"This doesn't pass the smell test," said Steve Nelson, a lawyer whose
clients include the Pink Sheets LLC. Nelson said that a state exemption
related to a private placement to accredited investors is unlikely to
hold in the face of a large distribution of stock to the market place.
"This stock issuance is problematic under law," said Martin Kaplan of
law firm Gusrae, Kaplan, Bruno & Nusbaum. "If they (the company) can do
this, they can do anything."
Gluv said in its press release that in about two weeks, after all
trades are settled, the company will revert its share structure to its
original plan. Lawyer Dreyer said that the 9 trillion shares currently
outstanding would be reverted to 3 million free trading shares. Also
outstanding will be 77 million restricted shares.
(Carol S. Remond is an award-winning columnist and one of four who
write the "In The Money" feature.)
OUR ONLY OPTION IS THE COURT!!! I REPEAT --MONEYMADE
