Not enough cash to pay accountants, unable to comply with SEC filing regulations, banished to grey market, SEC seeking revocation because of delinquent filings, share price near zero, discontinued annual shareholder meetings, discontinued shareholder updates, doesn't even have a working telephone. A company can't sink much lower than that.
No need to file for bankruptcy because the company is not doing anything, not incurring debts, no need for the protection bankruptcy would offer. Just a bunch of happy shareholders enjoying their huge losses and share price near zero without a word from the company to explain why for over 2 years.
Using the train wreck analogy, people don't usually see a train wreck and then tell anyone who will listen that the wreck didn't happen and that those injured in the wreck should spend the next couple of months/years getting damaged in smaller and smaller wrecks to heal their injuries.
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