Xylan
The rabbit hole is deep here. I started reading the provisions in NRS 78 which is the basis being used for the appointment of custodianship over PBLS. My time is limited by choice and there is a great deal of reading material involved in NRS 78, but it is not exactly going to be cut and dry if you are not an attorney involved with civil and/or corp litigation.
I thought about giving up and just calling the Judge over the case and asking if he rules in favor of the appointment of custodianship what will become of the bankruptcy proceedings and other legal actions against PBLS. Or even perhaps the Attorney. Both of thier contact information is easy to find.
My uderstanding is that in bankruptcy, the court appointed trustee becomes custodian of the company more or less and that buisiness as usual can not be proceed without involving the trustee and/or the judge releasing the company from bankruptcy through ruling in favor or against the bankruptcy filing. If in favor of the bankruptcy then typically part of the re-org plan is to wipe out current investors and if against then the current assets remain along will all the litigation and debt.
It does not make a whole lot of logical sense that a company can come along and take over another through a relatively simple process just because they did not respond. Look for instance another comapany this happened to and the last 4 PR's for ULFS where the officers of the original company came back and said ummm...no. It will be interesting to see how that one plays out.
The reason it does not make logical sense to me is that lets say Google was incorperated in Nevada, so if the logic behind it is you file for custodianship and the plantiff does not respond, you, me or another entity could theoretically take over Google.
The whole process if any way binding just seems like one big paper pushing/shell game sham to me that counts on the former officers of an entity just letting the whole thing go.
And we thought our little peebles was entertaining, this should be an absolute riot but with probably the same results for shareholders and nothing more than a change of cast.
I am catching up on my PBLS reading, but as it stands I have already taken my write-off(s) and have moved on in that respect, but it is nice sometimes to revisit and who knows. *shrug*
Even if things change for me in that respect it will still be considered as money lost until the sell notification indicates otherwise.
Regards,
Fizzlegig
