I can shed some light onto what is going on. Let me say first off that if, big IF, this happens, it will be big. Jeff only thinks and dreams big, it is just how he is.
I know Jeff Ritchie very well. Back about 5-6 years ago I was helping him try to bring in an amusement park and hotel themed around movies and sci fi. Jeff was super excited about it and the deal was worth well over $200 M. At the time IFLM just had a library full of old movies and music. I was working with a guy who believe it or not was big into bio tech stocks-in fact he used to have the biggest bio tech alert website out there. Bio Meds report. Nice guy. He had a passion for movies and was also trying to help IFLM do something with the theme park idea with this contacts. It was a novel idea but....
I soon realized that they did not have the financing to pull this off. They were going to buy a hotel (big big resort) on the east coast and use that for the hotel and land but the money wasn't there. But the original deal for the hotel and land was legit and in place. I talked to the hotel and they were selling it to IFLM. The financier guy (a different man who I did not like at all) was blowing smoke up Jeffs butt I believe though and couldn't come through.
The thing is Jeff was very naive when it came to stocks. Anyway, the stock did really good for awhile, from like under a penny to over 4 or 5 cents, then it soon pulled back. The funny thing was back then the OS was only something like 75 M or something. It had a great SS and little dilution at the time. The stock moved like a hot knife through butter. And then of course everything went to hell, the deal fell through, the bio tech guy went away, the OS ballooned up like crazy, debt mounted, any business opportunity went bye bye, and it got to where it is today.
As for Jeff, he is a really nice guy. And I mean that sincerely. Just a very good hearted guy, but he had NO idea about penny stocks, how to run a stock, hated manipulation, or really anything stock related. which is why I was brought in. But he was just very naive when it came to that stuff. All he really cared about was movies and music. I tried to give him advice on things but pretty soon the deal fell through, the debt mounted up so much and the toxic financiers took over and .0001 and RS here we came. I really felt bad for him because I know he was struggling financially and had a family.
Now today? Here is what is happening imo. I think Jeff met Jake (possibly through the bio meds guy as he has lots of contacts around LA,) and they worked a deal where he would buy into the stock with this open market deal. And Jake will use his influence to help the stock and bring in deals for IFLM. I am absolutely sure this is going on because Jeff is open to that sort of thing (bio meds guy) and really does want the stock to do well despite all of the past dilution.
Now what will happen? Not sure. I am sure they have something worked out that will be revealed soon enough. I made a few inquiries (not with Jeff) and was told that a AS reduction along with a merge into IFLM is in the works. What it is and when? I don't know.
But I think that is a pretty good summary of things to this point. The stock has shown good accumulation so I am interested to see what happens.
