To be precise, TJM could and did convert. That's why the stock in question is free trading but in certificate form. Or so Island says. What TJM wasn't able to do was clear the stock it had left in cert form. Evidently no clearing firm or brokerage would accept it.
So there it sits, until whoever has those certs either finds a way to clear them or not.
That was the situation, apparently BEFORE Alper bought the shell. Hence my question: why on earth did he buy it?
It hasn't been "cleaned up". The status quo remains.
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