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Tuesday, January 04, 2011 11:56:29 AM
1. It is not a "dividend," but a share distribution (just to clarify for some)
2. The SEC did take "issue" with the distribution, but has not issued guidance (per the last several Kat Gold filings)
3. Kat Exploration STILL has to file the S-1 to register the shares prior to distribution
So, one could argue that the SEC is the reason for the delay, in that they have not provided guidance to the company as to how to mitigate the SEC's "issues."
HOWEVER, one could also argue that the company has not even submitted an initial S-1, which could at least get the ball rolling in the SEC's court. One could even speculate that until the company files the S-1, the SEC won't issue the "guidance" the company needs. Or perhaps the case is that they cannot submit it until the SEC's issues have been resolved (I don't know for certain).
Now, if it were up to me, I would go ahead and file the S-1; wait for the SEC's approval or rejection (and reasoning for the rejection); then perform whatever corrective actions the SEC desires; then file an amended S-1 (S-1/A). Companies routinely amend S-1's.
There's no doubt that there are a LOT of "hard feelings" about the "share distribution." I can't deny that. Heck, I've been saying for months that we should be seeing the S-1 "any day ow." It hasn't happened. IMO, the company made an enormous error by putting out the follow-up PR/blogs stating they were going to issue the shares unrestricted, then saying it was taking longer than expected but that we'd receive them much sooner than they would have become unrestricted (if issued restricted for 6 months). It has undoubtedly reflected poorly on the company's judgement, or the law firm's judgement. I DO think the shares will come, but at this point, and until this happens, any further PRs about share distributions will likely not be received well by the public.
P.S. In a conversation I had with Jack Zwicker, December 22, 2010...
I first asked him: "I saw the two filings today. Do we still have to file an S-1 to register the shares prior to a distribution?"
His answer: "Yes"
Next, I specifically asked him: "Is the SEC still taking "issue" with the share distribution?"
His answer..."Hopefully all will go well with the S-1."
I'll let you guys interpret that how you will.
P.S.S. sorry to chime in, but I thought maybe I could add to the discussion.
Peace and good luck,
~Biochemist2002
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