Actually, haven't had any time to really dig into it; but it seems Alpine(one of the largest and last clearing houses) has stopped clearing sub penny toxic conversions. Apparently they have been taking some heat from SEC over not looking honest enough to Joe public. Mainly, in not filing suspicious activity report every time a toxic note holder or some shameless fraudster drops 9 billion shares into the market in one shot because J.S. and his/her scumbag shorters beat them to the punch.
So with a big middle finger to all the backdoor greed that has put them under fire, they put an end to it. And for once, heavily profiting shorters fraudsters and toxic lenders alike will have to come up with something other than the typical rape, rinse, repeat easy money method. By selling them down to nothing before forcing and RS so they can do it again, as they fleece 10s of thousands% in ill gotten gains from legitimate small businesses and their shareholders; that sincerely went public with honest intent of becoming more than just an SEC approved toxic wasteland.
Will be interesting to see how this development changes the OTC landscape down here. Yesterday sure was quiet and very few typical diluters inhabited the L2 on the handful of tickers that I have been watching.
Although I'm just going on smoke in the air rumors by other posters along with personal observations and other tidbits I have read along the way; it seems that FINRA, has to approve an RS and has been a little less generous with RS approvals in the last couple of years to real bad actors that are bona fide scams with a flashing fetish that can't keep their trousers zipped in public. And then they try to put a positive spin on the rejection by claiming they canceled it.
Agreed here, just have to wait and see. Personally, I bought on the share structure before the increase and the story sounded plausible as a legitimate small business looking to grow. I own more than I am happy about if the RS is legit and goes through. If not 2 billion shares is still very sustainable in a pump and dump promotion campaign so hopefully they get rejected, this gets pumped and I can sell enough to get my principle back and ride the rest into the ground or sunset, wherever the chips fall. And have been toying with the gamble of buying some more here based on this whole toxic lender logistics development. If toxic lenders want to get their money out of some of these stocks, they may actually have to buy back some of what they dumped, and promote the stocks themselves.
JMO
