There is no need to cover since MDNO shares no longer exist. What will happen with the GPGD dividend is another issue yet to be solved.
Will MDNO shares be reconverted into MODR shares at a 1 for 1000 ratio? Will the GPGD shares then be awarded at a ratio of 1/10 share of GPGD for each share of MODR?
How will they unravel the MDNO trades made over the last 6-7 weeks? Some people sold their MDNO shares and proceeded to buy other stocks, ad infinitum...
Will Scottrade file suit against Modern Energy to recover their legal expenses. With the summary judgement in Scottrade's back pocket, I suspect that Scottrade has a strong case.
From yesterday's judgement:
Accordingly, it is hereby ORDERED, ADJUDGED, and DECLARED that:
1, Modern Energy's Amended Motion to Dismiss is DENIED; and
2. Scottrade's Cross Motion for Summary Judgement is granted;
The "Mandatory exchange" of 1 share of Modern Energy common stock for each 1,000 shares of Modern Energy common stock heretofore announced by Defendant Modern Energy Corporation is null, void and of no force and effect.
