I'll answer that as best I can, iknowaguy.
I think it was only a few months after HCCA was revoked, that Furlong registered NMCX. He may have known it wasn't cool, but, later, around late Feb, '04, the story is, that some MM noticed the symbol, and provided a bid/ask...which allowed trading to start.
Had the SEC noticed that it was the exact same shares, same company, principals, and stockholders, they may have pulled the registration.
But grey/pink stocks don't normally draw their attention much, at least those that aren't fully reporting.