Expo Holdings Inc. (EXPH)

[99leadballoons]

I don't see that anybody has filed as a 10% owner which is required whether the company is fully reporting or not.

While I agree that there has been zero evidence that the shares are tightly held, this is not a smoking gun. They are not required to file with the SEC as a 10% holder for a non reporting pink. Likewise they are not bound by the selling guidelines either. However if they ever do file their holdings with the SEC they then become obligated to maintain them, which is of course why we have not seen anything filed. They can't file a form saying they own 100 million shares and then sell their 100 million shares and keep that form on file. It would be fraudulent.