These guys have jumped through more hoops than Bozo's bigtop circus. It looks like they were doing their level best to just run away and hide under a bunch of rocks. So once they are cleared from all financial liability from Ch 7 bk and they want to come outside and play with the rest of the children, this is how I see it possibly playing out:
Makes sense that they would just wither away and die, logically speaking, because they just gave away all of their liquidity + assets, and have nothing except the shell. So, this is my 1st bk, I might just look back on it as a major colossal snafu, or the smartest thing I've ever done, flip of a coin.
Anyway my thoughts are they were talking about a R/M like five years ago at the beginning of this mess right. 5 years, pretty long time. Could of been total bs then and now, as a perspective. If you look at their filings up to the point of Ch 7 declaration, they were all up to date and a current filer. But all that takes money, of which they have none. But it would be a pretty quick audit of zip, right? And then back file for five years and they are current. Could happen.
My thoughts on it are, what if they already have a R/M candidate in mind floating them some cash for the filing update, as part of a negotiation taking over the shell. Also the private company wanting to go public would want shareholders of record to stay on during the transfer, if they want to uplist right? I think you need over 100 to move up past pink sheet current, to the next tier and stability over .01 for a specific time period.
This is why I am thinking that when the judge signs off on the TFR and closes the case file, the commons will stay intact going forward as a security plus, not a negative. Heck it could be a condition of a possible LOI down payment.
Or, none of that is in the cards at all, and they just file a form 15 and move on. But they will have absolutely no liquidity at all and probably no chance to get any if they kill all the common shareholders. That would be a death nil to the stock, who would want to buy it? The owner could just as well throw it out the window, for all the good it would do.
Take a look at L2 and then watch what happens to the ask after it gets hit for an insanely small amount, and they jack it up while holding a HUGE bid wanting shares. I've been watching it for a while now and it's trading real tight for a stock at these levels. Well, it's trading just like a shell would trade, but the MM's aren't handing out very many shares at all. Makes it hard to accumulate a position unless someone selling at the bid or the ask.
I'm thinking that if the commons stay intact after the case closes, and buying comes into it the stock will just fly up the charts.
The reason there is very little to no buying, is the uncertainty of whether or not the common shareholders are going to be in existence at all after the case closes. I don't see any financial reason for dumping all the common share holders in the burn pile and walking away.
But maybe the market makers do. If the MM's sold shares that were not cleared through the transfer agent thinking all along that those shares were just going to get wiped clean in the end, and they would just walk away like fat cats in the alley. For purposes of this issue please read this xlent post this evening that I think is pertinent: #msg-138437088 I really don't want to get into a prolonged argument with anyone over the topic of short volume vs short interest, because that is not what this is about at all. I'm talking about the possibility of pure MM manipulation of a dark unreporting stock. https://otcshortreport.com/company/ASFX What would happen to the stock if suddenly they weren't dark any longer, and became a reporting stock that became all up to date. If the MM's were selling shares they don't have and then suddenly became responsible for them they would totally flip out. Fact: As of five years ago the share structure was locked up tight with no releases from the treasury at all, None. Zip-
Item 1.03. Bankruptcy or Receivership. https://backend.otcmarkets.com/otcapi/company/sec-filings/8491890/content/html On February 27, 2012, an involuntary Petition under Chapter 7 of the United States Bankruptcy Code was filed against the Company in the United States Bankruptcy Court for the Southern District of Florida. No order for relief has been entered by the Bankruptcy Court nor has a trustee in bankruptcy been appointed by the U.S. Trustee. T he Company does not intend to seek dismissal of this Petition.
As a result of this Chapter 7 proceeding, the Company will no longer file periodic reports under the Securities Exchange Act of 1934 and thus (i) its Common Stock will no longer be traded on the Over the Counter Bulletin Board, and (ii) its shares will no longer be eligible for legend removal under Rule 144 for failure to continue to meet the current reporting requirement under Rule 144. ------------------------------------------------------------------------------------------------------------------------------------------------ Prior to the Ch 7 declaration this agreement was made, I think it is null and void in it's entirety, because of the Ch 7 bk just after it and I'm sure that it was covered during the five year period.
https://backend.otcmarkets.com/otcapi/company/sec-filings/8435342/content/html The Purchaser also assumed an aggregate of $ 1,785,745 of principal and interest owed by the Company under certain of its outstanding convertible notes. The Asset Purchase Agreement provides that if within five years from the date of closing either (i) all of the issued and outstanding shares of common stock of the Purchaser are sold to a third party or (ii) all or substantially all of the assets of the Purchaser are sold to a third party, then the Purchaser shall pay the Company $4,000,000 less any amounts already paid by the Purchaser to the Company as a part of the purchase price described above. Also on February 23, 2012, the Company, the Purchaser and the holders of assumed debt entered into a consent agreement (the “Consent Agreement”) pursuant to which the holders consented to the Purchaser’s assumption of the debt and agreed to release the Company of all legal and financial responsibility, indebtedness and liability with respect to the notes. ----------------------------------------------------------------------------------------------------------------------------------------------
So has anyone been in contact with the transfer agent for the current A/S O/S ? I've sent them two fixing to be three e-mails, and I haven't heard jack squat from them.
American Scientific Resources ASFX AMERICAN SCIENTIFIC RESOURCES, INC. F12000000983 CROSS RF Title President, Director FABER, ROBERT 1200 N. Federal Highway Suite 200 BOCA RATON, FL 33432
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