IT Group Holdings (fka ITGL)

[phoney]

That's because it went 'pink'...
The death spiral downward may begin soon...

Technically, they don't ever have to report again. With the current credit crunch they probably can't get debt financing. Equity financing is the other choice and it would have to be convertibles since the open market for ITGL is not liquid for a standard offering. Either way it would dilute.

I'm not sure what it takes to get back on the OTC since they just got dumped to the pinks, maybe a restatement in short order would bail them out of that mess? For a legit company it would also require a certain stock price level to be attained.

I always new this shell was a risk because of the shady characters involved in the transfer. License to steal is what it amounts to.
'pinksheets.com' may have some info...

All in all, the OTC and the pinks are considered scam land. Hell, the officers can legally file under ficticious names! What does that tell you!
These penny stocks are good to jump in on when volume is increasing with a good PR in charge.
'tradersnation.com' is king in my opinion. If the scam can afford their fees, it is generally off to the races short term while the scam company sells into the buying. That PR firm uses a radio show as a vehicle along with the web.

Maybe ITGL will be saved, the low OS is unusual for this kind of situation. They may issue a statement on it if they plan to stick around. The CEO getting fired is sometimes the signal to abort as the new board members are most likely fictional characters. One hint that this is a scam is the address on 'pinksheets.com' under the 'company info' tab. It is the same suite in Miami used by another scam, I pointed it out to TechKim a long time ago, it's on the board somewhere.