Thursday, May 24, 2012 2:53:26 PM
A lawsuit was filed because the previous CEO took actions without a valid shareholder meeting or vote.
Ken Ash gets the judge to appoint him as a temporary custodian tasked with holding a shareholder meeting to elect a new BOD.
Then he does the exact same thing the lawsuit complained about. He designated himself the President/Director with the WY SOS and started taking corporate actions without first holding the court-ordered shareholder meeting. Why? Arrogance is the best explanation IMO.
He allowed or encouraged touting of the stock when there were no disclosure or financial filings with OTC Markets.
The SEC's Microcap Stock Working Group is focusing on fraud in the microcap market including redcidivist violators. Dark shell companies are known to be a target as KA knows from personal experience with ANWM/PIPI. Yet, Ken Ash took over another dark shell and repeated some of his same mistakes. The SEC acted relatively swiftly on IDCN, possibly because KA is a recidivist. It's very easy to see why this stock was suspended.
If KA would have been patient and followed a rational course of action by filing disclosure statements and holding a shareholder meeting with a proxy vote for a new BOD before taking corporate actions and allowing the touting of the stock, the suspension would likely not have happened IMO.
Now with two SEC suspensions, anyone who would follow Ken Ash into future stocks would be fiancially suicidal IMO.
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