Don't worry, I don't think hardly anyone is paying attention any longer here. Everyone assumes that this play is dead in the water because since the merger news in May 2022, the company/buyer have gone radio silent.
So this was a shell that Frank cleaned up back in 2021 and got all of the old debt cleared. Frank and AlphaRidge were successful and then sold the shell to a South Korean businessman. The current case seems to be that one of the old creditors, Darling Capital, is now trying to get that decision reversed. They petitioned to have the motion waived and tomorrow we should find out if they are going to be denied or not. I have to assume that since it was thrown out initially and ruled in favor of the custodian, the same thing will happen, but it's possible they have new evidence that will impact things. I'm far from an expert on how the custodianship process goes.
My guess is that with Darling Capital trying to collect on their debt, which the buyer of the shell (Mr. Young) obviously shouldn't be on the hook for because when he bought the shell it was retired. So if for some reason Darling Capital gets a positive ruling in their favor, then it opens up the door for a lot more delay and complication. Does the new buyer of $OCLG work with them and negotiate a deal? Or does he just walk away and this is back to being a shell with some debt on the books? I truly have no clue what to expect if the ruling isn't in favor of $OCLG, but it likely means a lot more time before anything positive can potentially happen. However, remember I have no idea for sure what's going on here so I could be off base about that.
With all that said, if the court rules in favor of $OCLG and tells Darling to go suck an egg, then that likely opens up the path for the buyer of $OCLG (also bought $NOUV) to begin to execute on his business plan moving forward. I'd be very excited if there's a positive ruling tomorrow. Crossing my fingers.
