Replies to post #358 on Shell Hijackings

[ologun]

there is a possibility that if the trustee finds out that

there is still an 'asset' out there, he can attempt to

re-open the bankruptcy case

Is this the case if case ended in discharge?

[janice shell]

The shell would be considered an asset of the company, and the trustee would be free to sell it if he had a potential buyer.

But there're a couple of things I don't understand. It seems in this case Lazar applied for custodianship in Nevada. But here's an example of a sale of a public shell directly from a bankruptcy trustee to an interested party. The sale contract was drawn up in 2015:

https://www.scribd.com/document/410341497/PWAVQ-Contract

As you can see, the buyer, Ronald Nahoun, paid a non-refundable fee of $10,000 by the terms of that contract. When the sale was approved by the bankruptcy court, Nahoun would pay an additional $15,000 and take control. In this case, his control would take the form of preferred stock that would be transferred to Nahoun. Once 30 days had passed, Nahoun could name a new board; once 90 days had passed, he could issue stock to himself, do a reverse split, and more.

I don't know what happened after that. Powerwave was a Delaware company, so I don't know whether Nahoun ever installed himself as president, or if he tried to sell the shell. If the latter, he was apparently unsuccessful. No one ever filed a Form 15, and PWAVQ's registration was revoked last month:

https://www.sec.gov/Archives/edgar/data/1023362/999999999719002304/filename1.pdf

So... Why would Lazar bother with custodianship? I assume if the bankruptcy were ongoing, he'd have to deal with the trustee at some point anyhow.