as for the shell - they're never 'sold' by the buyer acquiring the shares - the buyer of the shell will usually give the estate a few hundred k in exchange for the authorized but unissued shares - they thereby get control of 90% - and they have to keep the other 10% (previously the 100%) on board so that they meet the min shareholder rules for continued trading, which applies even on the pinks. Usually kills off the NOLS vs attempting to acquire 50% of shares but NOLs are probably already dead due to change of control rules that apply in bk under IRC 382.
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