On4 Communications Inc (ONCI)

[shotsky]

No, it is simpler than that. DE has 'franchise tax', which means they charge a certain tax per share of AS per year. Doesn't matter if the company makes money or not, it is the cost of doing business in that state. That's why they want out of DE. But DE won't let them out until the tax bill is satisfied, and they could care less who the CEO was at the time. So, the tax bill is the issue, and they cannot escape it entirely, they cannot call it unenforceable, since they were doing business in that state. Apparently, it is significant enough for them to hide the claim in the annual fins.