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Re: LC-GATOR post# 193479

Thursday, 12/02/2010 6:53:31 PM

Thursday, December 02, 2010 6:53:31 PM

Post# of 202893
Here's what really pi**ed me off:

From today's 14C: "...in connection with action taken by the holders of a majority of the issued and outstanding voting securities of the Company, approving, by written consent dated November 8, 2010, the amendment of the Company’s Certificate of Incorporation (the “Amendment”) to effect a reverse split of the Company’s common stock, par value $0.001 per share (the “Common Stock”) based upon a ratio of one-for-20 shares..."

Remember the 10-Q, which was filed on November 22, 2010?:

"Notes to Financial Statements....
5. Subsequent Events
"The company has evaluated subsequent events from the period September 30, 2010, the date of these financial statements, to the date these are being filed with the Commission. Pursuant to the requirements of FASB ASC topic 855, there were no events or transactions occurring during this subsequent event reporting period that require recognition or disclosure in the financial statements."


If a 1 for 20 R/S voted two weeks before the release of the 10-Q to the SEC isn't a significant subsequent event, then short of a bankruptcy filing, I don't know what is!

IMO

"If some penny investors had been passengers on the Titanic, they would have been cheerfully filling out their breakfast orders, because the Captain assured them, that the 30 degree list was only a temporary situation and nothing to worry about."

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