Petro America - Kansas Corporation

[Pryme]

What I don't understand though is how the other shareholders in the private company that was involved in the reverse merger get their shares? Are the 3 private company original shareholders (founders) in this example supposed to then take their 90% and divide it up accordingly amongst the other shareholders?

Basically in the R/M process, the public company moves its shares to the private company first, then the private company pledges its shares to the public company. Now comes the tricky part for Owen. After the shares are swapped, paperwork must be filed with the SEC (8K, financials) within about 2 weeks (don't remember the exact number of days). In the meantime, the orignal shares (aswd only) continue to trade publically.

Now in order for the church shares (merged into the new company) to trade publically, Owen would need to file a registration statement with the SEC declaring all of these NEW shares.

So the 8K was never filed, nor was the registration statement for the new company shares (can't do the second without the first).

What I think Show Me, meant by Owen being the sole shareholder was when the ASWD shares were given to PAC, Owen named himself the sole shareholder of ASWD shares, and sold those and made however much money he made on those.