well, the process is not bullshit. he was correct. get two years of audited financials and submit a form 10 registration statement. what is questionable is his three month timetable. that seems optimistic at best. a form 10 becomes effective 60 days after it is filed which would mean that he plans on having two years of audits in a month. the other thing is the statement that the other company would then do a r/m is highly questionable. i can't imagine the company would agree to that without seeing the audits first.
Well in the next line he says that they will sign off on it. Sent a note to Orie for clarification. I don't think the lawyers would let him put this PR out if they didn't at least get a verbal from SEC lawyers the this was ok. imo “We have a plan, that was described to the SEC. The SEC did not give approval, or provide any comment, on the plan and no approval for the plan by the SEC should be construed as having been given by it. The plan is more fully described below.”
The case with the SEC will be settled (which is about to take place once the SEC processes the paperwork).
so, our shares will probably be worth about 10 percent of what they were worth before all this. it wont be a one for one deal. we will be lucky to get 1 for 10. It will probably be 1 for 100.
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