Sure, heard this before......forgive me if my confidence level wanes.....
With the amount of potential trouble Simmonds is in, good luck with your reg statement assertion. Even if we get free trading shares, assuming a reg statement is forthcoming, unless they (Simmonds) deal with RBC and the pending litigation, our free trading shares are worth 0$, maybe less. If you take the time to read the most recent 10-Q and specifically the MD&A, there has been a de-consolidation of their only real asset, namely Goudas. They have also discussed a different 55M potential upcoming litigation by way of Menkes, the landlord for the new 350k building they recently rented and guaranteed on Goudas behalf for 15 years.
The pending RBC litigation has attached to all other known ACSX (and Simmonds private) companies, so there is ZERO pot of gold at the end of the rainbow should this litigation be successful. RBC is owed over 11M$, and they will surely grind this dude into a pulp unless they are paid back in full, plus interest and costs. Their pockets are deep and endless, especially when they suspect the have been duped, as it appears they have been in this case. The costs alone on this case could easily top several rounds of 7 figures.
I can't ever remember a bank that would not, at the very least, entertain a restructuring proposal from the insolvent party. The bank has clearly stated that they want nothing to do with any form of any proposal from ACSX's management team, has lost complete confidence in their ability to manage, and only wants the return of their 11M$ of capital.
Unless John can return their 11M$ of "looted" capital, this show is 100% OVER, and all of us shareholders can wipe our butts with our share certificates, just like all the other recent Simmonds screw ups.
They presently have (4) business days to file a notice of defense to this litigation (Dec 1).......Let's wait and see if they do file, and what they have to say for their actions. This is not a trivial matter, so I believe that Simmonds ability to raise new capital against this backdrop will be next to, if not impossible. Nobody wants to use the "F" word here.....but one can't overlook the facts, unless of course you are blind!
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