I would assume we all know how this transaction occured. TGLN acquires all the shares of Sterling. Sterling has a operating business with loans from banks on vessels and a brokerage business apparently. I assume the company has cash flow and operates its business as it has prior to this transaction. I do not believe TGLN had any assets or cash on hand personally and obviously the transaction was more about expansion and access to public markets for Sterling than anything else. It appears to me that Sterling is funding its operations and moving ahead in the public shell of TGLN. I am quite certain from all the posts that there is no value or assets in TGLN as a operaating entity. This comes down to the audit for the new entity which should be within 70 days of the agreement. That will tell us what the cash position is and the where the companies assets and liabilities stand. I am quite impressed in one thing though. The way the deal was struck, it does give the Float Shareholders more control and that is rare in these types of transactions. I can only speculate that Glenn and his team intentionally allowed those shareholders to not be as diluted as most deals of 95% to 97% and maintain a really high interest (compared to most deals in the reverse merger world) in his company and new business plan. I think people should talk to whomever is speaking for this company and find out what they take on all of this is. Then report their findings and diligence.
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