Far as I can tell, gene controls the company through preferred shares (that’s from memory).
So in essence, he owns the company and any action needs to be approved by him. The exception being that a shareholder could go through a friendly court (e.g. Florida, Nebraska, Nevada or AZ) and get a receivership. I am confident a Colorado court would be amenable and ideal given that RCCH is domiciles there.
First, notice has to be sent to gene at whatever address is listed on OTCMarkets and CO. Sec of State. To do it right, notice should be sent to the RA. Notice should state your intent to request receivership unless you hear from gene in 90 days.
There are a couple of other things that need to take place if there is no response (shareholder meeting to approve new BOD, share structure, etc.).
Whether gene responds or not, at this point, an S-1 is the way to go. With the S1 and the fact the gene dropped off the face of the earth, a MM would be more likely to submit a Form 211 to Finra, for approval, so MM’s can provide bids/asks.
However, whether Form 10 or S1, there needs to be a BOD, management and at least a credible plan or reverse merger. You can’t register a shell in this case.
I don’t know gene, but I would think he would be happy to get rid of RCCH. But I also believe he is greedy and will want something to turn over the shell, probably a little up front cash and some convertible debt.
Hope that helps
AI
