RDG013, that money DID cover the illegal shares that existed back then. However, these shares have nothing to do with that situation. These are naked shorted shares that the brokers created out of thin air because they didn't expect to have to ever have to cover them.
Well surprise, the company didn't just go under and disappear after trading was halted. Instead Megas got all the financials up to date and moved forward to the point where we actually did start trading again, until the DTCC pulled the plug. Why did the DTCC pull the plug? Because the enormous number of NSS shares out there would cause a short squeeze of monumental proportions.
I don't think suing us was the right thing to do either. In fact, I think it was really stupid. It sounds like something the DTCC forced Megas to do before they would clear BCIT for trading. However, I also see an opporunity to turn this around and put the onus where it really belongs, the brokers.
