At the SH meeting, PEMCO LLC, a group representing the LUBBOCK boys and voting their shares, and possibly having proxies from others, voted in a new BOD.
To stop the useless bleeding of money as operating expenses, they fired JB and his staff.
As Streetie has often said, JB is never late on required reports probably thanks to McCommon, so why is he late now? Because he is now out. The SH meeting is a significant event which requires a report to the SEC.
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