My take on this is that the common shares that Basso received are the new common shares. They agreed to give a cash infusion in exchange for 83% of the company. They then filed the 8k. If you add up all of the shares, it comes to over 60 million. If you take that figure and divide by the outstanding shares of 73 million, you come up with exactly 83%. That's why I think the common shares they purchased are the new shares. It makes sense, then, that the old common shares have already been cancelled and replaced with new common shares that are valid. This is all just my opinion, but it is why I bought shares on Friday, because I was skeptical about the shares being cancelled until I figured this out.
