Good Vibrations Shoes Inc (GVSI)

[LCLiving]

It's sad how many don't know how pubco's work. In regards to the share cancelations, of course a conflict arose, but seems only a few know what that actually means.

Prior management issued certs to themselves, friends, vendors, etc. No company can wipe out those shares without due process. The conflict arises when the cert holder attempts to get the restrictive legend removed so they can actually deposit them for trading. They would have to hire an attorney to write a letter that their shares were properly issued and the ownership was valid. The company can refuse to accept this premise and deny removal of the restriction, hence the conflict.

GS has seen the issuing docs and evidently feels his attorneys can defend the position that shares were issued improperly or even fraudulently. I personally think he wouldn't have spent a penny on this filing unless he was highly certain he would win, and that is just common sense.