Murphy (Chairman of the Board) seems like a decent gent, but he's 90 years old and I'm afraid it looks like in my humble opinion he's being used and doesn't know it. "
Murphy is actually at least 91 per their last filed SEC 10-K , released on 3/16/2015 and I'd guess soon to be 92 years old, if not 92 already.
Page 61, Murphy is listed as being 91 years old, and that was almost 1 yr ago now.
I tend to agree in general with your sentiments. I've had the same sort of thoughts/feelings about this situation/company more and more recently.
Besides everything you described, there's a handful of insiders also "on the hook" as having guaranteed a lot of this company's still outstanding massive debt(s) (That's according the company's SEC filings and past filings and public statements about these "guarantors" and Northstar LLC being formed etc per my understanding). I think that's the crux of their pickle they're in (including Murphy)- if they tried to just let this thing go BK, they've personally guaranteed certain key loans (likely pledging cash accounts, houses, property, etc that banks normally require) - thus if (certain key insiders) if they just were to let this thing just fail and walked away, they'd be personally IMO "on the hook" to owe the bank(s), Seaside Bank being one of the key ones, which has a $980K loan due again this December, which they must either renegotiate again to delay paying it off or work out some sort of deal to delay it being "called" (see last SEC filings regarding Seaside bank loan) - so they just keep diluting forever for all intents and purposes, paying out interest on the loans they owe, never paying down the principal amounts and paying interest to insiders like Northstar LLC- but the dilution hole/death spiral just keeps spiraling in on itself. To where they will likely hit .00001 or whatever IMO, as these sub penny fiascos eventually do, and then it's lights-out, game over anyways as the volume usually goes to zero and the even the worst of the worst convertible debt lender boys finally cut you off from the cash-for-shares train and it's pretty much over. BK. Done or just shut the doors probably.
As you stated- a certain few just milking it for as long as it can be milked, riding it right into the ground for all it's worth IMO.
My .0009 closing Bid fractional CENTS worth, for whatever that's worth, which probably ain't much, LOL !!
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