I am genuinely dumbfounded by this. Why haven't the major shareholders moved on this? Why haven't they done something to collectively lower the authorized share count, and to offer this as a shell for a reverse merger?
They can at least try to recover their money by offering this empty shell. But nothing has been done. It's as if they didn't care about the hundreds of thousands--and in some cases millions--of dollars that they have lost. Raley is now working at Pricewaterhouse so perhaps there is hope with one of the firm's private clients?
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