virginian: RA has been citing the 10-year employee stock option plan in his public statements as what authorizes him to sell unregistered shares. It is this plan, and this plan only, that extends anywhere past the emergence from BK.
But there is nothing in the employee stock option plan that allows for selling shares for cash. Awarding shares to employees, yes. In his defence against the SEC charges, he claimed that the shares in question were issued to 'consultants' for services, which is something that he claims the stock option plan allows. The SEC provided evidence, including sworn testimony of the so-called 'consultants' and large cash payments to USXP by those 'consultants' shortly after they were issued those shares for 'consulting services.'
Spend some time reading through the filings made for USXP/RA/Gunderson, their sworn depositions under questioning of the SEC, and sworn depositions made by the 'consultants' at duediligencenet.com. Especially the description of the stock plan provided by RA in the item 127 pdf, and the statement at the end of that pdf that clearly states it is that employee stock option plan that they are using as their defense.
