George Sharp the individual who is filing a custodianship for RETC has released news that RETC has not contested the custodianship filing. Rather in fact he has offered them a chance to win it back. At this current moment, George Sharp has technically won $RETC because the courts have granted him those rights based on the data and information presented by his team.
?"But why the hell would he offer?...." stop there.
The reason why he would offer them a chance to win custodianship is because of his strong confidence knowing that they have no chance of winning back the stock ticker $RETC.
As of this moment, George is the technical custodian owner but will not be fully granted 100% ownership until the upcoming court hearing on May 18th.
1) Courts awarded custodianship without a hearing for 12 Retech Corporation
In George's tweet, he releases a court filing Which states:
"After considering the Motion and the pleadings and exhibits filed in support thereof, this Court concludes that there is immediate and irreparable harm threatened to ReTech"
2) Revoked corporate license
Do you remember $GVSI? Well, if you do then you know they also had a revoked business license with the SOS for Nevada. Guess who also is in the same boat? $RETC! 12 Retech has revoked corporate license which is NOT good and is definitely not in shareholder interest to be operating for the last 1 year without a corporate license.
3) Late 10K's, Late 10Q's, Bland 8K's
Upon reviewing their filings to the SEC:
Main key points to take away from their SEC filings:
- Major share dilution all of 2020
- Late/Unfulfilled 10K Filing 3-3-2020 labeled "Notice of Late Annual Filing". They then continue to get two more notices that their 10K has not been filed.
- Zero financial reports published since 2017.
- Their 10Q filing reports are always stating how they haven't had funding for years and it's always been the same issue pretty much since 2014.
4) The year 2020 had major share dilution by 12 Retech
The actions of share dilution were not in the best interest of shareholders, rather for the owners of 12 Retech.
5) Additional lines from custodianship grant
Specifically, the Court hereby concludes that to avoid suspension and potential revocation of ReTech's stature under SEC rule 15c2-11, Retech must file its disclosures with the SEC by June 30 2021
6) Tweets from George about $RETC
The company can't have recourse against me because I am a shareholder fighting for my rights. The officers and directors of $RETC are in breach of their fiduciary duty to the shareholders by having a revoked corporation and no disclosures"
He later included "Correction: They can't argue it, but they can't win the argument".
"In order to defeat the petition, $RETC management will have to explain to the court how becoming delinquent in its filings served the interest of the shareholders. At any rate, shareholders should expect the company to be reinstated & become current soon after the hearing". following with...
"I agreed to do this in order to avoid a drawn-out court battle and get $RETC reinstated in the shortest time possible. I remain confident that I will prevail and gain custodianship"
Question to George was: Do you fully expect to win the court case and still retain/become the custodian of RETC? I think we just want to see that you are still confident about this. Thanks
George responds by saying: "Are you under the impression that I waste money on attorneys?"
The expectation is that he'll do a reverse merger with another company, basically allowing a private company to "merge" into 12 Retech, which will allow the previously-private company to be publicly traded under the ticker RETC.
The name and ticker can then be changed. It's a lot easier and cheaper than the process for going public.
12 Retech will cease to exist.
AI
