Why would the SEC close this down? The SEC has a proposed rule about listing the stock if no financial reports are filed. I don't think the new regulation is in force yet. In fact, I've seen comments from other companies about the proposed rule suggesting that the new rule might actually favor scams and not help investors with their investment decisions, in part because of the costs involved with submitting financials. Not sure how valid that complaint is, but I know of at least one CEO who has submitted that comment to the SEC. So, I think the SEC may still be accepting comments on the new regulation. Someone could correct me on that if I am wrong.
As far as Skyfall one, I don't think that's anything to be concerned about, whatever it is. It would have no effect on the shorts, as the shorts can all cover within minutes if there were any reason to do so, and that presupposes that there is a good reason to short this stock, which there isn't. I really doubt that there are whales interested in this stock. One whale could buy this out, and liquidate it for probably more money, but at such a meager profit (if any) that it isn't worth the time of a true whale.
Who are the "Magnificent Seven"? Could they be bankruptcy lawyers preparing for Chapter 7? Are they lawyers for the law suit you are referring to? Are they lawyers to help with the audit, which may or may not be released?
In the end, this stock is a lotto ticket. It has been a bad investment up to now, but that may change. Right now, there doesn't seem to be any good reason for that to change. $50 million in revenue is a guess based on what they projected, but given no financials which were projected, it is fair to call into question this projection.
Good luck.
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