Don't let me mislead you...im not trying to be negative here...just pointing out what in seeing about default and cancelled shares. I've been racking my brain and the only silver lining I see in this would be an incredibly sharp play by Roche if this is how it plays out.
Guy is loaded...he doesn't want this public holding company anymore. There are several shells out there for sale and several private companies that would like to take the easy route of going public. So he gets the media to help him out. He is going to bid what he owes in loans on the company essentially making that the low bid...however, if there's a private company looking for a shell with a low O/S that wants to bid higher...they get the shell and Roche makes money. The default and auction is just to attract the attention of potential companies looking to go public.