lesn: Yes, there was a share exchange in the pancake plan. Preferred shares were exchanged for existing common shares. In the KEYO scam, neither company has any shares. Therefore, there can be no exchange of shares.
lesn: The CCRA 10 filing for a registration of securities, points out that: This is an Exchange Act registration statement and not a registered offering of securities. https://www.sec.gov/Archives/edgar/data/1409446/000147793214005261/nate_1012ga.htm If I understand the new KEYO scam, the belief is that the new company would register new shares.