So hard to say.
The shell sat for years dead with a $1.8m settlement judgement hanging over its head. There is no pressing business or employees. It can sit again. That’s my fear.
Ben was asked and came in here twice to clean it up. The first time was an insult to him. Shows the type of guy Ben is to even consider to come back the second time.
I assume the debt was negotiated away along with the restructuring of control to DiMagio.
Then DiMagio destroyed his control and threw the shell back to the legacy share holder for control. Talk about a gift?
It’s like you sell your old convertible jag to a used car lot for cash. Then it’s sold to another who drives to your house and gives you the car back.
Makes no sense.
In my opinion DiMagio created a legal battle that can go on for years. DiMagio is a money trust kid. Ben is a team of SEC savvy lawyers.
Ben got what he wanted. I can see him stalling any claim just to avoid the effort to deal with it.
It’s why the next filing is so important. Who is going to do it?
Ben won’t
Roth won’t
DiMagio destroyed his control and responsibility. Can he legally put his name on anything RIBS related? What lawyer is going to sign their name to the needy Atty letter to validate any filing going forward??
It’s wild as hell. Low float, awesome Ticker symbol. Most fascinating shell story I’ve ever witnessed.
My gut says, if no filing, it will get delisted and then there is a major hurdle to over come.
I’m not sure what DiMagio paid to become king of RIBS. I’d assume that will be the claim in court. If DiMagio is handed a bag of coal by the judge, it ends there. Roth is king. Again! LOL
And, Ben could meet this head on. We just need to see. I know Ben still owned shares and likes to cut his loses to save time. I can see him try to work something out.
But then again, who destroys their control block of Preferred shares? Who is giving DiMagio his securities legal advise? His real estate Atty? His Trust lawyer? Those are the bottom feeders.
I know this much. SEC lawyers are impossible to find. 98% of lawyers have no clue how the SEC works. I’ve got tons of smart lawyers and most say they are not smart enough to dive into that pool.
It’s why with every new R/M, one must watch filings very close. Do the new guys have the ability to keep it current and viable? New rules was the reason for Sept28 2020. These shells get current or they are sent down to purgatory.
I’ve seen people buy new boats and jets then have no clue how to unlock the doors.
DiMagio had to have some sort of vision for RIBS. I wish he shared that with us shareholders. Looks to me he had a beginning and end game, but no ideas how to bridge the two.
