IPRE president James Hergott, in an email stated that these MM's (UBSS no doubt) are trying to extort them into going through with the reverse split that they cancelled a couple weeks ago before the online buying restrictions were implemented..
I suggested such a letter early on but I was overruled by Ken and others who stated that it could cause a panic because a great deal of shareholders who don't trade online have no idea about the restrictions. The concern is that even though we could state that the company did nothing wrong, the perception would be that maybe there is something wrong with the company and the uncertainty will cause a sell off. Our Angels (investors putting up millions of dollars for our movies rather than selling shares on the open market) are seasoned and experienced and advised Ken against this action. As you know, those who have the gold, make the rules.
We have received some information from a source that I can not disclose that in order to have the restrictions lifted, we would have to go through with the RS. This makes no sense to me because MUME and SEVERAL other stocks have restrictions and have nothing to do with an RS. So far we are getting a lot of mixed signals from Brokers, none of which make sense. It does appear as if the brokers took this action at the request of the MM's. If I find out anything more I will do my best to inform shareholders.
All the best,
James
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