The reason why Moller is letting the company fall off the stock market may be because he has lost control of it or trying to get back "control".
As of the last SEC filing Form 10-K June 30, 2015 Moller only owned 16,964,728 shares or 17% of the common stock which is the voting stock. If his options of 25,000,000 shares are exercised he would own 41.7%. All the other directors and officers combined owned less than 1% of the common stock. However there are all of those convertible notes which can boost share ownership.
The last Articles of Incorporation filed with California states that a 50% holding of common stock is needed to control the vote. The 10-k states that as of November 2015 there were 605 common shareholders (so since the stock price was 1 cents a share on June 2015 one can assume that the number of shareholders still hovers around 605 - give or take 100)
California Corporations Code 1-1-16-1600 states
A shareholder or shareholders holding at least 5 percent in the aggregate of the outstanding voting shares of a corporation or who hold at least 1 percent of those voting shares and have filed a Schedule 14A with the U.S. SEC shall have an absolute right to do either or both of the following: 1 inspect and copy the record shareholders names and addresses and shareholdings...upon written demand upon the corporation, or 2. obtain from the transfer agent.... a list of the shareholders names and addresses...
So what does this mean?
It means that a few shareholders can communicate with each other and file Schedule 14a and get the names and addresses of all of the shareholders and hold a vote for new president and director and take control of Moller International and possibly introduce new engine technology "I recommend the SP Engine" to get the stock back on tract. Because the stock started at $7.50 a share in 2002 a lot of people have lost a lot of money as attested by the $100 million spent claim. 5% of the outstanding shares based on the 150 million authorized shares is only 7.5 million shares. I assume that at least 7 people on this board and on facebook hold at least 1 million shares each. Or who owns 7.5 million shares.
Conclusion
The bottom line is are shareholders on this forum and on facebook going to keep hoping that Moller does the right thing and bring it current, sit back a watch their investment go up in flames are they going to take action.
P.S. Moller could easily allow the stock to collapse and then come in and buy at $.001 to get voting control back at 50% stock. If he needs 50 million shares to do this then 50 mil x .001 = $50,000. or $25,000 at .0005.
AI
