While it is possible for them to do it that way if they get the LTF, I do not think it could happen right now. First, the creditors need to get paid to allow the LTF to have a 1st lien on the assets. Second and far more important, any attempt to go private using the practice you described would shut down the company with a vast number of lawsuits.
It would be fairly easy to convince a court right now that the compay itentionally manpulatd the PPS to allow them to steal the company from the shareholders. They have let the pinksheet issue to persist for far too long, along with the DTCC issue. In addition the information that was releasd and news not told to share holders makes the case even stronger.
So, maybe they do plan on going private, but I cannot see them trying before the above issues have been corrected, as to do so now, wold most assuredly land them in court for the foresseable future.
"Always look on the bright side of life!"
Eric Idle
