirm his holdings with the transfer agent and confirm the outstanding shares at the end of the year with the transfer agent.
Then there is the question of disclosure. Were the 10 k's materially misleading that the employment contract was not disclosed or included as an exhibit to the 10K at any time.
Who reviewed the 10K and signed off on same. If an attorney reviewed the 10K is he guilty of malpractice? How about the CFO, who signed off on the 10K is he also guilty of misleading financial statements?
So the real question is how many of the CEO's friends will back him if and when the SEC comes knocking at the door. I believe at that point is that it will be every man for himself.
Have a great day.
