Explained by what authority ???? I've only found opinion's for explanations regarding the procedures the SEC follows
I hing the original post was taken out of context.
No one is expecting the SEC to hold Treaty's hand while preparing the audits. What was said was the SEC working " or allowing " Treaty time to put the audits together.
After all, they have already charged the former leadership. If it is true Blackburn has the books hiding them from the SEC and is not cooperating in the investigation, than the SEC already knows the difficulties Treaty is having. Tough the above appears just to be allegations that can't be proven. Now for 18 months
The SEC will not punish innocent shareholders by closing the company. The SEC's job is to protect the shareholders. For those that question the responsibilities of the SEC here's the link