NanoTech Entertainment Inc (NTEK)

[Arthur]

Underdog: a company is forbidden by financial laws to effect a shares buy-back without audited financials showing assets that exceed the debt:

"For a buyback to be legal what they need to have is net assets after accounting for the Company's liabilities and any amounts due to preferred shareholders. The reason is that a stock buyback is considered to be a distribution to common shareholders, and by law, they are only allowed to distribute assets to common shareholders that are actually owned by common shareholders. And common shareholders only own the assets that are left after all debtors and creditors are paid in full and the preferred shareholders are satisfied to all amounts due to them (in many cases, that would not only be unpaid dividends, but also any liquidation preferences, which can often be very large - up to multiple dollars per share). "