if the shares are safe and have any utility to KKR et al, it is certainly not as a $0.10/sh penny stock. and KKR is smart enough to know not to reverse split shares- especially as a mechanism to IPO. so if shares are safe and they want to use the NOL and not acquire over 80%, then this stock should be materially higher (above a $1/sh). it does sound like a fantasy.
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