Innovation Pharmaceuticals Inc (IPIX)

[CHUNKY44]

I disagree with this:

The number used to identify that a shareholder owns x number of shares of a company doesn't change because the name changes. So that wouldn't have forced any change shares be surrendered and re-issued.

Here's why:

For the sake of argument, let's say that there were 100 million CTIX shares reported by the transfer agent as belonging to Cede & Co. (all retail shares in brokerage accounts, ie. all shares in street name). The transfer agent keeps meticulous records of all certs, including Cede & Co's cert.

Now, let's say there were 5 million "naked shorted shares" of CTIX on the conversion date. (Some claim that number is way too low.) If that were true, that means that there were 105 million retail shares showing in broker accounts on that date (100 million real shares, plus 5 million "markers" for naked shorted shares.)

On the conversion date, the transfer agent deleted the old CTIX cert for 100 million shares, and issued to all of the brokers a total of 100 million shares of IPIX in street name. But what about the 5 million CTIX "markers" that were bought and paid for by retail? Have you heard of any shareholder unable to get their CTIX shares converted to IPIX shares?

In order for the brokers to simply take the CTIX "markers" and convert them into IPIX "markers", every single one of the brokers, and the transfer agent would all have to be in on the conspiracy. I'm sorry but I don't buy it. There is no way that a conspiracy between that many entities with that many employees can be kept under wraps. After all, how many employees do you know that are willing to commit fraud for their employer? All of them? How many brokerages are willing to commit fraud for their competitors?