"We consider the revocation to be the practical equivalent of being granted our request to terminate our registration."
This is one of the statements he makes that shows he is completely ignorant of Securities Regulations, or he is trying to make his shareholders believe something that is for all intents and purposes false.
The revocation was a given once the SEC suspended the stock. The ONLY reason they tried to file a Form 15 was to TRY and avoid revocation. The SEC cannot revoke a stock that does not have a registration. There is no other reason for a Form 15 in this instance.
Obviously the SEC would not accept the Form 15 as it was filed AFTER the suspension so Veal then goes and tries to spin the revocation as the "extra step", as he calls it, supposedly reflecting the wishes of HJOE management.
However if HJOE really wanted to have the stock revoked they would never have filed the Form 15...because doing so could have conceivably prevented the revocation of the stock. So there is NO WAY that was actually their intention. And even if the SEC had accepted the Form 15, leaving HJOE on the greys as a non-registrant, they could still file a Form 10 and get a market maker to sponsor a 211 to return to trading. So whether it was revoked or not, the path back to quoted trading was the same. The only difference is the stock cannot trade at all now.
So there are only two possibilities:
1) Veal and crew are colossally stupid when it comes to how the SEC works, or
2) When they realized the Form 15 would not be accepted they had to make it look like the revocation is what they wanted all along.
HJOE will NEVER trade on a public market again. The only question is how long it takes each shareholder to realize it.
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