Based on yesterday's "news" there are several ways to look at it:
1) It's true, they are planning to file BK and sent letters to the clients, thus violating SEC law and creating a legal opportunity for shareholders
2) The "news" isn't true and was only spread to create doubt among potential investors to prevent further buying OR influence those who already own shares to sell
3) It's true, they are planning to file BK and the CRO will get the highest value possible out of the remaining assets
4) It's true, they are planning to file BK and the BOD (certain executives) intentionally suppressed the stock price and committed fraud, thus violating SEC law and creating a legal opportunity for shareholders
5) It's true, they are planning to file BK and the two alleged former employees leaked information to certain shareholders on this board thus creating a situation in which insider information was provided and securities were traded based on that insider information thus violating SEC insider trading laws
6) The "news" isn't true and it was just a joke much like some of the changes we've seen on linkedin profiles and twitter accounts essentially "playing" with shareholders
7) The "news" isn't true and was completely fabricated to create a buying opportunity (I don't believe this is the case, but it's still a possibility)
8) It's true, but only partially true...basically saying the "agency business" plans to file BK but the remaining segment of the company will continue
9) It's true, they are planning to file BK but as Chin Wolfy pointed out the company could be worth more to shareholders coming out of a BK than it is trying to keep its head above water so they brought in a CRO to sell codes, assets etc that the company has remaining to get the most value for shareholders.
I could come up with about 10 more scenarios but the bottom line is...there has been NO formal announcement by the company, nor an SEC filing or any quantifying code placed on Atrinsic's ticker symbol indicating they've filed BK
I will continue to hold my shares. I'm down 80% so I'm willing to risk the remaining 20% to see this to the end. It's a matter of principle to me and if fraud or other criminal activity occurred then a class action suit will require restitution and possible jail time by those implicated within the company.
