They skipped step 1 and went right to step 2. Convertible debt holders and other creditors will now get all the reissued stock to pay a small portion of the monies they are owed. Shareholders will be wiped out and hold worthless shares.
Been a long time coming, but it was obvious this was going the way of all pinkie stock scams.
"There's a sucker born every minute, 2 to take him and 4 to lend him toxic debt" PT Barnum's investment advisor.
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