I am interested in the upcoming hearing Monday 5/24 because I believe we are witnessing a landmark case which might set a precedence for OTC public companies (esp Exchange filers like $RETC) & companies/individuals seeking custodianship of same under NRS 78.347 1(b).
The burden remains on Sharp's side to prove Abandonment (be clear on this for those holding), legal definition which now seems broad & somewhat ambiguous. Perhaps, upon the judge's further examination of records and testimonies of witnesses, specifically that of a director of RETC, we may see new precedence on how NV custodianships must be approached going forward.
*Abandonment by not filing annual reports -- NVSOS revocation since 09/2019 not remedied until the date of 5/18 hearing;
*Abandonment of basic/required fiduciary duties to shareholders by willful negligence to file timely & material events of the corporation & its subs since 2019;
*Abandonment (closing) of certain physical key, operating units without proper disclosure of such until filing of 2019 10-K
*Abandonment by not making an appearance at a Zoom hearing on 5/18, a hearing which they have requested via motion/contest but NO legal officer/director made themselves available;
*Abandonment - potentially no show of the requested "director" as requested by the Judge which could establish a factual double, no show to defend RETC which by definition falls under the legal definition of abandonment.
etc etc etc
Stay tuned. $RETC
