If the company has such an enormous asset base, why would they need to choose the "cheapest" route for taking the company public? There are numerous advantages to choosing the traditional IPO route versus the reverse merger into an OTC shell, such as listing on a major exchange, institutional support for the stock price, choosing the IPO price, and instant analyst coverage. Since you're asking yourself questions, ask yourself if the company would have held up under the scrutiny needed for legitimate IPO underwriting, and major exchange listing.
As for "boldest-faced liar in SEC history", not even close. I'm not stating at this point that he has or hasn't lied about anything. However, if the promises do not come to fruition, he wouldn't even be close. I suggest you look at the history of ECNC, BIFS, PCBM, and of course, the "million millionaires" CMKX to name a few.
There's nothing at all unique about this situation. It's another case of an OTC/pink making huge promises that, 99.9% of the time, seem to fall through for one reason or another.
Buzz