He filed Form 15 after the failed Reg-A offering. That’s the biggest mistake he made. He knew COHO was a dirty shell when he purchased it, yet still tried to game the system. Adding two convicted financial criminals to the equation only made things worse.
At least he has a chance to start over with a clean slate, although I highly doubt that he’s going to spend money to go public again. New management might make the effort if they really want to dump that $90 million worth of bad debt, but their reputation is now tainted by recent events. SEC will make it extremely difficult for them to move forward here. They’re better off finding a clean shell altogether.