A MUST READ!!!!
The Administrative proceeding is ongoing but it is getting very close to wrapping up. There has been some back and forth since March with DBMM and the Division filing motions for Summary Disposition and dismissal of the proceeding and cross motion for summary disposition and revocation, respectively.
Since these motions were filed, DBMM has made some amendments to past filings addressing some of the Divisions' complaints. The Divisions' list of complaints is getting smaller and diminishing in substance.
Most recently, in a response filed by the division on June 21st, the Division lists ongoing material deficiencies in DBMMs filings. The material deficiencies are regarding language used pertaining to IFCR (Internal Controls of Financial Reporting) and Disclosure Controls and Proceedures DCP. The deficiencies are regarding qualifying language DBMM used regarding their IFCR and DCP.
DBMM seemingly has addressed these issues omitting the qualifying language in it's last Quarterly report filed on July 12th. We have not heard any complaints from the Division of enforcement since this last filing.
There are some recent precedents with companies becoming compliant during revocation proceedings and getting them dismissed. Most notably Can Cal Resources Ltd and GDSI. The prior seems to have been given significant leeway in correcting their deficiencies which appear to have been greater than DBMMs. It appears that DBMM is now filing reports in a manner compliant with SEC regulations and that the Judge should dismiss the proceedings. It is possible that the Judge could also require DBMM to amend the qualifying language of past filings but that would seem to be a higher level of accountability than Can Cal and GDSI have been held to.
Additionally, making it appear that the proceedings are coming to an end, the Judge recently ordered the other company (Intellicell Biosciences Inc) in the proceeding to show cause by october 4th for no response or face immediate revocation. Since Intellicell is clearly not contesting revocation, it should be completed Oct 4th. It would make sense that the ALJs try and wrap up the individual cases in these proceedings around the same time so they can close the proceedings entirely.
Things are looking better now, than they have for DBMM in the last two years. There are many signs pointing to the conclusion of the Administrative proceeding soon with a positive outcome for DBMM. Once this occurs the possibilities are expansive.
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