Just to be specific, what legacy shareholders require in the Q4 "shareholder letter":
• Audited results, if they exist (and if not, why -- they've supposedly been paying for them).
• An audited accounting of current equity structure and insider ownership.
• Clear explanation of status of orphaned legacy shares in brokerage accounts.
• Unambiguous assurance that no action will be taken to devalue legacy shares, beyond reasonable dilution events resulting from fund raising requirements.
• If an IPO strategy is still on the table, a clear explanation of how an IPO would proceed with previously public shares outstanding. This is highly irregular, to say the least.
• Unambiguous anticipated date of return to public trading, IPO or no IPO.
• The reasons for the changes in CEO and CFO.
If they provide acceptable answers to all of these questions, we will be back on track. If they don’t, again, they are just setting the table for an expensive, adversarial posture that is totally unnecessary.
