read the filing excerpt carefully,
and the answer to your other questions have been answered so many times I don't feel the need or desire to repeat myself, so you need to ask the DTCC/SEC/brokers/mm's that shorted BCIT and/or didn't enforce the laws already on the books.
Pay particular attention to the words "capital requirements, statutory, and contractual restrictions", simply, no cash divi is possible at this point,
1) because there is no capital available to meet the need and
2) statute prohibits it, in other words, it's illegal at this point because certain legal conditions haven't been met. Even Megas said a non income producing shell cannot pay a cash divi, the SEC/FINRA just wouldn't allow it, period.
Furthermore, the shareholders cannot do an 'end around' of Megas, he's still the controlling shareholder, so his word goes, period.
I, for one, as well as others will await his decision as to what he does with his company and the stock issues it has.
This ploy you are hoping to pull off has never ever been done, by the guys owns words who first wrote it up in 2006, the SEC wouldn't even make a comment about it, so there is no legal precedent for it to be done, that alone is enough to keep an intelligent man like Megas from ever jeopardizing the money he's already spent trying to get clearance for his company's stock over the last 4 years, so I'll put my money on him not trying a whacked out solution that could end up with him in jail and out of all the money he's spent.
If this hair brained solution was tried, the SEC would just revoke the company's registration and the stock would never trade, and I for one do not want that, nor would any shareholder for that matter. Rolling the dice on this solution would kill any chances of BCIT ever trading again.
If you can provide one, just one example of a company that has done it, please provide it, I won't be holding my breath.....
Theory's are fine in Geometry Class, but have no place in the reality of the marketplace and today's regulatory environment.
End of discussion, no cash divi possible and Megas certainly hasn't authorized one, he knows all the other much more important issues have to be resolved first. If someday the shell got cleaned up and a business was merged in and was profitable, then, as the filings point out, a cash divi could be considered by the Board of Directors, then and only then, and it would be up to their discretion to go forward to issue one.
Enough said~
You can tell who's hit by who's hollerin'
