Oh, and VTNL is still in the hock with Curt Kramer:
I believe many of the other insolvent penny stocks that announced bogus "stock buybacks" were also borrowing from Curt Kramer. And that makes him the prime suspect in conceiving (and implementing) this fake buyback nonsense.
We know Kramer regularly sues any of his borrowers for even the smallest breach of his lending agreements, either to force repayment or implement the default terms (which are always heavy penalties to the borrower). And we also know that not only are these "buybacks" illegal under state law, but also automatic violations of their contracts with Kramer. And yet, I do not believe he has ever sued any of the companies that implement these programs, nor does he force the draconian default terms on the lender, even though he does so regularly in the course of business with other borrowers. WHY?
Maybe because Kramer is concocting these bogus buybacks in order to pump the stock and provide him the volume he needs to convert and dump into. Every single one of the stocks that have announced these bogus buybacks is completely broke and within months, if not weeks, of going under. Which they eventually do, as most of the companies that announced such buybacks in the past went of business for good shortly thereafter. That also suggests it is just a scheme by the toxic lenders to get one last pump out of the stock before it disappears forever.