WO Group Inc. (fka PAPA)

[Maria56]

This is from a "case study" available on the "Services" page of the Aero Financial (i.e., Jim Price) website:

Ultimately, it was decided that a management change was required and Aero CEO Jim Price stepped in as interim CEO from 2009-2011. In that time, PAPA has cleaned up its balance sheet and exited from its original business model of franchise development and into a diversified holding company, now being called PB Enterprises. In late 2011, Papa Bello sold off its existing restaurant interests and acquired several media and retail products companies. The company acquired Blow Me Away Media, Limited Edition Ink, and Mamas Direct. In addition, Mr. Price was succeeded by full time CEO Jim Wheeler and the company is rapidly developing and deploying its new business model.

If it can be believed, the part I've highlighted in red should answer your question.

The question that remains unanswered is why Jim claimed in March of this year when he filed the Annual report for 2011 that the Wal-mart Papa Bellos still existed?

I can think of several reasons, none reassuring or flattering with regard to Jimbo.