A while back there was some legitimate speculation that the company really did have some assets that exceeded liabilities, and that Roger was letting the stock fall so he could buy it back very cheap. That whole argument fell apart when the stock hit zero for the first time, and there was no bid.
To the best of my knowledge there are no filing requirements for Pink stocks. Anybody in that company now who is fining an SEC form is doing it for another reason, and to date Roger's only reason for communication with shareholders is to convince them to buy more. At this point we have no reason to believe that Roger has become a born-again Christian, full of fresh honesty and integrity.
It's impossible to intelligently invest in this company, because there is no comprehensive current information. All we get is a tidbit of information from time to time, usually through a 3rd party source. (i.e, another lawsuit by somebody who also lost money) We do however know that Roger is in deep trouble, and has taken a lot of good people to the cleaners.
My guess is that the recent Form 4 was filed to make a one-way statement to shareholders. (Remember that one-way conference call? He likes one-way communication that keeps you guessing.) Roger probably wants to convince shareholders there are no more than 370M shares. Right after that form was filed he probably dipped into that pile of 4 billion shares, and started selling again to pay his salary.
The form implied this new guy was a director. Has anybody ever seen a current list of officers for this company? We don't even know who this new guys is. He's probably one of Roger's beer-drinking buddies, just like Mercer.
Want to hear something else funny? Read the last line of that recent SEC filing:
"Currently the company's contact information remains the same. The company remains fully operational and continues to maintain its property portfolio."
Fully operational, eh? Then how come Roger only gives us a post office box and a telephone number which doesn't get answered. To me that doesn't sound like fully operational. (Has anybody out there been able to talk to a real person using that phone number, or knows of a street address for this place?)
There is a reason why Roger has decided to operate under the cover of heavy pink smoke, and I doubt if it's because he has a big turnaround plan and just can't handle any distraction while he is in execution mode. I think a better explanation is that he's in deep trouble, trying to protect himself from lawsuits, and is trying to milk every last drop of this dead cow to pay his legal bills.
What other logical explanation is left? Do you think this new guy was granted 37M shares to take over the company and turn it around? (after all the lawsuits and foreclosures are settled.) To me, that seems like the only possible reason to own this stock. It doesn't however sound very logical, because if this company really did have assets that exceeded liabilities, they would be telling us so that we all rush out and buy shares. Roger used to be very good about telling us all about his assets, and very tight lipped about liabilities.
