It's a chicken and egg situation but is similar to an initial incorporation imo. The majority shareholding can vote to assign a board and their first action would be to record the meeting and then file their own election. As long as the shareholding is clear, it would not be questioned.
So, if Shapiro has majority, he holds the cards here. If he is distracted by the court case and the company is close to bankruptcy, this all signifies the end to me. I can't see him stepping back in and taking control with all of that hanging over him and I don't see why anyone here would see that as a good thing anyway. The only hope is that he finds someone respectable to take over the reins. We seemed to have that for a while but as we all now know, they left and wrote scathing remarks about the ability for the company to continue.
In the crazy world of OTC, I wouldn't be surprised if this still has some dead cat bounces but way too risky for me right now. If there has been a swift response to the last resignation, it might have still been worthwhile but not now imo.
