Up until April 17, 2007 the stock had been on a steady decline from 17.00 to 1.00 due to small amounts of selling, a lack of information, and a rise in the A/S. The original price was set by the company at $20 per share, and authorized shares of 1,000,000 .
RCC had been attempting to register shares for 3 years, claiming they held an asset backed bond with a face value of $20 million.
On April 17, 2007 RCC rescinded its' registration statement with the SEC and filed an interim statement on Pink Sheets that showed a stockholders deficit and no $20 million asset backed bond.
On April 18, 2007 the stock began to plummet from 1.00 to .01. This decline occurred (as I've previously posted) with a nominal amount of shares being sold.
There is alot more to the story....it's all been posted...
