The whole 3(a)(10) transaction thing is on a dangerous path and it wouldn't surprise me if we start seeing a lot of 3(a)(10) related litigation in the near future. Hopefully even some of these Funders and CEOs getting Indicted.
I agree. Oshana probably won't be nailed for doing what Almagarby did, but I suspect he's skating on thin ice nonetheless. This paper is interesting; in part, it challenges the notion that 3(a)(10) stock is, or should be, free trading upon issuance. Needless to say, if the stock the judge orders a company to issue in settlement of a 3(a)(10) action isn't free trading, there's no point to the action.
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