Well, what happened in 2004 sort of fell between the cracks. There was really nothing the SEC could have done. CNDL filed a Form 15 to deregister voluntarily, so it wasn't a delinquent filer. I think it was simply that Fix didn't realize he should report what had happened to NASD/FINRA. FINRA doesn't read company filings, so it'd have been unaware of what had happened.
The then-shareholders of CNDL made out very well when Candlewood Suites was sold, I believe.
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