nFinanSe, Inc. (NFSE)

[nodummy]

No, AccountNow LLC did not acquire the NFSE shell. They acquired all the nFinanSe Inc assets and left NFSE as an empty shell.

If NFSE had been an SEC registrant it would have been deleted as part of the acquisition by the private company and the shareholders would have received a cash payment for the stock they owned.

This pr explains why no cash payment went to the common shareholders:

https://www.aol.com/2012/12/11/nfinanse-announces-closing-of-sale-to-accountnow/

Based on the total consideration expected, only holders of nFinanSe Inc. Series F Convertible Preferred Stock are likely to participate in any proceeds from the acquisition, and it is highly unlikely that any proceeds will be available to holders of any other series of nFinanSe's Convertible Preferred Stock or its Common Stock. After the Second Closing, nFinanSe Inc. will have no assets.

So the NFSE insiders got a cash payment and the common shareholders were left out to dry.

We also learn from that pr that nFinanSe Inc did own nFinanSe Payment Inc at one time but nFinanSe Payment Inc also went to AccountNow LLC as part of the second and final closing leaving the NFSE shell with no assets.

NFSE continued to exist for 3 more years as an empty shell after selling all its assets to AccountNow LLC then it was dissolved in 2015.

I guess since NFSE is a pink sheet stock and not an SEC registrant the whole thing just slipped through the cracks and now 4 years later the zombie stock is still trading.


For the record:

AccountNow LLC is actually a wholly owned subsidiary of Green Dot Corp (GDOT)

https://www.sec.gov/Archives/edgar/data/1386278/000138627819000012/exb211-subsidiariesofgreen.htm

https://www.otcmarkets.com/stock/GDOT/profile

So there would be no need for AccountNow to be looking to go public they are already owned by a public company.


Technically, nobody could merge into the NFSE shell now because the company doesn't exist any more. The moment the entity was dissolved it stopped existing.

The certificate of dissolution was filed by the NFSE control people so obviously they made the decision to end the existence of the NFSE business entity.

Since the entity was dissolved there is no longer any entity to reinstate or to merge into. No officers. No authorized stock.

Even the OTC markets page lists no data for NFSE any more

https://www.otcmarkets.com/stock/NFSE/profile


But as I said before, since NFSE does still trade, do with it what you will. There are tons of zombie stocks out there that get manipulated as what I like to call "junk pumps". Until something is done to get rid of all these dead shells that's just the way the market will be.