No, it is completely preposterous.
The court appointed US Trustee will absolutely be listened to when he presents the testimony of this company's CEO documenting that there is absolutely nothing going on in this company. It has no business whatsoever, no employees, no cash, no bank account, no physical location. It would be completely ignorant to even think that a judge is going to go past that to listen to this company's fluff about saving its common stock.
The judge is also going to listen to the court appointed US Trustee when he presents the letter from the Special Counsel to the SEC when he says they are STILL subject to the reporting requirements, and therefore cannot use subchapter V for any sort of Chapter 11 reorganization plan.
This company HAS NO CASH to establish anything, much less a plan for a new business. It's been completely out of business for over a year, the CEO said that, so there's nothing whatsoever to reorganize, period.
It would also be considered ignorant to think there is anything else to this story, especially without reading the first word of the US Trustee's motions and backup documentation. He has this company nailed, and there's no escaping that.
This is yet another bogus pump and dump being run on the carcass of a dead company, and nothing more. There is no plan of reorganization, and that hearing on December 3rd is all about the US Trustee's motions.
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