Your optimism is pretty impressive, Lev. I don't think this is a tactic by Mary to reorganize and shed the debt, because:
1. Mary has used the publicly traded stock of e-Smart to raise cash. Without that, she has nothing to offer in exchange for cash.
2. The involuntary BK petitions are filed against three entities -- e-Smart, IVI, and IVI Smart--not just e-Smart. They are chapter 7 -- liquidation -- BK's. The companies would be liquidated, so there would be nothing left for Mary to take forward.
3. The shareholder lawsuit is against the directors and Mary Grace as individuals. That lawsuit survives any bankruptcy and dissolution of the companies themselves.
4. The current SEC investigation against Mary and e-Smart may result in more limitations in her future activities with public companies.
The only winners will be the lawyers. Trading in this stock has already ceased. Eventual delisting, bankruptcy, and liquidation will be an anticlimax.
Turn out the lights when you leave this discussion board. This party's over.
