Sure thing. There’s a 20 year old kid still living with his mom who fancies himself as some sort of businessman. He set up a little thing where he claims to own “music rights” from a bunch of Idol wannabe’s who write, make, and post their music on independent sites hoping to be discovered. He’s been known to claim rights to music that isn’t his.
He decided to play penny stocks, did one little pump and dump that was moderately successful, then for a reason not known to man (and even if it was known it wouldn’t make sense) decided to play this one. So he bought up a bunch of stock thinking he’d buy a majority ownership and elect himself CEO. Problem was he did no due diligence on the shell and didn’t recognize there was a control block of preferred shares that outvoted the common shares by 4 to 1. All along the way he’s tweeting about taking it over, bragging about his holdings, saying he was going to reward the shareholders who’d been screwed by previous management, yada yada yada. Nobody believed him because it was unbelievable.
He figured out about the control block later and thinks he can sue to override the corporate charter (he can’t). He figured out that massive holding he has is now restricted in how much he can sell off per quarter, so he can’t even dump it legally (key word). So now he’s thumping around erratically trying to figure out what to do.
He really has no plans for the shell. It is loaded up with toxic convertible debt that will dump in shares to smash any decent pump he’d do, and the seasoned flippers won’t toss in with him since they know that one little childish tweet and he could leave them holding bags.
Good luck.
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