Absolutely. He said the money was in escrow to pay each shareholder $15. He lied. They don't have any cash. Instead, he issued shares.
Personally, I expected a reverse split. He said he wouldn't do that. Instead it was a forward split to equalize the value. Sure. And then the market equalizes the stock price.
berge, rufus said he had set aside $900,000,000 in escrow to cover the difference to $15 per share. I guess he can put that back into his checking account now that they are going to print more shares instead.