The new price will not be 100,000 times what it is now because Davenport is, relatively speaking, giving away millions and millions of shares by giving 100 shares to those who have less than 10,000,000 before the split. Think of it like this, if the rs were not happeing, what he would be doing is saying to all shareholders with less than 10,000,000 shares... 'if you have fewer than 10,000,000 shares, here are some free shares to get you to 10,000,000.' In theory, if someone had 100 shares he would be giving them 9,999,900 shares for free. So, after the split there will be many, many, many more shares relatively speaking.
I hope you are serious about hiring an attorney, because this cannot stand. I don't know if davenport thinks that by making those with fewer than 10,000,000 shares happy he will be able to skate. But, his lack of understanding or caring that those with more than 10,000,000 are absolutely getting screwed (excuse my language) is shocking. It is appauling that those who have put out thousands of dollars will end up in the same or very similar positions as those who have put up a fraction of the amount. This guy davenport is shockingly dim. The only way this company will succeed is if he is gone... period.
I don't have the resources to hire an attorney, but if anyone else does, this should not be allowed to stand. It is absoultely unfair to all shareholders, but especially to those shareholders who have allowed this stock to survive to this point... those with 10,000,000 or more.
Just because this is a pink does not mean that anything goes.
