As an interested party in all this I guess I must comment. I know Mark and we discussed this exact letter and we did not come to agreement on it’s value.
I do not agree with the assertions made because of several fronts but respect Mark for making his position understood:
1. NSS can not be proven. As stated before, there are no reported FTD;s and when there were they were timed with known paper hitting the markets. For a Judge to consider the existence there needs to be evidence and here there are none.
2. When considering a bankruptcy, shares hold no value to a company. Once a company has sold shares to the open market, they hold no rights to those shares. These shares are not assets and the price of the company sold as an asset is based on what a buyer is willing to pay. No buyer is paying for the shell as the shell has nothing to offer. It is not a clean shell fully reporting but a dirty shell carrying legal burden – value = zero
3. The bankruptcy judge has no legal authority to subpoena anybody for private records that are not a party to the bankruptcy. So without authority the judge has nothing to offer. The judge can’t legally compel the SEC to do anything and can’t compel the Broker-Dealers or federal authorities to hand anything over.
4. Finally there is this issue of shareholder responsibility. Shareholders are not creditors and they do not get a payout in a bankruptcy. If money exists beyond the sale of assets it goes into the company account until such time as the registration is revoked. It becomes a shell company. So if the shareholders want some sort of legal action it is they and nobody else that needs to fund the legal activity. The trustee does not work for shareholders, they work for creditors and shareholders are not creditors no matter how looney they get in thinking they are. You can’t be a creditor to something the company has no obligation and the company has no future obligation to shares sold to the public markets.
AI
