This truly sums up the KMAG situation nice and succinctly.
The second problem is the build up blind devotion to the CEO, which seems common in these microcap stocks. Rather than hold the CEO responsible, and demand an update on the status of a SEC investigation, they instead look to the SEC for updates, which by law they can not give out. Net result is if the CEO said everything was just fine in some some Email months ago, and the SEC says nothing, then everything must be fine.
The reality remains: CEO Reid has not issued any PR stating a Termination Notice has been received, and the investigation is over. All prior verbiage about the company not ever having been investigated by the SEC has vanished. One can no longer assume a formal SEC investigation has not been opened since December. OTC filings have now stopped - going in the wrong direction. No audited financials to plug into a form 10 filing. Both are MIA. Instead the CEO is being given a pass on accountability to the stockholders.
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