I never said they'd "keep delaying". I said they'd file an NT-10K and file the 10K within the required 15 days.
They can't liquidate the shell for $40 million. Any large dumps by them would have to be filed on form 4s and the price would tank.
I have said all along that they are likely to use TGLO to raise funds, HOWEVER, to do so, they'll need to reverse split out the current ownership and let new investors (including Delfin) who contribute capital own the company.
It's what TELL did, it's what everyone does in this situation. They're not going to turn over 3/4 of the stock in the company to the 400 million shares currently in the O/S.
The confusion is that "needing to raise hundreds of millions" isn't the driving force of a stock's price. It's "providing enough value that investors are willing to put hundreds of millions into the company", which isn't happening with the current share structure.
News 
Market Data 
Discover 
