This whole thing begins, and ends with Petros assets, or lack thereof. A business must provide a product or a service, or at least in the beginning, the potential to do so. Were Petros asset values true, Petro, in all liklihood would've been trading by now. Legitimate professionals would have been falling over each other to get to such an opportunity to get Petro there. (and yes I know and thoroughly understand assets recorded at purchase price and value of producing assets. But at the moment we're talking potential)
With solid, legit assays, that field professionals who know this stuff, believe in, Petro would have been off and running. But because there was none of this (no underlying value) everything else becomes moot.
The shares are worthless, even if they had been issued legally, because there are no underlying assets to support any value.
So that's a pretty long explanation to say that, sure they could start from scratch, do it correctly and issue shares to everyone who already has them(how they would figure that out is anyones guess) but the shares would still be worthless because there are no assets. And I cannot see a situation where they would be allowed to trade with no asset value and audited financials.
