Funr (FUNR)

[Farmboynate]

If Margret and GM run for the hills from GS you should file to take control of CUBV you're the largest shareholder I believe besides the 2 restricted but only way a judge would grant is if those in charge don't show up for court and generally they have to be in Default in the state of incorporation and not reporting or Margret willingly give control over to GS and nobody else contest it I believe

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=154066619What is a Custodianship?

There are literally thousands of penny stocks that
are publicly traded. It isn’t uncommon for some of
those stocks to get abandoned by their control people
for a variety of different reasons. When a publicly
traded company gets abandoned it doesn’t just stop
publicly trading. The abandoned shell will continue
to trade until the day that the SEC files an
administrative order to revoke the Issuers
registration (for SEC filers) or until FINRA
deletes the symbol (for non-SEC filers).
That can often mean years of trading as
nothing but a zombie ticker.

As abandoned shells, the public Issuers will
fall behind with their business license at
the state level (since nobody is around to
pay the annual fees due to the Secretary of State).
When two years pass without an entity paying
its business taxes at the state level,
the entity becomes revoked. This opens the
door for control of the public Issuer to be
taken over by an interested party
(a shareholder or debt holder for example)
through a custodianship petition.

The interested party can file a petition with
the local court requesting that the court approve
a motion to let the interested party (or an
individual of their choosing) take over control
of the abandoned shell “in the best interest
of the shareholders“. The only real concerns
the court will have is that there is
no objections to the motion and that the
custodian has a clean background.
The petitioner has to prove to the court
that they have made a legitimate effort
to contact the former control people and
they have to convince the court that
the custodian is a respectable choice
with a clean background that will act in the
best interest of the existing shareholders.
That usually isn’t hard to do so most
custodianship petitions will be granted
by the court.

The only exception is usually when the
old control people do show back up to object
or if the petitioner voluntarily dismisses
the petition (this may happen if the
SEC suspends the Issuer during the proceedings
or initiates an administrative order to
revoke trading in the Issuer during the proceedings).