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Sunday, April 30, 2017 8:14:28 PM
It is not a question of "fairness". Because of the TJM problem, BLDV was a tainted shell. Was Alper unaware of that when he became involved?
And needless to say, it wasn't just ONE other company that accepted financing from TJM. The SEC cited a number of companies in its litigation against TJM, and noted there were more they didn't discuss.
https://www.sec.gov/litigation/litreleases/2012/lr22452.htm
The SEC didn't sue those companies; it only went after TJM and Yossef Kahlon, its owner. One of the companies subsequently had its registration revoked; the others are all dead as doornails.
All FINRA wanted was for the new BLDV management to prove that they were not part of that transaction that happened way back in 2010 that made TJ Management a shareholder before considering to approve the reverse split.
And then FINRA denied said reverse split.
BLDV has traded over 3.2 Billion shares over the past week or so. Only a guess, but I believe that a good portion of the 2.4 Billion shares at the DTC (Cede & Co.) that's in circulation as the ”True Float” or ”Actual Float” has been absorbed. Just think, if they would have done the reverse split, there would have been absolutely no liquidity at all for investors to buy many if any shares.
What?? Obviously, fewer shares would have traded, at a higher price.
It's ridiculous for a penny stock with $5,712 dollars cash to have a 2.4 billion share float. But it seems there's nothing BLDV can do about that.
The moral of the story is: Never, never get involved with a dirty shell.
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