A private company wanting to go public will reverse merge in once the shell has been cleaned up. Arcaro takes home some lunch money for his services getting the shell ready and reinstated as well as reimbursement for all the overdue fees etc that he pays out of his own pocket.
It is my opinion that if done fraudulently then the term hijack absolutely applies to the custodian/reinstatement process.
On the other hand, if the process is done legally, legitimately and totally by the book then I have a hard time accepting the use of "hijack" terminology. If previous management has in fact entirely abandoned the shell and it's just sitting there in a zombie state I would imagine that the shareholders are absolutely thrilled when someone comes along and resurrects it.
I do understand the potential for abuse of a resurrected shell, but then again someone can do a straight-up purchase of any shell and pull scammy stuff too, can't they? That's if they even bought it!
Calling all reinstatements evil because there have been past abuses doesn't sit right with me. There have been plenty of legit reinstatements that are quite intentionally ignored and overlooked in the furtherance of the witch hunt.
The big bad Arcaro? It seems the only dirt dug up on his reinstatements is that one of them one time was used by the FBI to catch some actual bad guys. Oh, the humanity.
