Grey Fox Holdings Corp. (fka GFOX)

[1manband]

They could have filed a Form 15 to terminate registration at any time. Without paying a cent to anyone.

Not exactly. According to their last 10-Q, GFOX had about half a million in toxic death spiral convertibles outstanding. And, we know that the loan agreements prohibit the Company from terminating their SEC registration while the amounts remain outstanding. Otherwise, it is an automatic and immediate default. Many of the toxic lenders not only file lawsuits for breach of contract in such cases, sometimes they also move to foreclose on any remaining assets.

They would rather roll the dice with the SEC for an additional 2 years before suspension and revocation than suffer the almost immediate enforcement from their toxic lenders.