This is what happens when you take over a dirty shell. You can't just clean it up by canceling shares owned to past officers and canceling debts owed to past debt holders.
Yes, it is interesting how the garbage and dubious names just continue to recycle around and ends up just part of a purchased shell, no matter what gets attempted to shake off. It's like old dirty flypaper and the more it’s handled, the worse it gets.
It's only right, the SEC and other regulatory entities should not let debt and toxicity of these shells move around in some sort of criminal circles. And only right that the SEC, etc look at all the "merges" or "new" company with an old shell as one company or shell and if they need to be flushed down the toilet putting an end to it, then so be it.
But that theory would put most shells in jeopardy, but a good portion flushed sure wouldn't hurt, stop the ability for the scammers to profit quite so much and eliminate at least some of all the "rinse and repeat" BS that is taking place.
The only business for the most part is selling of shares and the making up phony businesses, names, places, and phony business plans are just getting too rampant. A much higher bar I think is due for our society.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.