New Generation Consumer Group Inc (NGCG)

[AlanWeedspan]

Just to keep it real, I was reporting the story not presenting a reference to an SEC rule or law. The story here is a first-hand account from a person who spoke to Kim and that Kim himself directly said the SEC suggested a 5 yr period to him. I'm not saying those people are correct. I'm just reporting that story. And yes, you're right I am mostly clueless about securities law :D

But this sort of conversation sounds extremely plausible to me. It may not be a written rule. but I have had my accountant give me guidelines like this in various tax situations. It is not written law, but the waiting period gives you the high ground in court, helps protect your case should some auditor or regulator take a look. For example, my CPA recommends living in an investment property for 2 years before converting it to residential. He says there is no rule but that's what the regulators find acceptable. I am guessing a similar conversation occurred with Kim and the SEC regarding his legal options with the shell.

Also, I want to say that I am a big fan of your work over the years and that, like the others, I consider you an expert in these matters and grateful for your insights here in the channel. Thank you. I am looking forward to hearing more about the actual tradable public float numbers when you hear back from the TA.