"FINRA won't approve unless an entity is compliant with SEC filings. ECOS learned that at the time of reverse split."
True, but I think they were compliant in 2014 at the time FINRA refused to process the reverse split? The problem was more that ECOS was using a toxic note buyer (Curt Kramer/Asher) that had been previously indicted, sanctioned and fined by the SEC for securities violations...they argued ECOS and Asher were in violation of the SEC sanctions? ECOS threatened to file suit against FINRA and finally FINRA agreed to process the spit 8 months later and ECOS agreed to dump Asher...I doubt if either the SEC or FINRA have a fondness for ECOS?
Were you saying in an earlier post that you think all the accrued derivative liabilities were included in the share swap for the 9.6 billion shares?
When ECOS tried to do their reverse split, FINRA stepped in and refused to permit the split to go forward unless ECOS severed their relationship with the toxic debt holder. FINRA has a lot of authority and backing from the SEC to stop a corporate action. Not being current is something FINRA would use to stop a corporate action.
ECOS counsel would know that not heeding to FINRA's requirements would be suicide
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